Question: Are estate planning fees deductible? Answer: It depends. John Dedon explains the cost to do a simple Will, Power of Attorney and Medical Directive are personal expenses and not deductible. However, a portion of the cost to prepare a comprehensive estate plan, involving a revocable trust to avoid probate and a marital and credit trust to reduce or eliminate estate taxes, is deductible….
For full article see: Income Deduction of Estate Planning Fees.
Read more discussion of estate planning topics affecting Virginia residents and U.S. citizens at Dedon on Estate Planning.
- Substantiating Charitable Deductions | LexisNexis | John Dedon | 2/3/12 (vinhsulaw.wordpress.com)
- Four Common Estate Planning Mistakes | LexisNexis | Gregory Herman-Giddens | 12/1/11 (vinhsulaw.wordpress.com)