Estate and Trust Taxes
Many people are left with fiduciary responsibility when a parent or loved one dies. It is common for folks these days to put their assets into a living trust to avoid probate when that time comes. But along with the possibility of estate taxes, Estates and Trusts may be required to file income taxes, if the assets generate enough income. Settling the affairs of a loved one that has passed can be a time consuming proposition. If you find yourself in that situation and are not sure of the tax responsibilities for the Estate or Trust you find yourself in charge of, give us a call. We’ll be glad to sit down with you to help determine what the tax consequences are and if a 1041 needs to be filed.