At a glance
Our combination of accounting, tax, and trust planning expertise will put you, your family members, and your business in the best possible position to achieve your goals.
Our estate planning team will get to know you before coming up with a comprehensive plan to minimize estate tax burdens, maximize gifting, and help you live your life the way you choose.
When preparing for your future, your family’s future, or the future of your business, seek out the experts that will go the extra mile for you. Our experienced CPAs work closely with attorneys, appraisers, insurance agents, investment brokers, etc. to implement your planning strategies and fulfill your goals.
Our planning process focuses on protecting your loved ones, reducing the estate tax burden, providing liquidity in your estate, ensuring competent asset management, and directing the disposition of your assets according to your wishes.
When it comes to estate planning, having a trusted resource committed to understanding your needs and motivations is imperative. Protecting your wealth for future generations is key to building your legacy. The right combination of accounting, tax, and trust expertise will ensure we see the full picture of your life and help you live it to the fullest.
How We Can Help
Tax Return Preparation
Form 706
An estate’s executor uses Form 706 to calculate and report estate taxes to the IRS after someone passes away, especially if the estate’s value exceeds the federal exemption limit. It also allows the executor to elect “portability,” which transfers any unused portion of the deceased spouse’s estate tax exemption to their surviving spouse, potentially reducing future estate taxes.
Form 1041
Form 1041 is a tax form filed by estates and trusts to report income they earn after someone passes away. There are several types of Form 1041 filings, each for different situations:
- Income Tax Return for Estates: Filed for the income an estate generates, like from investments or property, while it’s being managed before assets are distributed to heirs.
- Income Tax Return for Trusts: Filed by trusts, such as complex or simple trusts, to report income earned by assets held in the trust that may be distributed to beneficiaries or retained in the trust.
- Grantor Trust Filing: Used for grantor trusts, where the trust’s income is attributed to the grantor (the person who created the trust), meaning they pay taxes on any income as if they still own it directly.
Form 709
Form 709, also known as the United States Gift (and Generation-Skipping Transfer) Tax Return, is used to report gifts given to others that exceed the annual exclusion limit set by the IRS. This form also covers generation-skipping transfers, which are gifts made to grandchildren or others at least 37.5 years younger than the giver and helps track lifetime gift amounts that count toward the lifetime gift and estate tax exemption.
Form 5227
Also known as the Split-Interest Trust Information Return, this form is filed by split-interest trusts, which are trusts that both donate to charitable organizations and provide income to non-charitable beneficiaries. This form reports the trust’s financial activities, including income, deductions, and distributions, and ensures the trust complies with tax rules related to charitable contributions.
Split-interest trusts often include Charitable Remainder Trusts which pay income to beneficiaries first and donate the remaining assets to charity and Charitable Lead Trusts which give income to charity for a period, then pass the remaining assets to beneficiaries.
Trusts
Estate planning with trusts is like creating special “containers” to hold a person’s money or valuable things, which are managed according to their wishes. By putting assets into a trust, a person can control who gets what, when, and how — like making sure certain people receive money only when they reach a certain age — while also helping reduce taxes and avoiding lengthy legal processes after they pass away.
Philanthropic Planning
Philanthropic planning is when someone makes a plan to give some of their money or belongings to help others, like donating to charities, schools, or hospitals. It’s a way for people to make a lasting difference by sharing what they have to support causes they care about, even after they’re gone.
Generational Planning
Generational planning is the process of preparing to pass down wealth, values, and assets from one generation to the next, ensuring that family members are financially secure and well-informed about their inheritance. This type of planning often includes strategies like trusts, wills, and financial education, aimed at minimizing taxes and preserving the family legacy over time.
Asset Preservation
Asset preservation in estate planning is crucial because it helps protect an individual’s wealth from taxes, creditors, and potential mismanagement, ensuring that assets remain intact for future generations. By implementing strategies for asset preservation, individuals can maintain their financial legacy and provide greater security and support for their heirs.
Valuation Services
Valuation services are essential in estate planning because they accurately assess the value of assets, which helps in determining estate taxes, equalizing inheritances, and ensuring compliance with tax regulations. By understanding asset worth, individuals can make informed decisions on how to distribute their wealth effectively and fairly among heirs.
Need Our Services?
No matter where you are in your planning journey, our team is here to guide and assist you throughout every stage.
Mary Hlebechuk
Mary is the estate planning team leader, a member of the agriculture team, and is the leader of the Affordable Care Act reporting team. She also works with many individual clients regarding preparation of returns and planning (tax planning and estate planning). Mary loves being involved with helping clients actively update their planning to adjust to the various obstacles they are facing.