St. Louis Estate Tax Lawyer
Tax attorneys are not the first to come to mind when thinking about estate planning. However, there are many benefits to adding an experienced and trusted tax attorney to your team. When you plan for the future of your estate, you are making decisions that will impact your loved ones after your death, and the last inheritance you want to leave is legal troubles, bitter disputes, or extensive tax troubles. With proper estate planning that involves a tax attorney, you can understand the best way to settle your estate with little government impact.
At Stange Law Firm, we can help with tax laws and estate planning, which provides you with a comprehensive team to give you the confidence you need to make sure your wishes are carried out as you would like. We will discuss multiple options to help protect your estate from unnecessary taxes, including:
- Declaring assets as gifts
- The benefits of a trust versus a will
- Advice that can maximize the value of your estate during retirement
The goal in any estate planning is not just to protect the family wealth you will leave behind but what you will build while you are here. With the help of a tax attorney, you can maximize both to benefit not only yourself but the generations of your family that follow.
What Does a Taxation Lawyer Do?
Tax attorneys specialize in understanding, interpreting, and applying tax laws and policies to a multitude of circumstances. Their services often encompass:
- Negotiating tax disputes with tax authorities on behalf of their clients
- Providing advice on different tax implications, such as estate transfers
- Assisting with preparing tax returns
Their knowledge base is founded on years of education that helps them understand the policies at the federal, state, and municipal levels.
What Questions Should I Ask My Tax Attorney?
Hiring a tax attorney is an important step in the planning process for estate planning. You are not only making a decision that is best for you and your assets but for those to whom you are leaving them in the event of your death and the potential consequences of those decisions when it comes to inheritance tax. You want to know that your decisions are the correct ones for your situation, which is why you should take time to ask valuable questions of your tax attorney. You want to gauge not only their experience, but also how they will directly help you and your family. Important questions to ask include:
- What experience do you have in tax law, and have those experiences involved direct interaction with the IRS? This question should provide you with information regarding how long they have been practicing, how often they appear in court, what they did prior to becoming a tax attorney, and how up-to-date they are on current tax laws. These pieces of information can help indicate how well prepared they are to handle cases that may deal with the IRS or with the U.S. Tax Court. In the event your situation needs to be discussed with either entity, the experience the attorney brings will help protect your interests.
- To what extent will you handle my case? There are many different types of attorneys, each of whom has various specialties. While recognizing their own limitations is a good thing, they may not be able to provide the comprehensive services you may need. This could include helping in estate planning but may not include assisting with litigation if it arises. Some may assist with submitting paperwork but will not put the time in with the IRS should they get involved. When you choose an attorney, it is recommended that you sign an agreement with them specific to the services they will provide.
- What experience do you have in cases that are similar to mine? When asking this question, you will want to inform them of your situation to the best extent possible. This will allow them to provide an honest answer so that you can make the best decision for your circumstances. For the purposes of estate planning, you want to know that you are not only leaving assets but the best support possible.
- What other areas of the law does your firm handle? Tax laws on their own are complicated and extensive. It would make sense that they only handle tax laws. While this can be a great benefit, firms like Stange Law Firm have multiple areas of practice that work together as a team. Individuals who specialize in various parts of the law work together to bring a comprehensive solution. When planning your estate, this can be particularly useful.
- What type of relationship do you have with other attorneys? In the event that an attorney only handles tax law, and they are unable to provide you with other legal assistance, having a strong relationship with other attorneys allows them to refer you to others who can help you. When you are referred from one attorney to another, you want to feel confident that you can trust them. This is a two-way street both in who they may refer you to but also in how many attorneys refer clients to them.
While they won’t give you the whole picture of an attorney, these questions are a great foundation for feeling confident you have chosen the right one for the tax needs you have for your estate.
How Much Does a Tax Attorney Cost in Missouri?
The rate a tax attorney may charge can vary depending on the circumstances surrounding the need for one. However, the average rate for a tax attorney is between $200 -$400 per hour but could be as high as $1,000 per hour. If you are only seeking a representative to help with litigation involving the IRS, then they may charge a simple flat fee. It is best to ask any potential tax attorneys upfront what costs are associated with the services they may need to provide for your case.
St. Louis Estate Planning Attorneys
Planning the final stages of your life can be a difficult process and filled with emotion, but it can also be filled with excitement. You are able to make financial decisions that drive your retirement and also ones that will help your family after you are gone. The team that you choose to help you put these important decisions into motion could make all the difference. At Stange Law Firm, our team is here to answer your questions and put our nearly 20 years of experience to work for you. Contact our offices today and let us help you plan for your future.
Greene County, St. Louis Office : 901 E. St. Louis, Suite 404, Springfield, Missouri 65806