Need Help Filing Estate Tax Returns?
Trust One of Our Knowledgeable Estate Tax Return Lawyers
There are many instances where you may be faced with questions regarding estate tax law, the most common being inheritance of a property after someone dies. However, you may also face estate tax questions when starting a new business or in other circumstances. Whatever the reason, inheriting property puts you in a different tax bracket and you may have to pay estate tax on the property. Additionally, purchasing property means that you will likely have to consider estate tax matters your beneficiaries may face. This can make tax season all the more headache-inducing. Consider hiring an experienced estate tax return attorney to help you file your estate tax return.
With over 60 collective years of experience between them, the estate tax return lawyers of Temmerman, Cilley & Kohlmann, LLP have a wealth of knowledge regarding California state and federal tax laws. Our team includes an attorney who is also a certified public accountant who is distinctly qualified to analyze the application of complex estate tax laws that apply to unique and complicated estates — these types of estates usually contain business interests or numerous parcels of real estate. Our talented attorneys will utilize their experience and knowledge to the fullest extent when it comes to providing full-service legal representation to the residents of San Jose and Danville in need of estate tax planning — including preparation of estate and gift tax returns. We can also help our clients qualify for special use valuation, extensions of time to file (or pay) estate taxes or deferral of estate taxes, when appropriate.
In What Case Would I Need to Hire an Estate Tax Lawyer?
Estates can refer to personal residences as well as places of business. If you inherit either type of property, you will be subject to different tax laws pertaining to the estate. Additionally, if you own property or businesses, then your estate plan should include considerations for estate taxes. The forms and information can be overwhelming and confusing — you will benefit immensely from having an experienced estate tax return lawyer at your side, especially if any of the following pertains to you:
- You have or plan to have a “taxable estate” at the time of your death. The estate in question must equal or exceed over eleven million dollars — over 22 million dollars if you are married. Smaller estates are not subject to estate taxes. Be aware, however, that these numbers tend to change annually. An experienced estate tax lawyer will know where to check for the most updated amounts at the time of your filing, and can explain current exemptions.
- You are involved in international business. International dealings often complicate inheritance matters exponentially — it is especially wise in this instance to have an attorney with experience in both estate and international tax laws to ensure that the right forms are filled out.
- Starting your own business. It is an elaborate process to start your own business — make sure that you and your business are protected by ensuring the legality of your establishment’s tax return. A qualified tax attorney can help you determine which business type to file under based on your individual case. A lawyer can also give you legal advice concerning the financial structure of your business, potentially allowing you more financial freedom to grow your legacy.
- A lawsuit involving the IRS. The IRS is auditing estate and gift tax returns with increasing frequency, making it imperative that these types of returns are prepared properly and accurately. If you are going through an IRS audit concerning your estate, it is necessary to hire an experienced estate tax attorney. At our firm, we provide a full range of services that often achieve a favorable outcome for clients involved in an estate tax controversy with the IRS. These services include effective strategies for managing an audit or appeal as well as dealing directly with the IRS on behalf of our clients.
How Can I Reduce My Estate Taxes?
There are several legal ways that you can potentially reduce your estate taxes. Four of the most common strategies include:
- Private annuity. This refers to the selling of an asset to a younger member of the family in return for an agreed upon amount to be paid annually to the seller. This agreement can last for the duration of the seller’s lifetime or other specified time.
- Charitable transfers. These transfers include monetary donations — or “gifts”— made to recognized official charitable organizations; examples of such organizations include educational campuses and government affiliates. Donations to these charities are considered tax deductible and can potentially lower your taxes if certain guidelines are met. An estate lawyer will know all the recognized organizations and can help determine if you qualify for this.
- Transference to a minor. Transference in this sense refers to a monetary gift to a minor. Typically, this gift is given to a designated “custodian” who will give it to the child at a later date — usually when he or she has reached maturity or at an otherwise agreed upon age.
- Annual gifts. Similarly, an individual can gift up to $15,000 annually to any person(s) of his or her choosing without getting hit with a gift tax. The recipients of such gifts are usually a child or a grandchild. Over time, this act can significantly reduce the amount of the overall taxable estate.
These are just a few of the ways you can potentially lower your estate taxes. Overall, you will benefit from the services of an estate tax attorney when it comes to these matters. A lawyer can help determine which course of action is right for you.
Have Questions? We Have Answers — Call Us Today
The estate tax return lawyers of Temmerman, Cilley & Kohlmann, LLP have the knowledge and experience necessary to guide clients through estate tax controversies. Our team can help you through the meticulous process of estate tax return preparation. We utilize all available tools and resources to help you with your estate tax return questions as quickly and efficiently as possible. In fact, one of our skilled attorneys is dual-licensed as a certified public accountant and is available to consult with all clients in matters regarding estate tax preparation.
Call our San Jose office at (408) 290-7210 — or our Danville office at (925) 233-4399 — or contact us online today to discuss the details of your case. By offering tax return preparation, our well-qualified firm is able to provide thorough representation in an efficient and effective manner to clients in Fremont, Walnut Creek, Danville, Santa Clara, San Mateo, Alameda, Contra Costa, Santa Cruz, Monterey, San Francisco, and other counties.