When you've recently lost a loved one, taxes are probably the furthest thing from your mind. Still, you don't want to be in trouble with the IRS and bring even more difficulty into your life. If you are a recipient of part of or the entirety of another person's estate at his or her death, you should consult an estate tax lawyer.
An estate tax lawyer will tell you that estate taxes are due to the federal government within nine months of the person's death, so you can still take some time to recover before you have to start worrying about more taxes. Letting an estate tax lawyer handle the requirements of filing these estate taxes can save you from making errors and could save you money or help you avoid problems with the IRS.
Your estate tax lawyer will sort through the entirety of the deceased's estate, which consists of real estate property; personal property, which includes not only objects like cars and jewelry, but also cash, bank accounts, and investments; businesses and business property; and all obligations and debts owed. For properties that need to be assessed for monetary value, the estate tax lawyer will use a current fair market value, which could be more or less than the price of the properties when they were purchased.
The good news for recipients of an estate who are worried about estate taxes is that the estate tax laws are currently undergoing changes so that typically only estates belonging to the wealthiest 2% of Americans will require estate taxes to be filed at all. An estate tax lawyer will be able to accurately evaluate the estate of the deceased to see if you qualify.
For years, estate taxes needed to be filed for recipients of estates worth in excess of $1,000,000. Until 2008, that amount has been raised to $2,000,000, and by 2009, it will rise to $3,500,000. However, save for Congress extension of the Economic Growth and Tax Relief Reconciliation Act of 2001, the amount may return to $1,000,000 in 2010.
Still, even if you don't think that the estate that you have been left exceeds the appropriate amount, you should contact an estate tax lawyer as soon as possible after the loss of your loved one to be sure. Your estate tax lawyer may find that the previous owner of the estate may have had assets hidden away or the value of some of his or her property may be greater than you expected.
If you own an estate that you believe is worth in excess of $1,000,000 and you are writing a will, you may want to contact an estate tax lawyer to get an estimate on how much taxes would be due from your estate after your death. To save your loved ones the extra responsibility of filing estate taxes with an estate tax lawyer, you might want to arrange for a certain amount of cash to be set aside exclusively for payment of the estate tax.
For more information about the estate tax law, search the Internet or your Yellow Pages to meet with an estate tax lawyer in your area.
An estate tax lawyer will tell you that estate taxes are due to the federal government within nine months of the person's death, so you can still take some time to recover before you have to start worrying about more taxes. Letting an estate tax lawyer handle the requirements of filing these estate taxes can save you from making errors and could save you money or help you avoid problems with the IRS.
The good news for recipients of an estate who are worried about estate taxes is that the estate tax laws are currently undergoing changes so that typically only estates belonging to the wealthiest 2% of Americans will require estate taxes to be filed at all. An estate tax lawyer will be able to accurately evaluate the estate of the deceased to see if you qualify.
For years, estate taxes needed to be filed for recipients of estates worth in excess of $1,000,000. Until 2008, that amount has been raised to $2,000,000, and by 2009, it will rise to $3,500,000. However, save for Congress extension of the Economic Growth and Tax Relief Reconciliation Act of 2001, the amount may return to $1,000,000 in 2010.
Still, even if you don't think that the estate that you have been left exceeds the appropriate amount, you should contact an estate tax lawyer as soon as possible after the loss of your loved one to be sure. Your estate tax lawyer may find that the previous owner of the estate may have had assets hidden away or the value of some of his or her property may be greater than you expected.
If you own an estate that you believe is worth in excess of $1,000,000 and you are writing a will, you may want to contact an estate tax lawyer to get an estimate on how much taxes would be due from your estate after your death. To save your loved ones the extra responsibility of filing estate taxes with an estate tax lawyer, you might want to arrange for a certain amount of cash to be set aside exclusively for payment of the estate tax.
For more information about the estate tax law, search the Internet or your Yellow Pages to meet with an estate tax lawyer in your area.
0 komentar:
Posting Komentar