A tax estate attorney helps high-net-worth individuals transfer their wealth while minimizing taxes. They also help them create an enduring legacy that passes on values as well as assets. A tax attorney has specialized training in estate planning and must have a law degree or a CPA license, along with relevant experience. A tax lawyer can charge hourly or offer flat fees for certain services. Before hiring one, make sure to discuss money upfront and sign a written contract that includes the work the attorney will do as well as any costs.
A New York tax attorney can help individuals and families with a variety of issues related to inheritance and estate taxes. Their knowledge of NY law can help clients avoid costly mistakes that could be made during the process of settling an estate. They can also assist with claiming tax deductions that may be available to the estate.
The most common reason to hire a probate and trust lawyer is to help file an estate tax return for someone who has died. The federal estate tax is due nine months after the death of an individual, and a probate lawyer can help ensure that it is filed on time and paid in full. They can also help ensure that the estate is not penalized by the IRS for late or incomplete filings.
Another important service that a tax lawyer can provide is assisting with the collection of property taxes owed by an estate. In many cases, estates must pay these taxes if the decedent’s beneficiaries are not up-to-date with their tax payments. A probate attorney can collect the information needed to determine if the estate owes property taxes and, if so, can help file the appropriate paperwork to pay them.
Most legal fees charged by a tax estate attorney are deductible, but the nature of the deductible fees depends on each case. Some attorneys will issue separate invoices for deductible and nondeductible legal fees. To be able to claim these expenses on your taxes, it is essential that the attorney clearly states what portion of their charges are for deductible services.
Most tax attorneys charge by the hour and their rates vary from $200 to $400 per hour. Some will also charge a flat fee for more routine or simple cases. An experienced attorney may be able to charge up to $1,000 per day.
