A Tax Estate Attorney is someone who helps individuals, families, and business owners with a wide range of taxes-related issues. These can include tax return preparation, handling disputes with the IRS about assessments, representing clients before local county or state boards of equalization, and helping clients with estate planning strategies to minimize taxes owed after death. A Tax Estate Attorney is typically licensed as a lawyer with a law degree, though he or she may have specialized qualifications like a CPA license or the ability to prepare federal tax returns.
Taxes are a complex area of law and many different types of taxation exist, making it difficult to keep track of all the rules and regulations. This is why many people choose to consult with a Tax Estate Attorney, a professional who can help them understand their specific situation and ensure that they are taking the proper steps to protect themselves from excessive governmental taxation.
In addition to helping with estate planning, a Tax Estate Attorney can also advise clients on how to best structure their assets so that they can avoid estate taxes. This can involve transferring property to trusts, or it might involve giving gifts that can be used to reduce estate tax liabilities. It can also be helpful to consult with a Tax Estate Attorney when considering any major financial decisions, such as buying or selling real estate or relocating a company’s headquarters.
An experienced Tax Estate Attorney can also help individuals with complex tax situations, such as those involved in international business transactions or who have inherited property from foreign countries. A Tax Estate Attorney can also provide guidance on how to claim credits and deductions that might be available, such as the Foreign Earned Income Exclusion (FEIE) or the Foreign Tax Credit.
A good Tax Estate Attorney can also help individuals who are concerned about the impact of estate taxes on their beneficiaries. These individuals can seek advice about how to make gifts that will minimize the amount of estate tax owed, such as by transferring assets into trusts or using the portability provisions in the Tax Cut and Jobs Act, which allow married couples to transfer unlimited amounts of their individual estate tax exemptions to one another.
Other ways to limit estate taxes is to make annual gifts that do not exceed the gift tax exclusion amount and by leaving money to charity. A Tax Estate Attorney can help with these types of strategies, which can help to preserve wealth for family members and support a cause that is important to the deceased individual.
When hiring a Tax Estate Attorney, it is important to consider his or her fees. Most attorneys charge by the hour, so it is a good idea to ask about the attorney’s hourly rate and how much time he or she expects to spend on your case. This will give you a rough estimate of how much your case will cost.
