Panama City Probate Attorney for Taxable Estates
Assisting Clients with Taxable Estates in Panama City, Florida
If you are facing the responsibility of making the planning decisions or serving as the personal representative of a taxable estate, I would strongly encourage you to seek help from an attorney who works regularly in this area. Payment of estate tax is typically not required for someone who has passed away after 2010 with less than $5,000,000. However, you should not rely on this general observation for purposes of selecting an attorney. I focus my practice on estate tax, estate planning, and estate administration; and I provide my clients with the guidance and counsel they need to efficiently and correctly work through these issues.
This particular area is the core of my practice, and as a Panama City probate lawyer, I can offer the advice and counsel you may be seeking. If you are a family member, a beneficiary, or have been named to serve as executor or personal representative of an estate, I will be happy to discuss the issues either face to face, or over the telephone if you would like to do so prior to scheduling an appointment.
Taxable Estates
The taxable estate of a deceased person is the total value of his assets and property that are taxable after all liabilities have been deducted as well as the tax-deductible portion permitted by law. Certain items can be deducted from the value of the estate, such as funeral expenses, debts owed by the deceased person at the time of his or her death, administrative expenses, certain charitable donations, and the value of the property and assets transferred to the deceased person's spouse. The estate then pays whatever taxes are owed on the taxable portion of the estate that remains according to a tax table.
To minimize the tax liability of an estate, it is critical to establish an estate plan that implements the various legal tools and techniques available to reduce taxable value of estate assets. As a Panama City probate attorney who is also a tax and estate planning attorney, I can help you make informed decisions. Because estate tax is a complex subject, it is important to consult a qualified attorney about the particulars of your estate planning needs, the administration of a taxable estate, or your probate matter.
Do you need legal assistance with a taxable estate? Contact the Panama City Probate Lawyer, Max W. McCord III, for the legal guidance you need.