New York City Estate Planning Attorney

How Much Does An Estate Attorney Cost?

Have you been recently devastated following the death of a loved one? If so, you may be wondering exactly how much does an estate attorney cost. You will want to have this question answered before you even begin to file for bankruptcy or set up any type of will. This article will explain more about probate and estate taxes so that you understand exactly how these will affect your future.

When people die, there is often a lot of money left behind for family members to deal with various affairs. Often times there are estate taxes that are owed from the deceased individual's estate, and a probate lawyer is needed to make sure these are paid. Typically a New York estate attorney will be paid about sixty five percent of the probate court judgment.

The probate lawyer represents the interests of the heirs of the deceased individual. They will do everything in their power to make sure that the estate is settled properly and that no debts remain after the probate has been completed. Many times there are many assets that must be divided up in the event of a probate court judgment. These assets are divided according to what is owed to whom. This is also known as estate tax.

How much does an estate attorney cost? Probate attorneys in New York state are required to take a licensing exam after spending three years on the bench. Once they have passed this exam they are then licensed to practice in the state of New York. What they charge depends on what type of work they do and the amount of time that they spend on it.

A New York estate lawyer will most likely work on a contingency fee basis which means they take no money if they lose the case or receive no award from the estate. Most often however they will charge a percentage of the actual award that is received. Some will charge a flat fee for the entire process including probate and estate taxes. It is important to understand that this can run into the thousands of dollars so only work with those that are able to provide references that you can trust.

In most cases the estate attorney costs will be less than the probate lawyer. Attorneys who specialize in estate tax are usually licensed to handle the entire estate in New York and can often bargain a lesser fee on a contingency basis. This works in your favor because they know exactly what your estate tax situation is and can offer suggestions on minimizing or eliminating it. They also will be familiar with the procedures and requirements that need to be followed in New York to file for estate tax relief. They will know when you can expect to see your tax refunds and be able to make those recommendations to you.

If you have a good relationship with your personal injury lawyer, they may be able to negotiate a retainer even without a percentage of the total award on a contingency fee basis. The lawyer should then be able to get you a lower percentage based upon their experience in dealing with the IRS and estate tax. It is always better to have an estate attorney cost that is as low as possible because of the stress and anxiety that often accompany planning a estate. The cost can be very high in some circumstances and can really put a strain on the family if they are already dealing with the stress of financial hardship.

The best way to determine how much does an estate attorney cost is to talk with a New York estate planner or your personal injury lawyer. You can usually find them online at the website of your personal injury lawyer. They can help you with the estate planning and can recommend a local estate planner for your needs. There are also websites set up to connect relatives with an estate planner in New York. You can use these services to help determine how much an estate attorney cost you should plan to spend on a personal injury lawyer.