A Tax Estate Attorney can help you plan your estate in a way that will minimize the taxes that may be owed on your property. This is important because it can save your beneficiaries thousands of dollars in governmental fees. Choosing the right attorney is crucial, as you should have a lawyer that has the appropriate qualifications and experience to deal with your situation. You should also be able to clearly communicate your needs to the attorney, so that they can provide the best advice.
If you are a high-net worth individual, it is vital to have an estate plan in place. This can help you to avoid the potential of hefty inheritance taxes from the federal government. The law on these taxes is complicated, and a New York City estate tax lawyer can help you understand your rights and obligations.
The type of estate planning that you need depends on a number of factors, including the size of your assets and the needs of your family members. An experienced estate tax attorney can help you to arrange your assets and property so that they will be distributed according to your wishes after your death. This can include creating trusts to reduce estate taxes.
Depending on the complexity of your estate, a New York tax attorney can also help you to prepare for probate. This process involves gathering and evaluating all of your financial information in order to determine how much is owed in taxes. The attorneys at a leading firm can help you to ensure that your estate is properly administered and that the tax liability is minimal.
In addition to preparing for estate tax issues, an estate planning lawyer can also advise you on the creation of a living trust. In some cases, this can be tax deductible. It is important to note, however, that transferring property to a living trust in order to avoid probate or to minimize taxes is not tax deductible.
The tax laws can change every year, and recent changes have made it harder to deduct some estate planning expenses. These changes are a result of the Tax Cuts and Jobs Act. The good news is that a skilled attorney can still help you to save money on estate taxes by using strategies such as gifting and donor-advised funds.
If you need assistance with a tax-related issue, contact the NY estate lawyers at New York Legacy Lawyers today to schedule a consultation. Our NY tax attorneys can assist you in developing an estate plan that will save your heirs money and prevent the government from taking too much of your hard-earned wealth. Our goal is to give you peace of mind that your family will be well taken care of after your death. Call us today for a free consultation. We serve clients throughout New York.