What Does a Tax Estate Attorney Do?

A Tax Estate Attorney specializes in matters related to a person’s will, trusts and other documents that govern the distribution of property upon death. In addition, these professionals help people arrange their finances and other assets prior to death to minimize tax obligations when transferring money or property to family members. They may also assist in creating directives for end-of-life care. They can also assist in filing estate taxes, if necessary. Before hiring a Tax Estate Attorney, individuals should carefully evaluate potential candidates’ track records. In addition to word of mouth referrals, they should check online reviews and the attorney’s website for client/customer feedback. They should also avoid any firms that charge large upfront fees — a retainer is fine, but a flat fee should be avoided at all costs.

Whether or not an estate is liable for taxes depends on the value of the gross estate and certain deductions that are available. In order to determine the value of an estate, a tax professional will use several different techniques to calculate the amount. For example, they will consider the value of a person’s residence and any other assets that were purchased within two years prior to the deceased’s death. They will also account for any debts or tax liabilities that the estate owes.

Once the value of an estate is determined, a tax attorney will assist in determining how much in taxes is due. This will include calculating the total tax liability and determining if there is enough money in the estate to pay the tax bill. A probate lawyer will also ensure that the proper documentation is filed to report the values of all assets. Federal taxes are typically due nine months after death and must be paid to avoid interest and penalties.

Estate planning attorneys often advise their clients on the best way to transfer wealth to their heirs. They will also review existing documents to make sure they comply with new tax laws. They will also recommend any changes that might be beneficial. The cost of seeking this advice is generally tax deductible. However, the TCJA changed the rules for deducting these expenses, so it’s important to seek advice as soon as possible.

An estate attorney can also help a client establish a trust to bypass the probate process. They can help the client choose a trustee and set up the trust’s Tax ID number. They can also advise clients on the best ways to reduce taxes, such as utilizing charitable trusts or setting up life insurance policies that are owned by the trust. Lastly, they can provide guidance on estate taxes in various states. They can also explain how the TCJA might impact future estate plans. Inna Fershteyn is a seasoned New York estate planning attorney who focuses on minimizing estate taxes and protecting assets for loved ones. She creates comprehensive estate plans that are tailored to each client’s unique circumstances. She is a trusted name in the industry and has been recognized by her peers for her outstanding work.

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