ESTATE & TRUST SERVICES

We offer many services to our clients, both individual and business. Because we are small, our clients benefit by getting personalized, quality service. The following is a list of the typical services we offer individual clients along with a brief description of each service.

1. Estate Services
2. Probate Services
3. Trust Services
4. Income Tax Services

1. Estate Services
   Fewer and fewer people have to worry about filing an estate tax return. For estates over $3,500,000, there is a return-filing requirement. Estates under $3,500,000 are exempt from filing a return. The return is due nine months after death. We have many years experience assisting executors with estate return issues and preparation. It is important to follow the terms of the will. We can help you with this also. There is often a need to use an estate attorney to implement or interpret some issues. To settle an estate it is usually necessary to file reports with the Probate Court. See probate services below.
   
   
2. Probate Services
   At a time when you are dealing with the loss of a loved one, the government requires you to probate the will. We can advise you on preparing and filing the probate forms. Record keeping and following the will’s instructions are critical. Most probate work is done by attorneys, as they have the necessary knowledge and skill to correctly complete the probate process. We can refer you to a local attorney who is qualified in the probate process.
   
   
3. Trust Services
   Trusts established following someone's death have some unique tax planning issues during the first year. Post-mortem planning done well can save income taxes. This allows more dollars to go to the beneficiaries than to the IRS. The first step is a clear understanding of the terms of the trust. We can help with this planning and prepare the required income tax returns (form 1041).
   
   Trusts established during one’s lifetime are usually irrevocable. We can help you implement the terms of the trust and prepare the required income tax return (form 1041).
   
   
4. Income Tax Services
   The income tax return for an estate or trust is called a fiduciary income tax return (form 1041). It is extremely important to time distributions to heirs to avoid very high fiduciary income tax rates. Choosing a year end, recognizing income as ordinary or capital and the timing of deductions, all play a crucial role in minimizing taxes and making sure no deduction is lost. Our experience can help you make these decisions.