Planning for Inheritance Taxes Eases the Minds of Beneficiaries

Tax laws in the United States can be confusing when it comes to estates, inheritances, probate, and gifts. There are tax forms that must be submitted and paid to the United States federal government as well as the state in which the recipient lives. Each state has their own tax regulations in regards to inheritance and estate taxes. Planning for inheritance taxes with the aid of experienced tax lawyers Austin, Texas provides needed information so the recipient knows what to expect and what to do when the time comes.

Inheritance tax is the tax paid by beneficiaries when they are included in the will and receive property from someone who has passed away. An estate tax is charged on the entire estate of the deceased before being distributed to the beneficiaries in the will. The executor is responsible for completing an estate tax form and paying the tax using estate funds. Monetary gifts must also be accounted for by the receiver by submitting tax forms and paying gift taxes.

Texas estate taxes are also known as inheritance taxes. Depending on the size of the inheritance received in Texas, a tax form is required to be completed and filed with the Comptroller of Public Accounts no later than nine months from the date of death unless an extension is requested. The Economic Growth and Reconciliation Act of 2001 changed the Texas the guidelines in regards to inheritances effective 2005. This act states that no state tax is required on inheritances received in the state of Texas if the death occurred on January 1, 2005 or after. However, tax forms must still be submitted to the United States federal government along with any payment due.

Knowledgeable Austin attorneys who are familiar with Texas tax rules and regulations, changes, and updates offer free consultations to those who have received or are planning on receiving inheritances. Qualified lawyers offer certified guidance and advice while serving the best interests of their clients. Confusing tax laws, forms, and procedures are given the personal attention they deserve for completion and submission to the proper government agencies.

Estate planning attorneys provide the information and services needed to satisfy government rules and regulations in a timely manner. They will expertly guide the recipient through the process and manage any problems that may arise in a professional and efficient manner.

Dependable tax lawyers Austin are available to answer any and all questions and concerns in regards to planning for inheritance taxes.

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