Comprehensive Reporting Solutions for Estates and Trusts

Being appointed as the fiduciary of an estate or trust comes with great responsibility. It's not just about reporting obligations; it's about ensuring the proper implementation of a legacy. 

At Navigate CPAs, our estate and trust experts can guide you through this journey, taking the stress out of tax reporting and letting you focus on family legacy. We provide comprehensive tax solutions and strategies that can reduce your fiduciary burden and enable you to move forward into the future with confidence. 

Find peace of mind today - give us a call at (301) 485-6557 or fill out our contact form.

Common Reporting Obligations for Estates and Trusts

Whether you are planning for the future or administering an active estate or trust, the corresponding filing obligations can be overwhelming. You may or may not even know what is required. From the moment we first speak with you, our goal is to immediately reduce your stress and make a plan. Rest assured that Navigate CPAs has the knowledge and expertise to both determine and ensure compliance with any reporting requirements.

Some of the tax filings that may be encountered in this process are as follows:

  • Individual Income Tax Returns: Commonly known as the Form 1040, special care needs to be taken to ensure this return only includes income earned before a decedent’s date of death.
  • Estate Income Tax Returns: Computing tax on the income earned by the estate from the date of death onward, less deductible expenses and credits.
  • Trust Income Tax Returns: Every trust is unique, and the method for which their income is to be reported can be equally nuanced.
  • Estate Tax Returns: Unlike an income tax return, tax is calculated on the overall net worth of a decedent’s estate, through a detailed reporting of all assets and liabilities as of the date of death.‍
  • Gift Tax Returns: Estate planning often involves strategic gifting of assets during one’s lifetime, leading to the filing of these highly technical returns.‍
  • Portability Elections: An often overlooked estate planning technique, these filings allow a decedent to transfer any unused estate tax exemption to a surviving spouse.‍
  • Beneficiary Reporting: Comprehensive support for beneficiaries and their reporting requirements, including the implications of inherited assets or retirement accounts and how to handle a Schedule K-1.

Ensuring compliance with state and federal regulations

Tax laws have undergone significant changes in recent years, and we anticipate further changes in the near future. Accountants play a crucial role in helping clients adapt their estate plans to maximize tax benefits. We work alongside the drafting attorneys to help you take advantage of state and federal estate tax exemption and portability provisions, ensuring individuals and estates are protected from excessive taxation.

By partnering with Navigate CPAs, you can ensure that your tax solutions are comprehensive and compliant with all relevant regulations.

Find Your Estate and Trust Solutions with Navigate

The team at Navigate CPAs are experts in preparing and filing the necessary tax returns for estates, trusts and individuals. Let us take care of the many reporting complexities that come with estate planning and administration, so you can prioritize your time on fulfilling a legacy for your loved ones. 

To speak with one of our estate and trust specialists, call us at (301) 485-6557.