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.
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.
What are some of the benefits of conducting business through a legal entity?
One of the most important benefits is the protection of your personal assets against the claims of creditors. Generally speaking, directors, officers, managers, members, and stockholders (the interested parties) are not held personally liable for the debts and obligations of the business entity. The interested parties should be limited in their personal liability to the amount invested in the company. Another legal benefit is the transferability of ownership, which can be done either in whole or in part. Also, some estate tax planning options are only available to business entities. Retirement funds, such as 401ks may be established more easily. Also, a business entity can acquire and establish its own credit rating.
What are some of the mistakes people make when going into business?There are always risks involved in going into business. As most people know, a majority of small businesses do not succeed in the long run. Mistakes of new business owners may include the lack of a realistic business plan, underestimating costs and tax liabilities, and unfavorable business contracts/agreements. Even more problematic is a failure to understand the business or the marketplace, underestimating the competition, and/or not being effective at managing a business. Responsibility for these latter areas ultimately falls to the owners, but sound legal advice can substantially improve the chances of success.
How can I be protected from liability claims that arise from my business?
Generally speaking, business owners doing business as limited liability companies, corporations, or limited partnerships do not have personal liability for the obligations or debts of the business. This assumes that no personal guarantees have been executed. If the business has been properly created, it is a separate legal entity. The details of formation are important, and the filing fees must be paid. If properly created and maintained, the assets owned by the business should be the only ones that are subject to debt or other liability considerations.