The Tax Estate Attorney is a lawyer that deals with issues involving taxes such as preparing tax returns and filing for taxes. They are also experienced in drafting legal documents that can help people minimize their taxes and protect their assets.
They can help you with everything from minimizing estate taxes to transferring assets and setting up trusts. They may also be able to provide advice on estate planning, business succession and charitable giving.
Depending on the type of estate plan, legal fees can be tax deductible. To determine this, ask your attorney for invoices that clearly state what portion of the costs you can deduct from your taxes.
Some tax attorneys charge by the hour, while others offer flat fees. Make sure to find out what those fees are and how much time the lawyer thinks he or she will need to invest in your case before they agree to work on your case.
Tax lawyers usually have a background in accounting or consulting. They can advise clients about how to comply with tax laws and help them fight assessments by the IRS or state agencies.
A tax lawyer can also help you with a wide range of other issues such as creating or restructuring business entities, working with mergers and acquisitions and determining how partnerships are taxed. They may even represent clients at administrative hearings or in tax court.
They can also deal with issues that involve federal estate, gift and generation skipping taxes. They can also help you determine how much you owe in federal and state taxes and formulate strategies to minimize them.
The tax lawyer can be an invaluable asset to you and your family during a stressful time. They will ensure that your estate is organized properly and all of your property is allotted in accordance with the law, reducing potential pitfalls in the future and helping you avoid unnecessary felony complications.
Some estate lawyers can help you create a Charitable Remainder Trust (CRT). This type of irrevocable trust allows you to leave your assets to a charity and reduce your taxable estate. In addition, it can reduce your capital gains tax when the trust is sold.
Another way to reduce your taxable estate is through gifts that you make during your life. You can give $15,000 per year to as many individuals as you like without using up your lifetime gift and estate tax exemption amount.
These types of gifts can be a great way to provide for your family while also avoiding taxes. However, you should be sure to hire an experienced will and trust attorney to set up these gifts correctly so that they are not subject to the estate tax.
You can also decrease your taxable estate by using an alternate valuation date to value the assets you own on a later date than the one used to calculate your gross estate. This can be beneficial if your estate is valued high and you want to minimize it.
