Best Of Estate Tax Attorney Lubbock 2023

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Understanding Estate Tax and the Need for an Attorney in Lubbock

Introduction

Estate tax is a tax levied on the transfer of property from a deceased person to their heirs. It is also known as inheritance tax, death tax or succession tax. Estate tax laws are complex, and it’s important to work with an experienced estate tax attorney in Lubbock to ensure that your estate is protected and your beneficiaries receive the maximum benefit.

Estate Tax in Lubbock

In Lubbock, the estate tax is a state tax. The tax is levied on estates worth more than $3.5 million, and the tax rate varies from 0.8% to 16%. The tax is payable by the executor of the estate within nine months of the decedent’s death. Failure to pay the tax on time can result in penalties and interest.

Why You Need an Estate Tax Attorney in Lubbock

An estate tax attorney in Lubbock can help you with a variety of estate planning issues, including reducing your estate tax liability. They can also help you create a plan to ensure that your assets are distributed according to your wishes after your death. Additionally, an estate tax attorney can assist with probate, which is the legal process of distributing a deceased person’s assets.

Benefits of Hiring an Estate Tax Attorney

One of the biggest benefits of hiring an estate tax attorney in Lubbock is that they can help you create an estate plan that minimizes your tax liability. They can also provide guidance on the best ways to protect your assets and ensure that your beneficiaries receive their inheritance as quickly and efficiently as possible. Additionally, an estate tax attorney can help you navigate the complex legal process of probate.

What to Look for in an Estate Tax Attorney in Lubbock

When hiring an estate tax attorney in Lubbock, it’s important to look for someone with experience in estate planning and tax law. The attorney should also have a good reputation and be willing to work closely with you to create a customized estate plan that meets your unique needs.

Cost of Hiring an Estate Tax Attorney in Lubbock

The cost of hiring an estate tax attorney in Lubbock will depend on several factors, including the attorney’s experience and the complexity of your estate plan. However, most estate tax attorneys charge an hourly rate, which can range from $200 to $500 per hour.

Conclusion

Estate tax can be complex, but working with an experienced estate tax attorney in Lubbock can help ensure that your estate is protected and your beneficiaries receive the maximum benefit. When hiring an estate tax attorney, be sure to look for someone with experience in estate planning and tax law, and be prepared to pay an hourly rate for their services.

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