If you are in a fiduciary relationship as an executor of an estate or a trustee of a trust, then you have to think about the wishes and needs of others. A fiduciary must make decisions that are in keeping with the law, the wishes of the deceased and the needs of the beneficiary. But you have to be careful not to forget other obligations, including taxes.
Many estates don’t pass the threshold for the federal estate tax, so you might think taxes aren’t a common concern for those in such positions. Just because you don’t have to worry about paying estate taxes doesn’t mean you don’t have to file any paperwork, though, and almost any estate will have to concern itself with at least one more income tax return.
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Our firm works with you to understand the potential tax liabilities associated with an estate or trust for which you are acting as fiduciary. We can help you identify all of the necessary filings and ensure you have the right information from a legal standpoint to minimize tax liability wherever possible.
Tax issues might include filing income tax returns for both state and federal agencies, paying property taxes, filing fiduciary returns, and handling corporate or non-profit taxes if you are dealing with an organization. Estate matters can become delayed and complex, and you can end up with an estate that owes a startling amount to the Internal Revenue Service. In such cases, our firm works with you to negotiate with the IRS for offers in compromise or object to tax bills that are incorrect.
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