Trusts and estates

There is already much grief when a loved one or long time friend passes away. There are still often filing requirements that need to be honored based upon the trust instrument or will of the deceased. In a very caring way, we will be able to help you meet these needs.

I have been involved with estates and trusts for over ten years. I reviewed and prepared the returns for the final year of the decedent as well as the returns for the trusts or estates that result from the death of the loved one.

Because each situation will be different dependent upon the estate and gift tax strategy, the portfolio of assets and liabilities, and the goals of the beneficiaries, listing all of the services available would be difficult. Some of the services available include the following:

• Working with the estate attorney so the attorney’s strategy is being implemented.
• Reviewing the trust instrument and will as well as the applicable state Principal and Income Act to determine the appropriate reporting of the income and expenses on the trust or estate’s books for purposes of distributions, distributions to beneficiaries, and proper reporting on the tax return.
• Recommending corrective distributions immediately if something comes to light when the yearend accounting is being performed.
• Determining the timing and amount of distributions.
• Gathering the necessary documents from the appropriate sources to file a correct return.
• Making the necessary tax elections to maximize benefits.
• Determining estimated tax payments

We can also assist in the preparation of the federal and state estate tax returns.

EMAIL ME to help carry out the goals of the deceased.