How To Navigate Tax & Probate Laws

Taxes and probate laws are not always straightforward and can contain loopholes that cause confusion. By enlisting the services of an experienced tax attorney will ensure that you or your business are following the law and filing the proper forms.

Types of Taxes that Affect Individuals and Businesses
Taxes that affect both individuals and business include income taxes. The personal tax system can vary but usually has several brackets, with different tax rates in each, which are indexed annually for inflation.

Some residents may qualify for a credit that offsets the sales tax paid on groceries may also apply or credits for taxes paid to other states and for donations to educational and certain non-profit entities.

State Sales Taxes and More
State sales tax varies from state to state.  The tax applies to the sale, rental or lease of tangible property and some services. Additional taxes apply to lodging services and campgrounds, while some resort cities and counties have an additional sale tax option. A use tax, imposed at the same rate as a general sales tax, may also apply in some circumstances. It is a collection for consumption, use or storage of goods when sales tax doesn’t apply. The use tax goes directly to the state instead of the seller of the goods.

Estate Taxes and Probate
Probate is the official manner through which a deceased person’s estate is settled. Not all estates or assets are subject to probate. Placing assets in a living trust can also keep assets away from probate.

When probate does occur, most states have three kinds of proceedings: informal, unsupervised and supervised formal. Most probate proceedings are informal and usually occur when beneficiaries and heirs get along and there are no creditor problems. Unsupervised probate involved a court proceeding where a judge must approve actions such as the sale of real estate or distribution of assets. Supervised formal probate occurs when a judge must approve the distribution of all assets. In such an instance, the best course of action is to work with a tax attorney.

Both Tax Law, and Probate law can be confusing and complicated.  The good news is that you don’t have to try and navigate the proceedings alone.  Contact an experienced probate attorney or tax law attorney in your area for a consultation.

Reasons To Hire A Real Estate Attorney

Buying or selling real estate is probably one of the most significant financial decisions you will make in your life. It involves property law, which is not only unique but also raises issues of practice and complexities that are not present in other types of transactions. A real estate attorney is trained in these areas of law and has the most experience to deal with any issues that arise from real estate transactions.

While different states and regions have varying requirements regarding the hiring of a real estate attorney, there are several reasons you should consider hiring an attorney. Whether you are buying or selling a property, a lawyer can help you avoid some of the common problems. For instance, an attorney can explain the effect of multiple listings and recommend a legal solution.

Tax Provisions

Even if some of the most common transactions can be handled by an agent, you may have to consult with a real estate attorney to answer some crucial questions, such as the tax implications of a transaction. In the case of a property sale, a lawyer can advise how to take advantage of tax provisions to allow for capital gains in certain circumstances.

Complex Real Estate Transactions

Attorneys can also come in handy when one or more parties are partnerships, corporations or trusts. The negotiations and contract preparation can be complex, requiring the expertise of an attorney with an understanding of different types of business arrangements. An attorney will also ensure the contract is within the law.

Working without a lawyer can be a risky ordeal. The attorney is responsible for reviewing the property inspection and making sure all relevant details regarding property are made known to the other party. Therefore, working without a lawyer increases the chances of a legal suit by the opposing party for failing to disclose vital information. A lawyer will also ensure you file all the appropriate documents required for the transaction.

Having legal counsel is imperative when it comes to real estate. A competent, experienced real estate lawyer can help to protect your interests and make sure your real estate transaction is within the legal boundaries of your jurisdiction.