Estate Taxes Attorney - Estate Tax Exemption - Inheritance Lawyer
Is the IRS auditing your estate? Do you need to draw up estate documents? Interested in an estate tax exemption? Don’t let a legacy be remembered only by the taxes associated with it. And don’t let your family or heirs pay more in taxes on their inheritance than what is legally required. Make sure the language in your will, your trust, and your estate planning documents is effective in limiting your liability in the future.
All too often heirs are left to the mercy of the courts and end up losing part or even all of the assets in the inheritance their loved ones left behind. Do not let your family fall victim to the legal system. Make sure you have taken precautions and exercised due diligence to ensure legal protection long after you are gone.
Estate Tax Exemptions
Our IRS tax attorneys are skilled in putting together estate planning packages, ensuring that your estate taxes are in order, and that your assets are fully protected against the IRS and state and federal courts. In fact, our founding partner is a former IRS attorney who represented the government in estate matters, so he knows exactly what to look for and how to protect your financial interests.
If you need to alter your current estate documents or draft up a plan for your future, contact us today to get started.
What are estate taxes?
Estate taxes are the taxes on your rights to transfer property after your passing. They consist of the accounting of all assets that you own, calculated at FMR (Fair Market Value). The total of all assets is considered your gross estate. These assets include, but are not limited to cash and securities, investments, real estate, insurance, trusts, annuities, business interests and other assets such as offshore accounts, artwork and more.
Once you know the amount of your gross estate, certain deductions or reductions to the value are calculated to determine your net amount, or taxable estate. Smaller estates are not required to file an estate tax return, but for estates of more than $5 million, a return must be filed. For estates of more than $1 million, or those that have special circumstances, it is advised that legal counsel be sought to protect the involved parties.
What deductions are available?
Certain deductions can help to reduce the amount of taxes that are paid on an estate. These include the following:
- Marital Deduction: The marital deduction is a primary deduction for married decedents. This means that all property in the (gross) estate that passes outright to the surviving spouse is eligible for the marital deduction.
- Charitable Deduction: If the decedent leaves property to a charitable organization, the value of that property is deductible from the (gross) estate.
- Mortgages and debt deductions
- Administration expenses of the estate
- Losses during the administration of the estate, prior to close
How Strategic Lawyers LLP can help
Our experienced IRS tax lawyers have
worked with many high net worth individuals to put together
comprehensive estate plans that provide protection of assets and ensure
estate taxes are paid in a timely manner. Let us handle the paperwork so
you can have peace of mind.
Contact us for a free confidential financial analysis. (800) NOW-IRS-LEVY or (800) 669-4775.
The IRS Estate Tax article is a good place to start if you need to know what the laws are about estate taxes. The IRS Publication 940, Intro to Estate and Gift Taxes, can help in guiding you down the right road. Google can also be a big help if you need to know what your local state laws are.