An estate is the property and assets left by the decedent. Inheritance is what the beneficiaries of the estate receive from a trust or a will. Federal law requires the beneficiaries to pay income taxes on what they receive during that tax year. Federal law taxes only very large estates and does not tax inheritance, but the estate and those getting an inheritance may owe state taxes.
Estate and inheritance tax laws are very complex and various state laws further complicates this specialized area of law. To protect your rights and not overpay or underpay taxes, the advice of a Nashville estate tax attorney is necessary.
No matter what your legal issue may be, it is always best to seek legal help early in the process. An attorney can help secure what is likely to be the best possible outcome for your situation and avoid both unnecessary complications or errors.
An experienced lawyer should be able to communicate a basic “road map” on how to proceed. The lawyer should be able to walk you through the anticipated process, key considerations, and potential pitfalls to avoid. Once you’ve laid out the facts of your situation to the lawyer, he/she should be able to frame expectations and likely scenarios to help you understand your legal issue.
Experience. Regardless of the type of legal matter you need help with, an experienced attorney will usually be able to get you better results.
Competence. Determine an attorney’s expertise by asking about their track record for the issue you need help with resolving.
Fit. There are plenty of good attorneys out there; make sure you find one you are comfortable working with.
Plaintiff – a person or party who brings a lawsuit against another person(s) or party/parties in a court of law. Private persons or parties can only file suit in civil court.
Judgment – A decision of the court. Also known as a decree or order. Judgments handed down by the court are usually binding on the parties before the court.