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Home»Lifestyle»Career Management Tips, Advice»How Does Legal Assistance Help in Debt Relief?
Career Management Tips, Advice

How Does Legal Assistance Help in Debt Relief?

Iskra BanovićBy Iskra BanovićFebruary 25th, 2022Updated:September 5th, 2022No Comments6 Mins Read
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Debt Relief Can Help Recover

The new, three-year duration of the procedure for the discharge of residual debt is no longer subject to the condition that the debtor has to pay 35 percent of his debts and the costs of the procedure. However, the obligations, which include the obligation to take up gainful employment or the partial surrender of a gift, still have to be fulfilled.

If consumer bankruptcy was applied for after October 1, 2020, those affected are already debt-free after a three-year phase of good conduct.

Obtained timely, legal assistance from an experienced bankruptcy attorney can help ensure proper and cooperative conduct during this time to ensure full debt relief.

The law firm, Attorney Debt Fighters, specializes in bankruptcy law and restructuring management and accompanies its clients with well-founded expertise and goal-oriented solutions on the way from the application for bankruptcy or restructuring plan to the discharge of residual debt.

Experienced insolvency lawyer accompanied through the existential crisis

Attorney Debt Fighters has been reliable partners in all areas of bankruptcy law for over 20 years. The team, consisting of five experienced lawyers, who continuously expand their specialist knowledge in regular further training, guarantees client-oriented legal advice at a high level and supports debtors safely and successfully in enforcing their claims in an out-of-court settlement or as part of judicial bankruptcy proceedings.

From the development of preventive restructuring concepts and the preparation of comprehensive insolvency plans to insolvency settlement and final debt settlement, the law firm acts as a professional crisis manager for small and medium-sized companies and achieves good results for its clients.

Based on individual insolvency advice and a detailed analysis of the current situation, the insolvency lawyers at Attorney Debt Fighters draws up a debt settlement plan together with the debtor and in coordination with the creditors.

Efficient in the long term, both from a tax and economic point of view, the professional insolvency and restructuring concepts protect against complete debt and provide solutions for the continued existence of companies and jobs.

The experienced insolvency lawyers of the law firm Attorney Debt Fighters, supports their clients with advice and efficient debt settlement plans on the way to discharge of residual debt.

Lawyer for inheritance tax law: Inheritance regulation during lifetime

Inheritance tax can significantly reduce the acquired assets. If the testator does not want his capital to be attacked too much by the tax authorities, he should make provisions with clever inheritance regulations during his lifetime. Donations in particular are a popular design tool. However, they should be treated with caution – due to the compulsory portion supplement, donations can also become a problem afterwards. It is therefore advisable to seek advice from a lawyer who specializes in inheritance tax law.

Lawyer for inheritance tax law

Gifts during your lifetime – save on inheritance tax

If the testator transfers part of his assets to later heirs during his lifetime, he can reduce inheritance tax by skilfully using the allowances. The reason for this is the allowance for gifts, which varies depending on the family relationship. The spouse has an allowance of 500,000 dollars and their own children of 400,000 dollars each. In the case of a less close family relationship, on the other hand, in most cases it is only 20,000 dollar.

If the testator has assets of around 1,600,000 dollars, he can give his two children 400,000 dollars each during his lifetime without incurring gift tax. After his death, each child inherits a further 400,000 dollars, which in turn is tax-free due to the allowance in inheritance tax. If, on the other hand, the testator died without having made any donations during his lifetime, the children would each inherit $ 800,000. Of this, 400,000 dollars would then be taxable at a tax rate of 15 percent – i.e., 60,000 dollars in inheritance tax per child.

Structuring of inheritance with donations

Is it already foreseeable that the allowances for the heirs will not be sufficient to process the inheritance tax-free? Then it makes sense to tackle the tax structure of the inheritance tax at an early stage. In this way, testators prevent their assets from being unnecessarily reduced due to an unfavorable inheritance constellation. The donation during one’s lifetime opens up further savings potential. Attorney Debt Fighters, law firm specializing in inheritance tax law, explains: “You can claim the gift tax allowance again after ten years. So if you start planning your estate early on, you may even be able to use the allowance several times during your lifetime.”

When it comes to estate planning, it pays to consult an experienced inheritance tax attorney. This becomes clear, for example, when it comes to the right to supplement the compulsory portion. Suppose the deceased has two children, from whom he makes a gift of 200,000 dollars to son A during his lifetime. If he dies within a ten-year period from the date of the donation, son B is entitled to a supplementary compulsory portion. He receives his compulsory portion from part of the donation. The size of this share depends on how long ago the donation was made – it decreases by ten percent each year.

Contact an inheritance tax attorney for estate planning

Sooner or later everyone becomes a testator. If you want your wealth to be divided according to your own wishes, you have to take care of it during your lifetime – the sooner the better. The law firm Attorney Debt Fighters is very familiar with inheritance tax law. Lawyer here is a specialist lawyer for tax and bankruptcy law with additional qualifications in inheritance law and commercial law. Thanks to this profitable combination of different disciplines, he can advise his clients on a wide variety of issues. The lawyer for inheritance tax law supports, for example, in the design of the anticipated succession, corporate succession in gift and inheritance tax law or the drafting of wills. Even if the client has acquired a larger inheritance,

Structuring your own estate while you are still alive protects your assets and avoids unnecessary inheritance tax. As a lawyer specializing in inheritance tax law, the law firm Attorney Debt Fighters supports its clients in saving on inheritance tax.

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Iskra Banović
Iskra Banović
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Hello out there to all you fashion-hungry Blufashion.com readers! My name is Iskra Banovic, and I'm a fashion writer. As the fashion expert for www.blufashion.com, I wish to bring a creative, informative, and inspiring aspect to the fashion content you have come to trust.

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