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Estates and trusts are often set up to handle portions of an individual or family’s most valuable assets (usually property, business assets and investments). Rental income, dividends and interest are considered taxable income that can be paid by filing an annual estate and trust income tax return (also called a fiduciary income and replacement tax return, form 1041).

While not all Americans are affected by estate and trust income taxes, those that are can find themselves facing very complicated tax decisions. Estates and non-grantor trusts, for instance, can be taxed at either the entity or beneficiary level. There are times in which it’s most cost-effective to transfer assets out of a trust and declare them under an individual’s income rather than the trust’s income, depending on each state’s estate and trust income tax return laws and tax brackets.

Since this issue affects only a top-tier percentage of taxpayers, many accountants are inadequately experienced in estate and trust income tax return issues and are unable to spot the opportunities, let alone develop solutions. Hedeker Law on the other hand, is a tax and estate planning firm that handles hundreds of estate and trust income tax returns each year. Our CPA tax attorneys are highly experienced in helping families determine the best way to handle estate and trust income tax returns. Specifically, our experience includes creating and preparing the tax returns, when necessary, for:

  • Grantor Retained Annuity Trusts (GRATs)
  • Grantor Retained Unitrusts (GRUTs)
  • Charitable Remainder Trusts (CRTs)
  • Charitable Remainder Unitrusts (CRUTs)
  • Irrevocable Trusts
  • Irrevocable Life Insurance Trusts (ILITs)

If you have an estate plan or trusts in place—or are considering doing so—and would like assistance in planning for or paying estate and trust income taxes, feel free to contact us.

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