Do you have a disagreement with the IRS over taxes due? Have you inherited a difficult-to-value asset on which you owe an unreasonable amount of estate tax? Were you audited and received a notice of deficiency? Did you get caught in a tax trap and owe a huge debt to the IRS you cannot possibly pay?
We can help you:
• Assess the true value of the asset in question
• In many cases, lower your debt by identifying valuation discounts
• File and advocate on your behalf in an IRS appeal
• Petition the federal tax court, or
• File an Offer In Compromise with the IRS
Valencia Law Office of Daniel Mortensen is a Board Certified Tax Attorney who has been assisting clients with complex tax problems in Southern California since 1996. He also has a post-doctoral degree, LL.M., in tax law.
Tax Law Valencia California
In other words, estate tax applies to any assets you leave to your children, siblings, friends and even parents. Under current law, until 2008, everyone receives a $2 million federal estate tax exemption. This means that no estate tax is due on the first $2 million left regardless of recipient. There are some caveats, however, that make the application of this exemption more complicated than it sounds. For example, the $2 million includes any death benefits on life insurance owned by the decedent or where the decedent had any of several specific rights in connection with the policy.
Mortensen Law
Tax, Trust & Estate Attorneys, P.C.
24300 Town Center Drive Suite 390
Valencia, CA 91355
(661) 799-8035
(661) 799-8838 fax
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