Estate, Trust and Gift Services
Planning for estates, trusts and gifts is no longer a concern for just the wealthy. A trust can give you the peace of mind of knowing that your wishes will be carried out without the need for probate. Alternatively, you may have been entrusted with the responsibility of serving as trustee of the family trust or executor of an estate through the passing of a parent. We can assist you in understanding what is required of you as a trustee or executor, or in evaluating various estate planning options, be it the formation of a trust, implementation of a gift-giving strategy, or evaluating whether an estate tax return should be filed to claim the benefit of portability.
Estate, trust, and gift tax returns
The preparation of estate returns requires an in-depth knowledge of complex tax laws and how to apply them to different factual situations. Our knowledge and experience enables us to perform this service accurately and efficiently.
Trusts are frequently used in estate planning to achieve a variety of goals. We have decades of experience assisting clients with trust-related matters and preparing annual fiduciary income tax returns.
Gift tax returns are required to report gifts in excess of the annual per-donee exclusion. We are adept in the preparation of these returns and can advise you when a gift tax return is required or recommended for your situation. We can also advise you concerning potential generation-skipping transfer (GST) implications.
Estate and gift planning
Gifts are made not only out of generosity, but may also serve to further the donor’s estate planning goals. An effective estate plan can reduce or eliminate estate taxes through the use of trusts, gifting, and other strategies. Our approach toward estate and gift planning is proactive and comprehensive. Our objective is to work with you and your estate attorney to develop a plan that fulfills your goals while minimizing the overall estate tax liability.
Trust administration assistance
The death of a loved one is a very difficult time. You may find yourself suddenly in charge of the family trust or named as executor of an estate tasked with carrying out the wishes of the decedent. We work together with you and the estate attorney to ensure the estate or trust is properly administered and to assist you in understanding and fulfilling your fiduciary duties as trustee or executor.
If you are the trustee of a trust, you may be obligated to provide an accounting to the court and/or the trust beneficiaries. Fiduciary accountings are subject to stringent legal requirements regarding format and content, so is important to utilize the services of a knowledgeable professional. We understand the requirements and have the experience necessary to complete this task in a timely and cost-effective manner.