Professionals & Personal

Fiduciary Income Tax Return Preparation Services

Prepare estate and/or trust fiduciary income tax returns (Form 1041 and state versions thereof) and identify and execute key filing elections for estates and trusts. We can prepare such returns for clients or in coordination and collaboration with any acting tax preparers. We also have relationships with many excellent tax and CPA firms to refer tax preparation services for isolated or ongoing needs.

Michael B. Green

In almost all cases, estates or trusts are required to, if not benefit from, filing fiduciary income tax returns (Form 1041). Estates and trusts typically issue Schedules K-1 to beneficiaries, allowing them to prepare their own respective individual income tax returns.

To the point, we excel in this area. We are acutely experienced in identifying estate fiscal years and whether an estate and trust benefit from filing separating returns or making an election to treat both entities as one estate entity return, resulting in the potential deferral of income tax at either the estate level or at the beneficiary level.

We also proficiently determine if an estate (or qualifying revocable trust) is better served to use available deductions on the federal estate tax return (Form 706) or the fiduciary income tax return (Form 1041). In other instances, we determine if final medical expenses are best served on the decedent’s final Form 1040 or the Form 706.

We are also prodigious at identifying deductions that may escape the garden variety preparer. In the world of estate and trust administration, it is important to know what deductions are available and what may trigger an unnecessary audit.

In the cases of ongoing trusts (and arguably in cases involving estates with more than one fiscal year), we work with attorneys, accountants, and, if applicable, trust officers, to identify a planning methodology termed 65-Day Distributions to help driving income tax savings to families of wealth. We also are savvy in identifying specific and unique elections benefiting estates and trusts, as well as the related beneficiaries.

We pride ourselves on working with attorneys, tax planners, and fiduciaries. Working together, and collectively seeking out flexible, “outside the box” approaches to issues is not only fun, but it also typically provides a significant benefit to estate and trust beneficiaries. We have operated under this modus operandi for decades and enjoy working with others of this mindset.

Over 25 Years Experience

The Fiduciary Consultant offers collaborative services to legal, accounting, and corporate fiduciary professionals.

Estates, Trusts, and Tax

For Professionals & Families.

Michael B. Green