Saturday, February 23, 2019

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Estate/Trust Accounting

Estate planning on your own may be complicated and costly. You may be faced with such challenges as federal and state taxes, bureaucracy, probate courts, unfair appraisals, health care concerns, eligibility of heirs, life insurance, 401k’s, IRA’s, cremation or burial costs, and much more. Thoughts of estate planning will often lead to more questions than answers.

estate2Did you know that...

  • If you die without a will, the state will dispose of your property according to the laws of intestate succession and not your own wishes?
  • There are various forms of trust arrangements that ensure your beneficiaries will benefit from your property over varied lengths of time?
  • If your estate doesn't plan for liquidity, your beneficiaries may be burdened with the tax payments?
  • A final income tax, estate tax, and estate income tax return must be prepared and filed?

These questions only hint at the complexities involved in tax structuring and planning for your estate. It would be a mistake not to address these questions and begin planning for the future.

Personal Services

As CPAs, we provide you with the knowledge, vision, and expertise to structure your estate to minimize taxes and maximize distribution. We work with your goals and your needs. We take a look at the "big picture" of your estate, consulting with other advisors - legal, trust, insurance, and investment - to give you comprehensive, detailed, and most importantly, personal service.

If you are an owner of a closely held business, your needs are particularly complex. We can assist you and your heirs to realize the value of your business.

We do not just help you plan for your estate and then walk away. We continually monitor it, keeping a watchful eye on the changing economic environment, on your changing personal and professional needs, and on the ever-changing tax laws and regulations. We also work closely with executors and beneficiaries to maximize the assets for distribution.

Should you find yourself handling an estate for which no planning was done, we can assist you to minimize the tax implications and meet all of the necessary filing requirements.

It is one of the frustrating ironies of life that you work for decades to achieve financial security, only to find that upon your death, tax, legal, and other obligations may seriously erode the value of all that you attained. But armed with our counsel, and with our personal, expert, and objective services, you can come as near to total control of your estate as the law allows.



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