What Does a Tax Estate Attorney Do?

A Tax Estate Attorney is a lawyer who is qualified to help you with the tax issues associated with settling a person’s estate. This includes preparing federal and state tax returns as well as helping with the various duties involved in estate planning. You can find a qualified Tax Estate Attorney by looking for someone with a law degree who specializes in the field and has extensive experience with taxes. They should also have a Preparer Tax Identification Number (PTIN) as the IRS requires that anyone who gets paid to prepare federal tax returns has this number.

A person’s estate consists of the sum total of all of his or her property at the time of death. This includes cash and securities, real estate, insurance, trusts, annuities and business interests. If the total of these items is over $11 million, the estate must pay an estate tax. A person may be able to reduce the amount of taxes payable by making certain deductions and other arrangements.

The estate tax can be complicated to understand and it is often necessary to consult a tax professional. A Smithtown estate tax attorney can help individuals understand the laws and exemptions surrounding this issue. They can also assist with the preparation of an estate plan to minimize the tax burden on loved ones after a person’s death.

Some types of legal fees are eligible for a tax deduction. For example, if an individual seeks advice on constructing a trust that will generate income, the expenses may be considered tax-deductible. These fees are referred to as “miscellaneous” deductions and are filed on Schedule 1 Form 1040. There can be some grey areas when it comes to determining which legal expenses are eligible for a tax deduction, so it is best to consult with an experienced estate planning attorney.

Inheriting a property or purchasing a new home means addressing estate tax issues. A probate attorney can help people with the complex and sensitive matter of determining their estate’s value, paying federal and state taxes and filing tax returns. The attorney can also provide guidance on minimizing taxes through the use of trusts and other financial instruments.

When a person passes away, he or she must file an estate tax return and pay any resulting estate taxes within nine months of the date of death. A New York estate tax attorney can help heirs and executors of an estate with the tax return process, including calculating the taxes, determining whether there is enough money to pay them and making arrangements for payment and filing. In addition, the attorney can advise on ways to transfer assets in order to avoid taxes and maximize inheritance for loved ones. This is often done by drafting a trust, which can bypass the probate process and provide asset protection for beneficiaries. This is a great way to protect family members and loved ones from creditors, predators and other threats after an individual’s death.

Consultation Banner
Our Brand Logo

Contact Us

Paul E Groff Law
3649 Atlantic Ave Suite D
Long Beach, CA, 90807
Call Us: 562-426-8499
Recent Posts