What Does a Tax Estate Attorney Do?

A Tax Estate Attorney can help with the complexities of the tax code when creating documents like wills, trusts and power of attorneys. They can also be hired to help clients with any tax disputes they may have. They are often called on to assist with inheritance taxes, capital gains taxes and the preparation of business tax returns. The job duties of these professionals include advising clients on how to structure their assets in order to minimize taxes and they can often be found working at law firms or accounting and consulting firms.

During the process of finding a good Tax Estate Attorney, you should make sure that they have a current license to practice in your state and are not under any type of discipline. They should be able to provide you with a list of client references and should clearly describe their fees. They may charge a flat fee, an hourly rate or a hybrid fee structure, so it is important to know up front what you will be paying for their services.

The most common reason to hire a Tax Estate Attorney is to create and maintain an estate plan. The planning process involves the creation of a trust, which will allow a client to avoid probate and to keep control over their property after death. A lawyer can review a client’s current financial situation and determine which assets should be transferred to the trust in order to minimize taxes.

An experienced estate planner can also advise a client on how to set up a family limited liability company or family limited partnership in order to manage property while a person is alive and after their death. This can also protect a spouse’s rights in the event of divorce and it can minimize taxation of the estate.

A Tax Estate Attorney can also assist with the filing of the Pennsylvania Inheritance Tax Return, or REV-1500, which is due nine months after a person’s death. The personal representative of the estate must file this return and pay any taxes owed within that timeframe to avoid penalties.

Tax laws change frequently, and it is important to find a Tax Estate Attorney who keeps up with the latest changes. A qualified New York City estate planning attorney can walk a client through strategies that are relevant to their particular situation and can update existing documents in order to reflect the most recent changes in the law.

The aspiring attorney should begin preparing for this career in high school by taking rigorous classes and getting excellent grades and honors, and by doing well on standardized tests such as the SAT or ACT. They should then study a variety of subjects in college, including law, government, economics and political science in order to build a foundation for becoming a lawyer. These academic successes can help a student to gain scholarships and grants, which can be helpful in financing their legal education.

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