For Estates and Trusts

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Our experienced Triad Tax Service professionals offer a diverse range of expertise regarding estates and trusts, including a broad understanding of the legal and tax duties that must be fulfilled. As you may know, being appointed an executor, trustee or personal representative of someone’s estate is a great honor but also a tremendous responsibility. With both legal and tax issues involved, it’s important to understand your responsibilities and seek professional guidance, especially for more complicated situations. When savings or investment accounts or real estate are involved, seeking professional tax advice may save time and money.
Types of Estate Tax:

Inheritance Tax:

This tax is based on the value of the decedent’s assets. Most of us do not currently have to worry about paying inheritance tax as the exemption is now in excess of $5 million. However, even if an estate is valued at less than $5 million, filing a return may be beneficial. We welcome you to call us so we can determine whether this is a wise tax move.

Income Tax:

The decedent’s estate owns the income that is earned between the time of the decedent’s death and when the assets are transferred to the heirs. Generally, 1099 reporting forms for the year of death are not accurate and an analysis of the accounts is required to determine the appropriate allocation of income between the decedent, the estate and the ultimate beneficiary. This can be a time consuming and tedious process, so most executors should seek professional assistance.

Our services include:
  • Preparation of the decedent’s final 1040.
  • Preparation of Form 706 Estate (Inheritance) tax return.
  • Preparation of Form 1041 Estate (Fiduciary) income tax return.
  • Preparation of Form 1041 Trust income tax return.