TRUSTS & ESTATES

Part of intelligent estate planning includes creating trusts that meet the goals of the grantors.  Many different types of trusts can be used to care for surviving spouses, special needs individuals, children and grandchildren, pets and charities.  Sometimes these trusts must report to the taxing authorities shortly after creation.  Other times, the trust reporting is not necessary until someone dies.  When the date of death value of the estate is less than the exemption amount, an estate tax return is generally required from the date of death.  We prepare both the final individual tax filing and an estate tax return for the deceased for the year of death.  We work closely with your estate planning attorney to make certain that the accounting and tax compliance is handled.  This can be a stressful time for family members that are asked to be trustees and/or executors.  Having a good team in place is crucial. 

The political aspects of the estate tax have been very uncertain over the past decade.  The exemption for a taxable estate has ranged from $600,000 to $3,500,000 in fair market value of assets at death.  It is impossible to know what the exemption from filing an Estate Tax Return (Form 706) will be until Congress acts and makes a permanent law.  Our firm also prepares Forms 706 for our clients.  Again, we work closely with your estate planning attorney and the trustees and/or executors to accomplish this efficiently and effectively.

Contact our office to set up an appointment to discuss your trust or estate tax filing requirements.