Estate & Trust Tax Preparation
Fiduciaries are held to a high standard of care, which includes preparing accurate Fiduciary income tax returns, distributing income in accordance with the terms of Wills or trust agreements, and ensuring timely distributions to beneficiaries.
We're here to guide you through the tax aspects of administering an estate or trust. We can also collaborate closely with your legal counsel to help ensure that all financial and tax obligations are properly met.
Services Provided:
- Federal and State 1041 Estate/Trust Income Tax Returns for decedents and irrevocable trusts
- Federal 706 Estate Tax Returns
Gift Tax Preparation
For many individuals, passing on a legacy to loved ones during their lifetime is an important goal. In doing so, filing a gift tax return to properly report those transfers may be required.
Filing a gift tax return isn’t just about paying tax—it’s often about protecting your lifetime exemption and creating a clear record with the IRS. The current Lifetime Gift & Estate Tax Exemption is historically high but is scheduled to sunset in the future, making proper reporting even more important. By filing a timely and complete gift tax return, you can document the value of transferred assets, start the statute of limitations on IRS review, and ensure accurate tracking of your remaining exemption for future planning.
Services Provided:
- Federal and State Form 709 Gift Tax Returns