A tax estate attorney is a lawyer who assists clients with federal and state laws related to estates, trusts, and taxes. They help clients devise strategies to minimize taxes they may have to pay both during their lifetime and after death. They also help individuals and families with transferring assets to family members.
A person who chooses to become a tax estate attorney should first earn a bachelor’s degree. Typical majors for those who want to pursue this career include finance, accounting, or taxation. Some law schools require a specific undergraduate degree, but many do not. Then, the individual should complete a law school program and graduate with a law degree.
During law school, students will learn about the different types of legal issues they will encounter in practice. They will also be exposed to the legal system, allowing them to become familiar with how courts work and how to conduct research.
Once a person has earned their law degree, they will need to pass the bar exam to become licensed to practice. The bar exam is a complex process, and those who want to become tax estate attorneys will need to study a variety of subjects such as criminal law, torts, contracts, and property.
In addition, individuals who want to become tax estate attorneys will need extensive experience with the federal and state laws pertaining to estates, trusts, and taxes. This experience can be gained by working at a law firm that specializes in these areas or by practicing on their own.
Some of the most common reasons to hire a tax attorney are filing a federal or state tax return, appealing an IRS assessment or audit, and litigating with the Internal Revenue Service. Individuals can also contact a tax attorney for advice about structuring business entities, dealing with mergers & acquisitions, or determining how partnerships are taxed.
Homeowners also often seek the assistance of a tax attorney. For instance, when homeowners are selling their property and receiving proceeds from the sale that exceed $250,000, they may need to file a capital gains tax. A tax professional can also assist with a homeowner’s appeal of a property tax assessment.
Estate and inheritance tax are complicated issues that should be handled by a skilled legal professional. A New York estate planning attorney can provide the proper guidance to ensure all required paperwork is filed correctly and any taxes are properly paid.
A knowledgeable estate and inheritance tax attorney stays on top of the latest legal shifts in these dynamic areas of the law. They can help individuals avoid costly errors that could result in unforeseen taxes, fees, and penalties. They can also help executors and fiduciaries settle an estate and prepare all required paperwork and tax returns to ensure that any taxes are paid. Contact a trusted NYC probate tax attorney today to get the legal support you need.
