Estates & Trusts
Executor/Administrator (Fiduciary) Support
If you have been named as a Fiduciary we are here to help you fulfill your obligations. We can prepare the Court Reports and Tax Returns for you or we can simply offer guidance if you choose to prepare them on your own. We can also help in other areas as well including:- Determination of Tax Basis of assets
- Reconciliation of certain accounts
- Preparation of distribution schedules
- Any other related needs while executing your Fiduciary duties
Court Reports
Inventories
An inventory is a detailed list of assets and their values that are under your control as a Fiduciary. If you are an Executor or Administrator these assets are valued as of the date of death. If you are a Trustee, Conservator or Guardian, these assets are valued as of the date they come under your control. These reports must be filed within 4 months of certain qualifying events with the Commissioner of Accounts.
Because the Inventory lists everything that you, as Fiduciary, have the power to control, it is very detailed in nature and must follow very specific guidelines. The Inventory serves as the “starting point” for all subsequent Accountings that must be filed with the Commissioner of Accounts.
Accountings
An Accounting is a detailed statement of all income received, gain or loss on assets sold and disbursements made from assets under your control as Fiduciary. All transactions must be itemized, categorized, and documented. The ending value of all assets must also be reported so that the Commissioner can determine that the beginning assets on-hand, plus or minus the net value of all activity, is equal to the ending value of assets on-hand.
Tax Preparation
As a Fiduciary for an Estate or Trust, you are charged with the responsibility of filing any income, inheritance, or estate tax return required by State or Federal Law.
These could include the following:
- Form 706 – United States Estate (and Generation-Skipping Transfer) Tax Return
- Form 1040 – Decedent’s Final U.S. Individual Income Tax Return
- Form 1041 – U.S. Income Tax Return for Estates and Trusts
All related state tax returns must also be completed and filed.
Please note that the Commissioner of Accounts cannot approve your Final Accounting for the Decedent’s Estate with a Tax Certificate that certifies all necessary returns have been filed.
Document Review
All Wills, Trusts and related documents have accounting and tax implications. Though created with the best of intentions, these documents are sometimes difficult to understand. It is helpful to have a CPA review these documents to ensure that they reflect your intentions. Often, changes in either your family situation or the tax laws can make it necessary to update these documents to serve your current needs. We can review these documents and provide a summary of the accounting and tax implications within them.Executor/Administrator (Fiduciary) Support
If you have been named as a Fiduciary we are here to help you fulfill your obligations. We can prepare the Court Reports and Tax Returns for you or we can simply offer guidance if you choose to prepare them on your own. We can also help in other areas as well including:
- Determination of Tax Basis of assets
- Reconciliation of certain accounts
- Preparation of distribution schedules
- Any other related needs while executing your Fiduciary duties
Court Reports
Inventories
An inventory is a detailed list of assets and their values that are under your control as a Fiduciary. If you are an Executor or Administrator these assets are valued as of the date of death. If you are a Trustee, Conservator or Guardian, these assets are valued as of the date they come under your control. These reports must be filed within 4 months of certain qualifying events with the Commissioner of Accounts.
Because the Inventory lists everything that you, as Fiduciary, have the power to control, it is very detailed in nature and must follow very specific guidelines. The Inventory serves as the “starting point” for all subsequent Accountings that must be filed with the Commissioner of Accounts.
Accountings
An Accounting is a detailed statement of all income received, gain or loss on assets sold and disbursements made from assets under your control as Fiduciary. All transactions must be itemized, categorized, and documented. The ending value of all assets must also be reported so that the Commissioner can determine that the beginning assets on-hand, plus or minus the net value of all activity, is equal to the ending value of assets on-hand.
Tax Preparation
As a Fiduciary for an Estate or Trust, you are charged with the responsibility of filing any income, inheritance, or estate tax return required by State or Federal Law.
These could include the following:
- Form 706 – United States Estate (and Generation-Skipping Transfer) Tax Return
- Form 1040 – Decedent’s Final U.S. Individual Income Tax Return
- Form 1041 – U.S. Income Tax Return for Estates and Trusts
All related state tax returns must also be completed and filed.
Please note that the Commissioner of Accounts cannot approve your Final Accounting for the Decedent’s Estate with a Tax Certificate that certifies all necessary returns have been filed.
Document Review
All Wills, Trusts and related documents have accounting and tax implications. Though created with the best of intentions, these documents are sometimes difficult to understand. It is helpful to have a CPA review these documents to ensure that they reflect your intentions.
Often, changes in either your family situation or the tax laws can make it necessary to update these documents to serve your current needs. We can review these documents and provide a summary of the accounting and tax implications within them.