Estate and Trust Services is a specialty of Gordon Advisors. Whether it’s a matter of filing appropriate returns to be compliant with government authorities or allowing for the peace of mind that your wishes are honored, we are here to be of service to you in various capacities.
There are many financial options to consider when going through your estate and trust planning. To help eliminate the stress, use the resources of a CPA who specializes in estates and trusts to help you decide on the route that is best for your personal situation.
A CPA or estate planning professional can assist you with your estate/trust tax compliance and consulting necessities, while striving to save current tax dollars and minimize future tax applications.
Compliance services include preparation of:
- Estate Tax Returns
- Fiduciary Accountings
- Fiduciary Income Returns for Estate and Trusts
- Gift Tax Returns
- Individual Income Tax Returns
Consultation services comprise of:
- Coordinating Estate Planning with Attorneys and Other Professionals
- Estate Tax Projections and Analysis
- Estate, Gift and Trust Tax Research
- Postmortem Estate and Surviving Family Planning
- Reviewing Trust, Wills and Other Estate Documents
Frequently Asked Questions
How Can a CPA Help My Business?
Certified public accountants, or CPAs, are certified professionals who offer a range of accounting services. These range from auditing and assurance to financial consulting for businesses, tax planning and compliance, and estate and trust services. CPAs, including the ones here at Gordon Advisors, are regulated by the American Institute of Certified Public Accountants, or AICPA, which develops and grades the Uniform CPA Examination. Once a person has passed this exam, licensing is done at the state level, and, in some cases, even at the district or county level. These rigorous examinations by different boards help keep your business finances secure by ensuring that your CPAs are well versed in the current accounting world.
What Services Do Professional Estate & Trust CPAs Provide?
The services that professional estate and trust CPAs provide can be split into two categories: Compliance and Consultation.
Compliance services include the preparation of estate tax returns, fiduciary income returns for estates and trusts, gift tax returns, individual income tax returns and fiduciary accountings.
Consultation services include coordinating estate planning with attorneys and other professionals; estate tax projections and analysis; estate, gift and trust tax research; postmortem estate and surviving family planning; and reviewing trusts, wills and other state documents.
These services offered can vary from accounting firm to accounting firm, so make sure that your CPA offers all of the services you need.
What Are the Pros & Cons of Putting My Assets in a Trust?
Trusts are a way to manage wealth distribution in estate planning. This ensures that your assets are allocated the way that you wish, as you have laid out. The biggest pro is that the third party in charge of managing assets, the trustee, ensures that funds go to the correct purposes. This method of estate planning is also great for wealth protection, keeping your assets safe from lawsuits, creditors and other threats. Your estate may also have minimal tax liabilities with maximum wealth for the beneficiaries, if the right estate and trust professionals handle the account.
While a trust may be secure, there is a cost to this, which can vary. Be sure to speak with a professional about what this can look like as you research your estate trust plans. The other con is record-keeping. Trusts can be incredibly complex. It is recommended that you find a CPA firm that you feel confident in and can help with the process. Luckily, estate and trust services are our specialty here at Gordon Advisors, P.C.