Estate & Trust Tax Preparation

Estate & Trust Tax Preparation

You may find yourself in the role of trustee or an executor without preparation or during a stressful life event, like the death of a loved one. Professional advisors at Fricke & Associates, P.C. are here to help you understand how the tax law applies to your situation and give you peace of mind as you handle the affairs of the estate or trust.

Unique Expertise, Normally Found Only in Much Larger CPA Firms

Outside of the large national and regional firms, most CPA firms do only a handful of trust and estate tax returns each year. Experience is vital in trust and estate work because errors made in preparing estate and trust tax returns can last for generations. Our firm prepares hundreds of trust and estate tax returns each year.

Estate Tax Preparation

Most likely, you’ll only be an executor or personal representative of an estate once or twice in your lifetime. It is an overwhelming task to understand which tax filings are needed and how handling the estate will impact the heirs.

We will help you through the tax process and give you peace of mind as you handle the affairs of the estate or trust.

Large estates are required to file a tax return that lists all the assets of the estate. These assets include bank accounts, stocks, real estate, IRAs, pensions, annuities and the like. This is called Form 706 – Estate Tax Return. Some estates may also need to file a tax return that reports the income earned from the date of death to the date assets are distributed to the heirs. This is called Form 1041 – Income Tax Returns for Estates and Trusts. In some cases, the trust pays any tax that is due. In other cases, the beneficiaries will pay the tax.

The estate must also prepare a final individual income tax return. This return reports the income earned from January 1st until the date of death. It can be challenging to know exactly how to handle certain types of income on the final 1040 and 1041.

We will evaluate your unique situation to determine which filings are needed and accurately prepare the returns.

Working with Your Advisors

Professional teamwork is important. Executors, beneficiaries, attorneys and investment advisors look to us for fiduciary income tax and estate tax planning and preparation, and we work in collaboration with them. Trusts and estates often involve complex tax issues, and there simply is not a substitute for experience. Our experience will help guide you through the difficult task of calculating and reporting trust income to beneficiaries.

Partnering with Attorneys

At Fricke & Associates, P.C., we’re collaborative and enjoy partnering with attorneys to help your clients file estate tax returns with confidence. We’re experienced in estate tax law, but don’t have to cover the overhead costs for a national or regional firm. Instead, we offer flexibility and personal attention you often cannot find elsewhere.

If you’re a new or established attorney looking for a CPA partnership, please contact us to learn more about how we can help.

Our services to trusts and estates include the following: 

Accounting

  • Paying bills
  • Checking account reconciliations
  • Preparation of financial statements and reports

Consulting

  • Analyzing financial objectives
  • Reviewing investment policy and performance
  • Oversight of investment team

Fiduciary Income Taxes

  • Tax planning
  • Minimizing taxes
  • Achieving objectives
  • Tax preparation and compliance

Estates Taxes

  • Planning for estate taxes
  • Preparation of estate and gift tax returns

Please contact Jeanette Villanueva at jeanette@frickecpa.com or call 770-422-0564 to discuss how we can help with your estate and trust requirements.