Berks County Estate & Gift Tax Lawyers

Assisting Clients With Estate & Gift Tax Matters in Pennsylvania

With over 30 years of experience and a commitment to open communication, Dorko Wealth & Estate Planning is dedicated to providing client-focused representation. As a family-run firm, we understand the importance of protecting your family's interests. Jeff Dorko, with his extensive education and expertise, including a J.D., MBA, and a Masters in Taxation, offers the knowledge and experience needed to provide you with optimal and strategic results. We believe in cutting through legal jargon to ensure our clients fully understand their estate and gift tax matters. Your peace of mind and financial well-being are our top priorities.

Dorko Wealth & Estate Planning can help you plan to minimize the tax burden on your estate. Call us at (610) 957-0018 or contact us online to schedule an appointment with an estate & gift tax attorney in Berks County.

What Is Estate Tax?

Estate tax is a federal and, in some cases, state tax that applies when an individual passes away and their estate's total value surpasses a predetermined exclusion limit. This tax is computed based on the fair market value of the assets within the estate, not their initial purchase price. It's important to note that the specific regulations and rates can vary depending on the state in which the deceased person resided at the time of their death.

What Is Gift Tax?

Gift tax is a federal tax imposed on individuals by the Internal Revenue Service (IRS) when they transfer property or assets to someone else without receiving something of substantial value in return. These gifts can take various forms, such as cash, real estate, or other property. The IRS sets specific limits on the amount you can gift to someone annually without incurring gift tax. Any gifts exceeding this limit must be reported and will affect your lifetime gift tax exemption. Once this exemption is surpassed, the gift tax becomes payable. Importantly, the gift tax can apply even if your intent was not to make a gift, highlighting the importance of understanding the tax implications when transferring assets to others.

How Can an Attorney Help With Estate & Gift Taxes

An attorney specializing in estate and gift taxes can provide valuable assistance in several ways:

• Estate Planning: We can help individuals plan their estates to minimize tax liabilities. This involves creating wills, trusts, and other legal instruments to ensure the smooth transfer of assets while considering tax implications.
• Gift Tax Planning: We can advise on gift tax strategies, helping clients make gifts while minimizing the impact of gift taxes. This may involve utilizing exemptions, such as the annual gift tax exclusion, and structuring gifts tax-efficiently.
• Tax Compliance: Estate and gift tax laws are complex and subject to change. We can ensure that clients comply with current tax regulations, file the necessary forms, and meet deadlines to avoid penalties.
• Valuation of Assets: Determining the value of assets is crucial for estate and gift tax calculations. We can assist in accurately valuing different types of assets and navigating valuation challenges to optimize tax outcomes.
• Probate and Administration: In the event of a person's passing, attorneys can guide the executor or administrator through the probate process, ensuring that the estate is settled efficiently and by tax laws.
• Dispute Resolution: If estate or gift tax matters arise, attorneys can represent clients in negotiations or legal proceedings to resolve conflicts and protect their interests.
• Tax Audits and Appeals: If a client faces an audit or appeal related to estate or gift taxes, we can provide representation, presenting the necessary documentation and arguments to support the client's position.
• Charitable Giving: We can advise on tax-efficient charitable giving strategies, helping clients support charitable causes while maximizing tax benefits.

Schedule a Consultation with Our Berks County Tax Attorneys

Look no further if you're seeking expert guidance on estate and gift tax matters. Our Berks County estate and gift tax lawyers are committed to providing comprehensive and personalized assistance to navigate the complexities of tax law. Whether you're planning your estate, managing a gift tax situation, or dealing with related legal matters, we are here to offer knowledgeable insights and strategic solutions. Contact us today to schedule a consultation and ensure your financial issues are in capable hands. Your peace of mind is our priority.

Have questions? Speak with a seasoned Berks County estate & gift tax lawyer at Dorko Wealth & Estate Planning. Dial (610) 957-0018 or reach out online.