Reducing liabilities for the immediate and extended future.
Advice on support, property transfers, estate planning and more.
FTLF Family Law attorneys can help their clients avoid exposure to unnecessary tax liabilities, many with the potential to carry over into future tax years. Our experienced group of attorneys can advise on a variety of issues including structuring of support payments, ownership transfer of the marital home, allocation of childcare credits and dependency exemptions, transfer of retirement funds, and overall estate planning.
Some of the tax issues you can expect our attorneys to look out for and address in your representation include how to:
- Structure support payments to maximize the tax advantages to both the payer and the recipient
- Transfer retirement interests from one spouse to the other so that there are no tax consequences to either party at the time of transfer
- Handle the transfer of the marital home to one party so that there are no transfer taxes owed at the time of transfer
- Include estate planning considerations as an integral part of the divorce process when appropriate
- Maximize the benefit from the allocation of dependency exemptions, head-of-household filing status, the child care credit, and other income tax items
- Schedule the date of the divorce hearing and entry of the divorce decree so as to beneficially impact your income tax filing status for a particular calendar year
- Consider the implications of filing joint income tax returns, both in the past and in the future
Your long-term financial well-being depends on the accuracy and completeness of the tax advice you receive during your divorce. Our in-depth experience in divorce tax issues can help assure that your tax burdens are minimized and your tax benefits maximized.