It’s important to stay current on tax law changes that affect estate and trust preparation. We work closely with trust and estate attorneys, investment advisors, and other financial professionals to ensure estate plans optimally match income and deductions, including the use of distribution timing and related trust tax elections, to minimize tax liabilities. As part of our tax practice, we prepare Forms 1041 for trusts and estates, Forms 709 for gift taxes, and Form 706 Estate Tax returns. We also prepare trust accountings, also known as fiduciary accountings, in compliance With the required California Probate Code format.
Our professionals know what tax elections are available and when and how they must be made. We also understand the effect of state laws on both Federal and State trust and estate tax returns. We typically work with your estate planning attorney in this process.
We focus on timely and accurate preparation of these tax returns. We make sure that all documentation is thorough and well-organized, and ready for any potential IRS audits, which are relatively common for these returns.
