As they say only two things in life are guaranteed, “Death and taxes.” While we can’t prevent a death, with proper planning we can take what can be an extremely stressful time and turn it in to a time to concentrate on remembering a loved one without concern for financial and tax implications. By preparing and estate tax plan all of the financial details are decided at a time when emotions are at a normal level as opposed to having to deal with them at an extremely emotional time in your life soon after a loved one has passed away.
When making and estate tax plan, trusts are common tool used to eliminate probate concerns and reducing potential estate taxes. At B Johnson & Assoc,. Ltd. we prepare many trust and estate tax returns annually and pride ourselves in asking the right questions to make certain that you capture all of the information that you will need when working with your attorney to create a plan that is right for you.
Depending on the plan there may be a need for annual gift tax returns or trust returns that we can prepare for you. Other plans may have no annual filing requirements, but upon the death of a loved one there may be trust or estate tax returns that need to be filed. Whether you have an estate tax plan or not, we pride ourselves when working with our clients to make sure that we capture all of the deductible expenses and making the appropriate elections to minimize trust and estate taxes and maximize the distributions to the beneficiaries of the trust or estate.
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