You may ask why is estate & trust tax preparation necessary? The answer is estate matters affect you and your heirs. By taking steps now you will ease the burden of your family during a difficult time. Your family will realize that you cared enough to take care of what could have become complex legal issues, and could cause your spouse to be without an easy access to funds. You can ensue a smooth transition of your estate to your heirs. You will also ensure that your assets are distributed according to your wishes. Without an estate plan, the state will be all too happy to decide who will receive your assets and how they will receive them.
You can remain in control of your assets even after your death by making arrangements with an estate plan or a trust to distribute your assets when and how you wish them to be distributed. You can appoint an administrator or a trustee to oversee the management and the distribution of your assets. We can structure and supervise a regular accounting of the estate or the trust to ensure your heirs that their money is being handled according to their best interest and according to your wishes.
We will work with your attorney to make sure that your estate is not taxed or that the estate taxes are the minimum required. A poorly planned estate can be taxed high and much more than it need be. We have many years of experience working with large and small estates to prevent over-taxation. Often, we advise clients about how their estate can legally avoid estate taxes. The state and federal estate tax laws are complicated, but we completely understand them. We know that you probably worked hard to earn your living and to build up your assets, so we understand the need to preserve every dollar.
An estate plan or a trust can be modified any time for any reason. If people die or fall out of favor, then your attorney can make the changes necessary. We can review the tax implications, if any, and make the appropriate recommendations. Often, the assets of the estate will be converted to another form, and we can advise you on how this affects the estate’s tax position. We also make sure that your assets are placed in the best possible position before you die to minimize taxes while you are living.