Trust and Estate Tax Preparation
Often, we find newly appointed trustees have no clue how taxation works for trust and estates. This, of course, is to be expected. The US taxation system is complex enough when dealing with individual and business taxes, but who can you trust to handle this type of work when you don’t know exactly how it all works? That’s where we come. We specialize in trust and estate tax work, and we relish the opportunity to guide you through the entire process, alongside your attorneys and financial advisors. We understand the value of education, providing you with both knowledge and recommendations on how to best navigate the complex trust and estate taxation system. We also communicate on your behalf with your estate planning team (attorneys, bankers, financial advisors, etc) to ensure that not only are your taxes correctly prepared and filed, but also that the entire team is connected in the process to ensure the best possible outcomes, now and moving forward. We offer comprehensive trust and estate business tax preparation services, including:
- Trust Tax Returns (Form 1041)
- Estate Tax Returns (Form 706)
- Gift Tax Returns (Form 709)
- related ancillary services
New and existing trustees can expect periodical communication from us, as needs arise throughout the tax year. We often communicate with financial advisors close towards the end of the year to discuss tax planning options, including tax loss harvesting and distribution considerations. Clients are encouraged to contact us any time they are managing money within the trust, to both understand tax implications and for guidance on best practices and expectations.
Executors of estates often meet many obstacles while administering an estate. Often times, they must depend on attorneys to help guide them through the court system and trust documents to comply with their obligations. But most attorneys aren’t well-versed in the tax implications of administering estates. We bridge the gap, both advising and ensuring compliance with tax obligations. Adherence to deadlines is essential when it comes to administering estates, and as such we strongly encourage employing our involvement as early in the process as possible.
Obscure and challenging, gift tax returns are both difficult to understand and weigh significantly on potential future tax implications. Therefore, it is imperative that clients gain a thorough understanding of their obligations. We guide you through the tax laws and their implications, while educating you on future pitfalls and opportunities along the way.
