Estate Tax Lawyer
By Frank Vanderlugt
Have you inherited an estate in a will? Are you writing up your will and considering leaving your estate to loved ones in the future? You should look up an estate tax lawyer to make sure that everything goes smoothly.
The last thing you (or your heirs) need when you (or they) are grieving for the passing of a loved one is to worry about paying taxes. Luckily the government gives a nine-month leniency period after the death of the original estate owner before taxes must be paid. But be sure to contact an estate tax lawyer as soon as possible and let him or her deal with all of the things that you don’t want to have to think about.
The good news, if there is any good news, for the heirs on an estate is that only estates worth in excess of a $1 million are open to federal and local taxation. In fact, the estate tax laws have been changed recently and only estates worth in excess of $2 million are currently taxable and in 2009, only estates worth in excess of $3.5 million will be taxable.
However, an estate tax lawyer will tell you that number may return to $1 million in 2010 after the current Tax Reconciliation Act of 2001 expires. An estate tax lawyer should be asked to look over any estate that may be worth $1 million in case it does qualify for the estate tax.
If you think that the original owner of the estate couldn’t possibly have been a millionaire, you should still have an estate tax lawyer look over the estate and decide if that is really the case. Once an estate lawyer adds up the value of the original owner’s home, vehicles, business, or any other property, including jewelry and assets, you may be surprised to learn that the value is in excess of $1 million.
If you’re the heir of an estate, the estate tax lawyer can worry about all of those estate tax details that you probably don’t want to think about now. An estate tax lawyer studies the minute letter of the estate tax law, and there’s no one better to turn to after you find yourself an heir of an estate. However, if you don’t ask an estate tax lawyer for his or her help, you might find yourself in an even worse dilemma if the IRS decides that you are overdue with their tax later.
If you’re writing a will, you can ask an estate tax lawyer for help as well. You can make the grieving period much easier for your loved ones if you take care of any possible tax on your estate by setting aside an account to pay off that tax, which an estate tax lawyer can estimate for you.
You may have the best of intentions in leaving your child your home or business, but if he or she has to sell some of his or her own property to pay the estate tax and to keep the home or business in the family, you could cause them even more stress. An estate tax lawyer can help you avoid that kind of situation.
If you think that you need to look for an estate tax lawyer, try looking for one in an online estate tax lawyer directory like attorneyforyou.com or taxationlawfirms.com. You may not like to think about law and the IRS when you’re dealing with death, but it’s better to have these potential problems taken care of before they cause you further stress.
About the author
frank j vanderlugt owns and operates http://www.tax-attorney.biz Tax Attorney from http://www.FreeArticlesAndContent.com
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