What Does a Tax Estate Attorney Do?

A Tax Estate Attorney is a lawyer who specializes in helping high-net worth individuals transfer their wealth to family and friends while minimizing taxes. Their services can include estate planning, drafting trusts and wills, tax returns, assisting with real estate transactions and filings, and handling litigation in federal and state courts. They can also advise businesses on a wide range of matters, including forming and operating entities and acquiring or selling businesses, and representing business owners in tax disputes.

The first step to becoming a tax estate attorney is earning a bachelor’s degree in a field like finance, accounting or economics. Other qualifications include obtaining good grades and high scores on the SAT or ACT exams. In addition to a degree, a tax estate attorney should have excellent interpersonal skills and a thorough understanding of federal and state laws that govern their profession.

Many estate and inheritance taxes can be quite high, so it’s important to consult with a Brooklyn estate tax law professional for advice on reducing these burdensome governmental fees. One way to do this is by utilizing strategies like gifting, setting up trusts to reduce taxable income, and taking advantage of the stepped-up basis that allows beneficiaries to avoid capital gains taxes on appreciated assets such as stocks, property and vehicles.

It’s also a good idea to periodically review an estate plan with a Brooklyn estate tax law expert, especially after significant life events such as divorce or the death of a spouse. A lawyer can help ensure that the current document still reflects an individual’s wishes and goals, and that it is in compliance with all relevant law.

In addition to estate and inheritance taxes, there are various other forms of taxation that a client may encounter, including capital gains tax, property tax and income tax. An experienced attorney can assist with these issues, and can also help clients minimize the impact of taxes on their loved ones by using strategies like dynasty trusts and gifting.

A tax attorney can be invaluable for those who own a business or possess significant assets. They can provide advice on how to structure a business, manage investments, handle business tax returns and prepare for possible tax audits. They can also provide counsel on estate and inheritance issues, such as transferring property to family members or charitable organizations. They can even assist with litigation in the event of a dispute with the IRS. A tax attorney can help individuals and families save thousands, or even millions, in unnecessary taxes. For more information, contact a Brooklyn tax attorney today.

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Long Beach, CA, 90807
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