Estate & Trust Tax Preparation Palm Beach

There are many problems that can arise if your estate matters are not in order before a major life event happens. This may include a serious illness or death. It can be a very arduous time for everyone, and when estate matters are unorganized it can make a death even more difficult. By having estate and trust tax preparation, you can save a lot of aggravation and money for your loved ones. With proper proactive planning we can may be able to help mitigate some of the taxes.

There are some clear differences between income tax returns with individuals and income tax returns with estates and trusts. Is the income taxed at the beneficiary or entity level? Is the income allocated to distributional or principal? Is it distributed to the beneficiaries?

There are many things to consider and how taxes are handled make a clear difference.

There are exemption amounts and tax brackets that may not be modified to the individual and they could be sent into higher tax rates even with lower levels of income.

Have you become a trustee or executor of an estate?

Planning is important, but sometimes there are things that happen that are not planned for. If you have discovered you became a trustee or executor of an estate, without preparation, we are here to help. There are tax laws that could apply to your situations and time constraints that must be met to stay in compliance with IRS rules and regulations.

We are a small firm, but we have been around since 1970.

There are many benefits to working with a small firm. There are not a lot of small firms that can handle estate and trust tax preparation. We are here to help you through this difficult situation.

We can help handle the tax situation and we also work closely with many law firms in the area. If you currently have a law firm or need one, we are here to walk you through the process.

Estate Tax Preparation

You may be required to file a tax return that lists all the assesof the estate. These assets could include stocks, real estate, bank accounts, IRAs, annuities, or pensions. This form is called Form 706 - Estate Tax Return. You may also have to require another form on behalf of the estate that lists the income earned from the date of death to the date assets are distributed. When you have to file this form, you will need to fill out Form 1041-Income Tax Return for Estates and Trusts. Another requirement of all estates is the final individual tax return. This return discusses the income earned from January 1st to the date of death. On the final 1040 it may be difficult to know how to handle the income. We are here to walk you through this process and fill out the forms necessary.

Trust Tax Preparation

If you find yourself as a trustee with little experience, it can seem very overwhelming. It may be difficult to understand what tax forms are needed and how this impacts the beneficiaries. As you manage the trust, we can walk beside you in handling the tax needs while explaining the process.

There are a few forms that need to be filled out as you would expect such as Form 1041- Income Tax Return for Estates and Trusts. The tax due depends on each case, it could be the trust that pays or the beneficiaries. We can help you prepare these returns and explain the process.

The Personal Attention You Deserve

We can give you the personal attention usually only found at a small firm. With large firms and CPAs, it can be hard to get them on the phone. We are a small firm who will always return your phone call and give you the attention you deserve.