Normally, one could refer to a Trust as voluntary (either created by you or someone else). Estate however, is not normally voluntary and the administration of a Trust or an Estate can be an overwhelming task to your survivor or successor.
Such tasks can involve complex tax return requirements and/or special accounting needs. If an Estate or Trust has multiple heirs or beneficiaries, the California Probate Code requires an accounting under most circumstances, which results in providing the information necessary to prepare the appropriate required tax returns where applicable.
See below for more of the services we offer:
We help you...
- Understand the benefits of various types of trusts, including life insurance trusts, charitable trusts, special needs trusts, and others.
- Outline your specific estate planning goals.
- Organize your estate planning team (attorneys, life insurance agents, etc.).
- Evaluate and recommend estate and trust planning options.
- Lower taxes at time of death.
- Arrange for management of your estate in the event you become incapacitated.
- Assist you in effectively managing your estate after death.
Tax Preparation and Accounting
Most people know that trusts can be simple or complex. What people often do not know is that there are often times mandatory reporting requirements included in the trust in addition to the possible mandatory tax return filing requirements. In addition, beneficiaries of a trust may be able to request an accounting of the activities of the trust. The rules as to determining and categorizing the activities of a trust can be quite complex and have significant impacts to the various beneficiaries of a trust. This is where we can help. We have years of experience when it comes to handling both the tax compliance matters related to trusts as well as the overall accounting for trusts. Let us put our cumulative years of experience and knowledge to work for you and eliminate the headache and stress surrounding the complexities of your situation.
Some of the services we provide in this area include:
- Tax Return Preparation - we have extensive experience in preparing the mandatory tax returns for both trusts and estates (e.g., Forms 1041 and 706). While your attorney may be able to assist you throughout the process of carrying out the terms of the estate or trust, we can help by ensuring timely and accurate tax return filings are completed. Clearly define your estate planning goals.
- Trust Accounting - there are very specialized rules when it comes to accounting for trusts. We are one of the few CPA firms in the area who have experience in preparing a complete accounting of trusts in accordance with those rules for use by the Superior Court and beneficiaries.
