Can I Deduct the Legal Fees I Pay My Estate Planning Attorney?

In general, you can deduct legal fees as an ordinary and necessary business expense. The types of legal fees that are deductible include creation and review of contracts, filing a lawsuit or defending a lawsuit for breach of contract, legal assistance to collect on an account, defending an intellectual property right, defending  against lawsuits brought by employees and receiving tax advice. The amount of the bill that can be deducted in the case of tax advice for an estate plan varies. The more that taxes play a role in estate planning process, the greater the percentage of the fee that can be deducted as a qualified expense. However, it is wise to always check with your tax professional before filing this deduction on your tax return.