Brockton Inheritance and Estate Tax Planning Lawyer
Brockton Inheritance and Estate Tax Planning Attorney
When you inherit a considerable amount of money, there is a likely chance you will be heavily taxed for it. Most estates are not taxable until they reach a certain dollar amount. However, many people may be unaware of how much they will owe in estate and inheritance taxes until they are faced with both. You shouldn’t have to worry about taxes, while you may also be grieving. A Brockton inheritance and estate tax planning lawyer can provide you with options.
The legal team at Albanese Law, LLC, understands the complications, difficulties, and confusion that come with inheritance and estate taxes. While Massachusetts doesn’t technically have an inheritance tax, it does have a lofty estate tax that applies if the estate’s value reaches a certain threshold. A Brockton inheritance and estate tax planning attorney can help you with this. They should understand the state’s inheritance and estate tax planning laws. Our firm can help.
Hire an Inheritance and Estate Tax Planning Lawyer
When you are faced with a large inheritance that comes with considerable unexpected taxes, you should hire an inheritance and estate tax planning lawyer to understand how much you owe, how to pay it, and what payment options may be available to you. Estate tax planning cases can easily become volatile if you don’t handle them correctly or promptly. An experienced lawyer like Matthew P. Albanese can bring years of focus, determination, and knowledge to your case.
Estate taxes are quite common throughout Massachusetts. Certain areas in the state have a high cost of living and are home to large estates owned by wealthy families. In Brockton, the median household income was $77,089 per year, while the median property value was $405,500 in 2023. This is more than enough for someone to want to put an estate plan together and prepare an inheritance. If you seek to inherit, contact a lawyer for help.
Consider Grief Support
Inheriting something of great value can be enticing, but it comes with a hefty price. Losing a loved one can be devastating, especially if you didn’t see it coming. As you navigate inheritances and estate taxes, you may want to consider seeking additional help for your grief in the form of a local support group, such as GriefShare or We Do Care Grief & Loss Inc. Sometimes, being able to talk to people about your grief can be enough to help you start to move on.
Reach Out to a Lawyer Today
If an inherited estate is worth more than $2 million, you will be legally required to pay an estate tax. At that point, you should immediately contact a Brockton inheritance and estate tax planning lawyer to help you determine the exact amount you owe and if there is any way to limit your liability. Irrevocable trusts, family limited partnerships, and other methods may be able to remove assets from the estate and lower your tax liability.
At Albanese Law, LLC, we can help you determine the most effective course of action for your inheritance and potential estate taxes. Contact us to speak to someone who can help.
