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Are estate planning services tax deductible?

The simple answer is no, most estate planning services are not tax deductible. However, there is a bit more to it than that. Legal fees for estate planning can only be deducted if they are related to income-generating assets.

Are estate planning fees tax-deductible?

The Tax Cuts and Jobs Act ended itemized deductions tied to estate planning in 2018, while increasing tax breaks for estates. The law is set to expire in 2026.

What percentage of estate planning fees are deductible?

Commonly, about 40% to 60% of estate planning legal fees may be deductible, although the percentage varies for each individual case. We encourage you to discuss this with your attorney early on in the process. Keep in mind that the IRS has a 2% rule on miscellaneous deductions.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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