Estate & Trust
Assistance with Brooklyn Trust & Estate Taxation
We know how challenging and stressful it can be to manage an estate or trust by yourself. At McLan Accounting Services, LLC, our experts carefully guide you through the process of trust and estate taxation. Our team is dedicated to protecting your finances and taking care of your inheritance. We work closely with you to establish a process that benefits you and your loved ones.
Our skilled CPA has provided comprehensive estate and trust tax services to Brooklyn and the greater New York tri-state area since 1985. We're deeply rooted in our local community and strive to provide the high-quality, stress-free financial experience you deserve. Whether you're looking to arrange your estate or find clarity regarding your tax obligations, we're happy to help. Get in touch with McLan Accounting Services, LLC in Brooklyn today so we can begin addressing your needs!
What Are Estates & Trusts?
An estate is different than a trust in several crucial ways.
Your estate includes anything that contributes to your individual net worth. A typical estate can consist of cash, possessions, financial securities, real estate, and other assets that you own. Usually, a will is crafted to explicitly detail how your estate ought to be distributed.
Trusts are fiduciary relationships between a trustee and a trustor. The trustor grants the trustee the rights to maintain properties or assets for a third party, the beneficiary. By establishing a trust, you ensure significant legal protection of the trustor's assets and property. A properly-prepared trust allows your beneficiary to receive the assets in due time while potentially reducing or negating inheritance taxes.
Efficient Tax Aid for Your Trust or Estate
Taking the time to create a careful plan for your estate or trust protects your valuable properties and assets from taxes and creates a clear path for them to go to the intended recipient. However, inheritance taxes can be challenging to navigate. Our Brooklyn CPA meticulously analyzes the properties, assets, and accounts of the trustor to calculate the correct figure to pay in inheritance taxes.
If you don't have your estate's tax ID number, our team can apply for it online. We'll identify the appropriate tax returns and take care of them. Our CPA can address:
Estate Taxes: An estate tax may be levied upon the overall value of the decadent's estate before it's passed on to the intended beneficiaries. Estate taxes may be imposed by the state you live in or federal guidelines. We'll help calculate the estate's value and file taxes correctly for the proper amount. Depending on where you live and the estate's value, it's possible that you may not be required to pay estate taxes, thus preserving the entire inheritance.
Income Taxes: A decedent's estate is seen as a separate legal entity for federal income tax purposes. If you serve as the executor of an estate, you may need to file a final income tax return for the decedent. The conditions that determine whether a return must be filed can be complicated by obscure legal jargon and guidelines. Our team carefully analyzes your situation to determine the correct course of action that keeps you in compliance with federal and state policies.
Minimizing Tax Liability for Trusts & Estates
We strongly recommend seeking professional assistance when establishing a trust or estate. Having a skilled lawyer guide you through the process can alleviate stress, clear up potential errors, and ensure that the inheritance process functions as envisioned. By effectively clarifying your wishes and breaking down complicated concepts and legal phrasing, the process will be much easier. Our experts can review the finished will from a tax standpoint to offer pertinent suggestions that protect the estate and reduce tax obligations.
According to the estate owner's desires, trusts can initiate during their lifetime (living trust) or after they pass away (testamentary trust). Considering the potential benefits and costs of these options is difficult, but our experts are here to guide you through the options with diligence and care.
Trustworthy Brooklyn Trust & Estate Taxation Services
Understanding how taxes may impact your trust or estate is difficult due to the complex and ever-changing nature of federal and state regulations. Our team approaches your needs with diligence, precision, and care to set your mind at ease and handle your tax situation. Whether you're an executor looking for assistance carrying out your role or are considering the tax implications of your will, our friendly team is happy to help. Call McLan Accounting Services, LLC in Brooklyn today so we can begin analyzing your situation and offer prompt assistance!