Atlanta Estate Tax Attorneys

estate tax lawyers

Experienced Tax Advocacy, Individual and Estate Tax Attorneys in Atlanta, GA

It can often be stressful and overwhelming when dealing with individual, business or estate tax issues. The tax laws are difficult to understand and it often takes an expert specialized in the area of tax law to assist you through the process. The IRS will not hesitate to take action and usually a tax expert can help you navigate through your tax issue. Individual and business tax controversies can escalate into potential wage garnishments, heavy fines, a bank levy, or even an asset levy. We are dedicated to protecting our clients’ interests and achieving tax relief as quickly and efficiently as possible. The IRS is willing to negotiate reductions in tax debt in certain situations, as well as set up payment plans. Our Atlanta estate tax lawyers can assist you with these matters – contact us online, or at (404) 584-5555 now to schedule a consultation as soon as possible.

According to the Internal Revenue Service website, estate taxes are placed on the right to transfer property at the time of death. Estate taxes should not be confused with probate expenses, as these are in addition to probate costs. For many, federal estate taxes can be very costly, and they often need to be paid in cash. Liquidating assets in order to pay off the taxes may be necessary. When planning ahead, however, it is possible to reduce, and potentially eliminate estate taxes.

Speak to a Well-Versed Atlanta Individual & Family Estate Tax Attorney

When one’s total property and assets exceeds the federal estate tax exemption, it is recommended to consider individual, business or estate tax planning. Tax planning should always be tailored to fit your particular needs, consider speaking to an attorney who has significant experience and the right skills to protect your assets and adequately transfer them when necessary.

The attorneys at Atlanta Estate Attorneys are skilled individual, business and estate tax attorneys who understand what is mandated by the law and can examine the most complex issues. Consider obtaining the support of a tax attorney who can provide you with savvy legal guidance and representation. Contact the attorneys at Atlanta Estate Attorneys today for a free initial consultation.

Determining Who Has to Pay Estate Taxes

A person will need to pay federal estate taxes when the net value of the estate tax is greater than the national exempt amount predetermined by Congress at the time of the person’s passing. As of July 1st, 2014, the State of Georgia does not levy estate taxes.

When determining the value of the estate, it is necessary to add all assets in order to determine the Gross Estate. This can consist of items such as:

  • Securities
  • Cash
  • Insurance
  • Real estate
  • Annuities
  • Business interests
  • Trusts
  • Other assets

When the Gross Estate has been accounted, certain deductions will be allowed in order to obtain a Taxable Estate. These deductions can include outstanding debts, property that will be given to charities, and mortgages.

Tax Controversy and Representation

Our experienced Atlanta estate tax lawyers handle all types of estate tax matters including:

  • Amending Returns – We can help you amend your return to reflect your accurate tax situation.
  • Offers in Compromise – We can help settle your tax debt for a lesser amount based on your facts and circumstances.
  • Obtaining Currently Not Collectible Status – This status can allow you the relief you may need during a difficult time, until you are able to address your tax debt.
  • Representation – through a Federal or Georgia State Audit, Administrative Appeals, and those related to Statutory Notices of Deficiencies
  • Innocent Spousal Relief – This can allow an innocent spouse relief from tax debt that resulted from a marital return.
  • IRS Fresh Start Relief – There are programs to offer tax payers relief and a tax advocate can help you navigate through the process.
  • Removing Levy/Garnishment – You want to address your tax issue before levy of your property or garnishment of your cash funds occur, which can place your family in an extreme detriment.
  • Penalty Abatements – The removal of fines can be substantial to getting you to a better place.
  • Tax Litigation – through the Tax Court – Representation is always key when going against the IRS.

Let us assist you through this extremely stressful process and be the voice that you need to settle your tax matter with the IRS.

How to Eliminate or Reduce Estate Taxes in Georgia

In many cases, estate taxes can be reduced or eliminated through:

  1. Utilizing Both Exemptions – Being married and utilizing both estate tax exemptions. When a spouse is a U.S. citizen, it is possible to leave assets with no estate tax, however, complications can arise when the second spouse passes away.
  2. Removing Property or Assets From One and Transferring to Another – Another way to minimize estate taxes is to reduce the estate before passing. Removing assets from the estate before passing can significantly lower estate taxes but these are irrevocable and it would be close to impossible to make additional changes at a later time.
  3. Limited Liability Companies and Family Limited Partnerships – Both a limited liability company and a family limited partnership can reduce estate taxes when transferring the assets, such as a family business, real estate, stocks, or farm to inheritors before passing. With these tools, it is possible to protect the assets from future creditors and lawsuits.
  4. Charitable Remainder Trusts – A charitable remainder trust allows a person to convert the highly appreciated asset, such as an investment or stock, into an income without the need to pay a capital gains tax once the asset has been sold. Electing to do so will also reduce the income and estate taxes, and it also allows for the election of a charity that has special meaning. By electing a charitable remainder trust, the asset is transferred to an irrevocable trust, which then removes it from the estate. It is possible to obtain a charitable income tax reduction immediately. The trust will then sell the asset at a market value, and pays no capital gains tax. This will eventually reinvest the income-producing asset and it is possible to have an income from the trust for the rest of the remaining life. After passing, the trust assets will go to the charity chosen.

Strategize With the Support of a Skilled Estate Tax Attorney

Tax strategies in the area of Individual, Business and Estate Tax Planning will change as tax laws and business environments change. As a result, it is vital to tailor each individual plan. When considering tax planning, speak to a well-versed attorney who can answer all of your questions and concerns.

The attorneys at Atlanta Estate Attorneys are highly skilled in the field of tax planning. When concerned about how taxes can affect you, your business or your estate after passing, the attorneys at Atlanta Estate Attorneys can provide you with the right legal options. The estate tax attorneys at Atlanta Estate Attorneys offer a broad range of legal services integrating estate planning. Contact our firm today online, or at (404) 584-5555 for a tailored consultation as soon as possible.