Estates and Trusts
The rules and laws governing estates and trusts are complex. The experienced CPAs at Winter, Kloman, Moter & Repp, S.C. will work as a team with your other advisors to help plan for your estate, minimize estate taxes, and use trusts to your advantage.
Income Tax Planning, Preparation and Filing
Are you the executor of an estate? A trustee of a trust?
You have the fiduciary responsibility to ensure the fair and impartial disposition of income and assets according to the terms of the will and/or trust and the decedent’s wishes. We will help you make sure you’ve met these obligations.
Estates and certain trusts must file income tax returns just as individuals do. Our team can help you choose a fiscal year that will minimize the taxes due on the estate and optimize the tax benefits available. The income may be taxable to either the estate, the trust or the beneficiary, depending on how the income is allocated and whether or not it is distributed. At Winter, Kloman, Moter & Repp, S.C., we can help you:
- Track the types of income
- Determine who or what entity will pay taxes
- Prepare and file the proper tax returns for your estate and/or trust.
Estate Planning
Do you have an estate plan? Could your family benefit from a trust?
As the saying goes, you can’t take it with you. But you do want to ensure that, during your lifetime and upon your death, your assets are distributed according to your wishes. Working with your attorney, we will help you accomplish this by developing a well thought-out estate plan.
You may want to consider:
- Gifting during your lifetime
- Proper titling of assets
- Proper beneficiary designations
- Use of irrevocable trusts to reduce your taxable estate
- Use of life insurance to pay estate taxes
How your assets are titled and how your beneficiaries are designated will determine who gets what and how it is taxed. We will help advise you on how to properly position your assets in order to reduce taxes and maximize the amount that passes to your heirs.
We want to support your success for the benefit of your loved ones.
