Unfortunately when a loved one dies, there’s usually more to be addressed than simply filing a final tax return. Did your loved one have a living trust? Are you aware of the administration responsibilities as a trustee of the trust? Whether you’re administering the estate under the terms of your loved one’s trust or will, our experienced professionals can help you with the details and provide death administration services during this difficult time.

Probate and Trust Accounting

Accountings filed with the court are required to be in a specific format for probate estates and conservatorships. Our professionals have a strong background in trust accounting and probate accounting and will meet the court’s requirements.

Final Income Tax Return for Decedent

Our estate specialists can assist you with determining if your loved one is required to file a final income tax return, determining the reportable income and expenses and preparing the return, if one is required.

Trust and Estate Tax Return Preparation

Fiduciary income tax preparation takes special expertise and you want to know that your financial matters are in order. Our professionals prepare more than 700 fiduciary returns for trusts and estates each year including:

  • Federal and state returns for probate estates
  • Simple and complex trusts
  • Charitable remainder and lead trusts
  • Grantor trusts

Our specialists will work closely with your team of trustees and executors to ensure you have a worry free tax return.

Estate Tax Return Preparation and Estate Administration

Estate tax returns tend to be very complicated. There are exhibits and disclosures required by the IRS to ensure proper compliance. Whether you’re the executor, personal representative or trustee, our estate team can help you with planning and other issues that need to be addressed before the filing deadline. They will work with all of your advisors, such as attorneys, financial advisors and corporate trustees, to ensure all the necessary information is gathered and reported properly.

Estate Basis Consistency Reporting

An estate worth more than $5.45 million is required to file the new Form 8971 reporting the final value of property transferred to beneficiaries upon the decedent’s death. If you are the executor of the estate, our professionals can prepare these forms for you. Or, if you are a beneficiary, they can help you understand what the form means for you.

Trust Funding

Whether you’re transferring assets to your new “family” trust or you are a trustee of a trust that requires you to divide the assets into different “pots” or sub-trusts, our professionals provide trust funding services that can help you identify assets to fund the trusts, assist with transferring ownership and other decisions that may need to be made including:

  • Changing the ownership of assets based on a trust document
  • Determining the values and formula(s) to calculate the appropriate amount to place in each trust
  • Making tax smart decisions regarding which assets to place in a trust

Questions about our estate, gift and trust accounting services? Fill out the form to the left to contact Pamela Wheeler.