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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 Brandon estate tax attorney is necessary.
An attorney can often resolve your particular legal issue faster and better than trying to do it alone. A lawyer can help you navigate the legal system, while avoiding costly mistakes or procedural errors. You should seek out an attorney whose practice focuses on the area of law most relevant to your issue.
Bill by the hour: Many attorneys bill by the hour. How much an attorney bills you per hour will vary based on a number of factors. For instance, an attorney's hourly fee may fluctuate based on whether that hour is spent representing you in court or doing research on your case. Attorneys in one practice area may bill you more than attorneys in a different practice area.
Contingent fee: Some lawyers will accept payment via contingent fee. In this arrangement, the lawyer receives a percentage of the total monetary recovery if you win your lawsuit. In sum, the lawyer only gets paid if you win. Contingent fee agreements are limited to specific practice areas in civil law.
Flat fee: For "routine" legal work where the attorney generally knows the amount of time and resources necessary to complete the task, he/she may be willing to bill you a flat fee for services performed.