During a period of mourning, it can be difficult to address the legal and tax implications of the loss. Freyman CPA can assist in estate administration, thereby unburdening you or your family of an arduous set of tasks.
As part of our estate administration services, we can assist with every step of the process, from collecting and reviewing estate documents to filing the estate tax returns.
Collecting Estate Information
Our administration service will ensure that all appropriate documentation is received. We will collect and review:
- Legal information related to beneficiaries, such as wills, trusts, and marital agreements
- Administrative information related to beneficiaries
- Statements related to assets and liabilities of the estate
If appropriate, we can assist with any probate proceedings. We will review all trust and beneficiary form documents to determine whether any assets will pass through probate. As part of this process, we will help to determine whether any assets require valuation or other substantiation. We will also advise on proper ways to safeguard the estate assets, including any controls that should be implemented.
A number of tasks must be handled in order to properly manage an estate. We can assist with these tasks by:
- Obtaining an EIN for the estate
- Opening a bank account for the estate and transferring funds
- Contacting brokers, bankers, trustees, life insurance providers, and others who are impacted by the creation of the estate
- Paying debts, both current and those of the estate
We can prepare all income tax returns related to an estate. This includes:
- Final year personal income tax return (Form 1040 and state return)
- Initial and any additional years’ estate income tax return (Form 1041 and state returns)
- Business or employment tax returns, as required
Additional forms may be required to be filed, depending upon the decedent’s gifting history and other transfer taxes paid. We can prepare transfer tax returns including:
- Federal gift tax return (Form 709)
- Federal estate tax return (Form 706)
- State gift tax, inheritance tax, and estate tax returns