While each professional services engagement is different, the following will give you an idea of the range of Estate Tax services provided through GlobalTaxHelp.com, including any or all of the following, as you choose.
Your Attorney’s Tax Compliance Expert
We work with your attorneys, especially if their firm doesn’t prepare tax returns, to assure that all the details and fine print have been complied with for all relevant US-based taxing authorities. We advise you and your attorney on the several tax return election choices which must be made by the executor, and which combination of elections will result in the lowest possible tax burden on the estate.
We advise on selection of asset valuation date alternatives and maintain focus on minimizing the impact of all taxes that impact an estate and its heirs.
Tax Compliance and Preparation
We handle all aspects of state and federal estate taxation, including preparation and filing of:
- Estate tax returns (Form 706)
- Gift tax returns (Form 709)
- Estate and Trust income tax returns (Form 1041)
- Decedent’s final income tax return (Form 1040)
- State and local tax returns required of estates (varies by locale)
We track down and/or obtain asset and liability documentation, including insurance company policy valuations (Form 712), land, auto, and other registered property titles.
We coordinate with attorneys, executors, and valuation experts (when used), to assure proper compliance with all applicable Federal, State, and Local tax laws, yet avoid needless overpayment of estate taxes.
Damage Control i.e. Post-Mortem Estate Planning
Too often, one finds oneself in the role of executor for an estate that was poorly planned or not planned at all. You find yourself responsible for an estate where the will is woefully outdated, or is in conflict with one or more trust agreements, some of which can be in conflict with each other. Conflicts with provisions of pension plans and IRAs further complicate things. We advise you and your attorney on tax implications for disclaimers, releases and surrenders. We also advise on remedies to avoid post-mortem double taxation, and provide post-mortem planning for foreign situs assets and foreign beneficiaries.
Estate Planning While There is Still Time
We list this service last, because most clients are attorneys and executors of estates for people who have already passed on. That is usually the point at which we become involved, with one or more of the above listed services. However, for those still in charge of their own affairs…
An ounce of prevention… The key to avoiding tax over-payment and ultimately, financial security, comes through planning! Most of us fail to do a very good job of it – at the cost of very real money, time – and if an audit is triggered – hassle and additional expense.
We, working along with your attorney, offer tax, estate and retirement planning – from an experienced, seasoned point-of-view. To use an analogy, we don’t want our clients to be pioneers (with the arrows in their backs), but settlers. In tax planning, this means using progressive, up-to-date strategies that have been court or IRS-approved, rather than using a recklessly aggressive approach which provokes a challenge. fees are based on time and complexity, with an estimate provided in advance.