Estate Tax Planning Lawyer East Greenwich, RI
If you are a resident of Rhode Island, or even if you are a nonresident but own tangible assets or real estate in Rhode Island, then your estate will have to submit an estate tax return in this state. Our East Greenwich, RI estate tax planning lawyer can provide the tax information that people need so they are informed about what their tax liabilities in Rhode Island may be. There are estate planning strategies that we can implement to help prevent a heavy tax burden from being imposed on your estate. If you have questions about anything estate planning related, such as taxes, Aptt Law LLC is available to assist you!
Your Estate May Owe Taxes
While Rhode Island requires everyone to file an estate tax return, it doesn’t necessarily mean that your estate will owe money. Your estate may qualify for certain deductions that lower the value so that fewer or no taxes will be due. Examples of deductions could be marital deductions, charitable deductions, and debts and administration expenses. With marital deductions, property left to a surviving spouse can be deducted from the gross estate. An estate can take advantage of a charitable deduction when some of the assets are gifted to charitable, public, and religious organizations. Debts owed and administration expenses can be deducted from the gross estate as well. If you have questions or concerns about this, please let Aptt Law LLC advise you further!
Deadlines For Filing Estate Tax Return
Rhode Island requires that estate tax returns be submitted within nine months after the date of death. If the payment of tax causes hardship, you can ask for an extension of the deadline or paying by installments. You can contact the Rhode Island Estate Tax Administrator for this request. An executor of the estate is encouraged to hire our estate tax planning attorney to help to prepare an estate tax return. Funds from the estate can be used to pay for any legal service fees. Necessary estate tax forms and instructions are available through the Rhode Island Department of Revenue. For support regarding your estate planning needs, reach out to Aptt Law LLC at your next convenience.
Aptt Law LLC
Taking the steps now to protect your estate will make a difference for your closest loved ones in the future. By understanding what the potential tax implications could be for your estate, you can use estate planning strategies to safeguard it from being impacted by high tax percentages. At Aptt Law LLC, we know that you have worked hard for your legacy. We would be honored to offer support as we establish your comprehensive estate plan. If you would like to know more about how we can help you protect what matters the most while ensuring your estate is transferred to those you love the most after your passing, then contact us today!
