What Does a Tax Estate Attorney Do?

A Tax Estate Attorney can help individuals prepare a will, create trusts, and advise clients on how to avoid paying taxes when transferring assets. In addition, they can assist in the formation of businesses and corporations that are tax-exempt, handle disputes with the IRS, negotiate settlements on behalf of clients who are being audited by the IRS, and represent taxpayers before local, state, or federal administrative hearings. A tax attorney can also advise businesses on matters pertaining to mergers and acquisitions, how partnerships are taxed, and what options are available for those who are facing criminal charges from the IRS.

An individual should choose a Tax Estate Attorney who has extensive experience in the field of estate planning, tax law, and civil litigation. These attorneys should be familiar with the latest changes in legal statutes that could affect how a client’s documents are drafted. A reputable lawyer will also be up-to-date on the latest estate planning techniques that could benefit their clients. A tax attorney who has a bachelor’s degree in accounting, for example, may have a better understanding of the intricacies of the tax code and how it applies to estate planning.

While the middle class tax relief act of 2010 relieved Americans from having to pay high estate taxes, these exemptions are set to expire in 2025 and can be changed by future legislation. During this time, a knowledgeable New York estate tax attorney can help ensure that the client’s assets are properly arranged and that any federal taxes owed are paid on time.

Some legal fees are tax-deductible for those seeking estate planning services, such as constructing a trust to avoid inheritance taxes. Typically, these expenses are filed as miscellaneous itemized deductions and are subject to the 2% floor limit set by the IRS for such expenditures. However, a probate attorney may be able to provide advice on which expenses are eligible for tax-deductible treatment.

Typically, those who have to file a federal estate tax return and pay the associated taxes must do so within nine months after the death of an individual. A New York probate attorney can calculate the amount of taxes owed, determine if there is enough money to pay them, and assist in filing the appropriate forms. This may include establishing whether the estate is entitled to deduct certain expenses or taking advantage of the stepped-up tax basis that exists for real property on the date of death. This can reduce capital gains tax when the property is eventually sold. Moreover, an attorney can make sure that any applicable state and local taxes are properly filed. This is important because failing to meet these requirements could lead to fines or even criminal charges for the executor of the estate.

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