Focus · Trusts & estates
Trust, estate and gift tax returns — with patience
Settling an estate or serving as trustee is hard enough. We handle the tax side carefully, explain each step, and work alongside your estate attorney so nothing falls through the cracks.
Who we help
- Executors and personal representatives
- Trustees of family, revocable and irrevocable trusts
- Surviving spouses deciding whether to elect portability
- Families making large gifts
- Beneficiaries with questions about inherited assets
What we handle
Trust and estate income tax (Form 1041)
We prepare fiduciary income tax returns, calculate distributable net income, issue beneficiary K-1s, and use planning tools like the 65-day election to shift income to lower-bracket beneficiaries when appropriate. We also handle grantor-trust reporting.
Final individual returns
We prepare the decedent’s final Form 1040 and any prior-year returns that were never filed, and coordinate the tax year-end with the estate.
Estate tax and portability (Form 706)
Even when no estate tax is due, filing Form 706 to elect portability can preserve the deceased spouse’s unused exclusion for the surviving spouse. If the deadline passed, relief is often still available for up to five years under Rev. Proc. 2022-32.
Gift tax (Form 709)
We prepare gift tax returns for gifts above the annual exclusion, gift splitting between spouses, and adequate disclosure to start the statute of limitations.
Basis of inherited assets
We establish stepped-up basis for inherited property — including real estate — and prepare basis-consistency reporting (Form 8971) when required, so beneficiaries don’t overpay tax when they sell.
Common questions
Why is trust and estate work custom priced?
Every estate is different — the number of assets, beneficiaries, states and years involved varies widely. After a short review of the documents, we’ll give you a clear quote before any work begins.
Should I file an estate tax return even if no tax is owed?
Often, yes — for a married decedent, filing to elect portability can protect the surviving spouse’s heirs from estate tax later. It’s worth a conversation.
We missed the portability deadline. Is it too late?
Maybe not. If the estate wasn’t otherwise required to file, Rev. Proc. 2022-32 generally allows a late portability election within five years of the date of death.
Let’s make this year’s taxes the calm part.
Book a short introductory call. We’ll learn about your situation, tell you plainly how we can help, and give you a clear fee before any work begins.