Taxes are a reality of life on both the federal and the state level. This means that having a tax attorney can be absolutely essential whether you are doing estate planning, looking into bankruptcy, in discussion with a real estate lawyer about a commercial property investment, or simply need to understand how to minimize your tax burden. We probably all know that we need a tax attorney if we get in trouble with the IRS or with state tax bureaus, but there are some other times when it can be very smart to proactively engage the services of a tax lawyer. Here are a few of them:
- You anticipate having a large estate when you die. As of 2017, if your estate is valued at over $5.49 million, or approximately double that if you’re married, this is taxable by the federal government at up to 40%. If you are thinking that the money you’ve socked away to leave to your children has already been taxed, both when earned a