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Estates and Trusts
Unless you are a professional trustee,
very likely you became a trustee or executor at the request of a
relative or friend, and very likely you have no professional
accounting or tax training. Even a professional trustee very often
has an understanding of the local probate code, but is not an expert
in taxes.
Our staff at Portney & Company
understands your dilemma. We know that your goal is to do your job
with the least amount of conflict with beneficiaries, and the tax
authorities. We can advise you as to the proper accounting for
income and expenses under your local law, assist you with required
accounting reports, and prepare the necessary tax returns for the
trust or estate. Please contact us at support@portney.com
for a discussion of any additional questions you may have.
The Steps Involved
:
Planning
We emphasize planning and tailor it to our client's needs. Because
every individual is unique, each estate plan is, too. An estate
represents the personality and accumulation of a lifetime and the
legacy which will be passed on. We educate our clients about tax and
legal structures and advise them how best to provide for those they
wish to benefit and how to leave the least amount legally required
to the government. Where document drafting is required, we work with
the client's own attorney or refer to local counsel.
Some of the structures/documents we
advise on include: living trusts, testamentary trusts, wills,
marital trusts, various grantor-retained income trusts, charitable
trusts, generation-skipping trusts and private foundations.
Preparation
» Forms 706, U.S. Estate
Tax Return and all related state returns.
» Fiduciary income tax
returns, federal and state, for trusts, estates, conservatorships,
private foundations, charitable remainder trusts.
» Trust accountings and
accompanying financial statements.
Administration
We assist executors and/or trustees in carrying out the wishes of
the deceased as stated in his/her will or trust. Often this includes
financial accounting and reporting, inventory of assets, preparation
of various court-required documents, notice to banks or brokerages
and insurance companies, preparation of tax returns and
distributions to beneficiaries. Many times a family member who has
been named trustee or executor is unwilling or unable to carry out
the responsibility. We help by providing an appropriate level of
service to insure obligations are met timely and appropriately. Our
Firm handles the day-to-day administration of many estates and
trusts of all sizes and complexity. Using state-of-the-art
technology, the Firm is capable of preparing all necessary
calculations, accountings and estate, gift and fiduciary income tax
returns. The Firm also regularly represents estates and trusts in
proceedings involving the Internal Revenue Service and other tax
authorities. Email us at support@portney.com
The
Responsibilities Of Being a Trustee with Discretion
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