The last thing that you want to deal with after the loss of someone you love is the headache and hassle of fighting with New York and the federal government over taxes owed on a specific estate.
Turning an already negative situation into a drawn out nightmare, the truth of the matter is that the IRS very often operates rather callously when it comes time to collect taxes on estates. However, with a professional tax attorney on your side, you get a fighting chance.
What is the estate gift tax anyways?
Any time a certain amount of property, assets, or investments are passed from one individual to another – without receiving anything of equal value in return – the estate gift tax kicks in. although there are certainly some specific situations where zero taxes will be collected, the truth of the matter is that most people who have been the recipient of an estate award will end up paying taxes on that property or asset.
You don’t necessarily owe the taxes they say you do
When working with a professional tax attorney, you’ll find that the tax code is horribly messy and convoluted. It can be hard to know if you’re being treated fairly or not.
You may be asked to pay more estate gift tax than you actually owe, and without the help of a trusted tax attorney you may go right on paying it.The day you decide to invest in a professional tax attorney is the day you take back control of your money.
If you’re interested in learning exactly how all of this comes together, contact the legal experts at Blutter & Blutter and see why they have been considered the very best New York tax attorneys for over 55 years.