Solved
Can I deduct legal fees for estate planning?
We updated our wills, Medical Power of Attorney and created revocable trust are legal fees related to these activities deductable?
No, you cannot deduct legal fees for updating/correcting wills, or for creating medical Power of Attorney.
However, you can deduct legal fees for estate planning if they are incurred for:
- the production or collection of income, or
- the management of the property held for production of income, or
- tax advice and tax planning
If your total legal fees include both, deductible and nondeductible items, you must somehow allocate the amount between allowed and disallowed fees.
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