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Estates and Trusts Tax Returns

We understand the complexity of managing Estates and Trusts and how to maintain compliance. At Specialists Accounting we work with both trustees and executors to determine taxable income and accurately prepare and file taxes.

 

We help to:

  • Determine income from date of death and prepare final tax return Form - 1041

  • Prepare forms 706 – Estate and
    Generation-Skipping Transfer Tax Returns

  • Determine credits and deductions applicable to the Estate or Trust

Gift Tax Returns

Preparation of a gift-tax returns, although not very common are very important to high-net-worth families, especially if an estate tax return filing will be required in the future.

 

We work with families to determine:

  • Annual taxable gifts

  • Gift-splitting between spouses   

  • Keep track of cumulative value of gifts given and its effect on the Estate