Perform tax law research, including case law, treasury regulations, state statutes, the Internal Revenue Code, tax bulletins, etc. We proudly use Bloomberg’s renown BNA Tax Portfolios as part of our tax research software.
Calculate date of death and, when applicable, alternate value, determinations of marketable securities. We also have relationships with appraisers and valuation experts to address fair market value (FMV) determinations of real estate, personal property, business interests, etc.
Draft all probate, inheritance, distribution settlement and redemption agreements, and coordinate such with acting legal counsel. We can also facilitate legal engagements for such services with our attorney relationships.
Calculate all date of death (DOD) values, identify, and determine all available exemptions and deductions, and compute all inheritance tax amounts. We coordinate all such services through acting legal counsel, or if necessary, we can introduce clients to attorneys for such services in the event a client is in need of legal counsel. We also coordinate with Nebraska county attorneys to assist in securing their respective voluntary appearances.
Prepare informal accounting calculations for estates and trusts. For Court purposes, we can coordinate with law firms and CPA firms to complete all formal accountings. We can also assist in the coordination of QuickBooks accounts for businesses, estates, and trusts with our bookkeeping relationships.
Compose all federal estate tax returns (Form 706) and any state-related estate tax returns. We also work with the IRS and any applicable state agencies to obtain Federal Estate Tax Closing Letters or the state-related equivalents. Note: Nebraska does not currently have a state estate tax.
Assist in determining outright distribution to a set of beneficiaries, typically in concert with a Will, Trust Agreement or Distribution Settlement, with the observation of equitable equalization/allocation within the beneficiary classes. Coordination of such services is typically with legal counsel, particularly if such distribution is part of probate proceedings, etc.
This is similar to Financial Evaluation Services, but may also include more technical aspects, including, but not limited to liquidity ratios and other analyses related to the make-up of trusts and other entities.
Prepare estate and/or estate fiduciary income tax returns (Form 1041 and state versions thereof) and identify and execute upon 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
Prepare all annual federal gift tax returns (Forms 709 and, if applicable, any state versions thereof). We can also address, coordinate, and resolve any underlying valuation or discount issues relating to such gifts. We can prepare such directly for clients or in concert with any acting tax preparers. We again offer many excellent tax and CPA firms to refer tax preparation services for isolated or ongoing needs.
Coordinate with our cost segregation study relationship to provide clients with cost segregation study or other depreciation acceleration strategies for estates, trusts, or business entities with depreciation property, including, but not limited to, commercial real estate, etc.
Prepare decedent’s final federal income tax returns (Form 1040 and state versions thereof). We can coordinate the preparation of any Form 1040 with the Forms 1041 and/or 706 to ensure the optimal use of available deductions, etc. We can also coordinate the transition of ongoing Form 1040 preparation for surviving spouses through our excellent tax firm and CPA firm relationships.
Provide attorneys, accountants, fiduciaries, or individuals with general consulting services. This service is meant to serve as a “catch all” for any services not otherwise defined in our other service categories.
Over 25 Years Experience
The Fiduciary Consultant offers collaborative services to legal, accounting, and corporate fiduciary professionals.