We provide tax preparation services for simple and complex irrevocable trusts. Many individuals have reasons to set up trusts as a result of inheritances, special needs, retirement, or estate plans. Typically, we become involved in the tax preparation for these trusts when they are administered by individuals instead of corporations.
Estate Income Tax Returns
When we lose our loved ones, it can be overwhelming to handle the paperwork of filing final returns. Attorneys working with probate typically file federal and estate tax returns, because they have the information on the assets readily available to them. In addition, a final 1040 and an estate income tax return are usually needed. We routinely provide these tax services that many attorneys avoid.
Linda* was the happy recipient of a large estate from her uncle who died. However, her joy was diminished when she discovered she was named executrix of the estate and had to understand had to understand probate, irrevocable, and revocable trusts. Then she was responsible for the liquidation and distribution of assets to other family members, as well as to herself. The process was not easy, but we were happy to be able to help Linda understand the process. We worked closely with her attorney to help her complete her tasks and file all the necessary tax returns.
(* name changed)