Estate & Trust Tax Preparation Atlanta, GA
You may find yourself in the role of trustee or an executor without preparation or during a stressful life event, like the death of a loved one. Professional advisors at Fricke & Associates, LLC are here to help you understand how the tax law applies to your situation and give you peace of mind as you handle the affairs of the estate or trust.
Unique Expertise, normally found only in much larger CPA Firms
Outside of the large national and regional firms, most CPA firms do only a handful of trust and estate tax returns each year. Experience is vital in trust and estate work because errors made in preparing estate and trust tax returns can last for generations. Our firm prepares hundreds of trust and estate tax returns each year.
William Fricke has earned my business for a LIFETIME! What a phenomenal person. He made the very confusing process of doing my taxes a DELIGHT. He is so well-studied, well-spoken,... more
We have known Ted Fricke for decades. He is honest, knowledgeable, and very professional. This entire office is easy to get ahold of, and this is necessary because we live... more
I have used Fricke & Associates for my accounting needs for the past 6 years and I am very pleased with the professional service that I have always received.
The staff are excellent, patient, professional, and efficient. They made the process very smooth and easy. We enjoyed working with Marvin and he was always available to answer our questions.... more
Estate Tax Preparation
Most likely, you’ll only be an executor or personal representative of an estate once or twice in your lifetime. It is an overwhelming task to understand which tax filings are needed and how handling the estate will impact the heirs.
We will help you through the tax process and give you peace of mind as you handle the affairs of the estate or trust.
Large estates are required to file a tax return that lists all the assets of the estate. These assets include bank accounts, stocks, real estate, IRAs, pensions, annuities and the like. This is called Form 706 – Estate Tax Return. Some estates may also need to file a tax return that reports the income earned from the date of death to the date assets are distributed to the heirs. This is called Form 1041 – Income Tax Returns for Estates and Trusts. In some cases, the trust pays any tax that is due. In other cases, the beneficiaries will pay the tax.
The estate must also prepare a final individual income tax return. This return reports the income earned from January 1st until the date of death. It can be challenging to know exactly how to handle certain types of income on the final 1040 and 1041.
We will evaluate your unique situation to determine which filings are needed and accurately prepare the returns.
Working with your Advisors
Professional teamwork is important. Executors, beneficiaries, attorneys and investment advisors look to us for fiduciary income tax and estate tax planning and preparation, and we work in collaboration with them. Trusts and estates often involve complex tax issues, and there simply is not a substitute for experience. Our experience will help guide you through the difficult task of calculating and reporting trust income to beneficiaries.
Partnering with Attorneys
At Fricke & Associates, LLC, we’re collaborative and enjoy partnering with attorneys to help your clients file estate tax returns with confidence. We’re experienced in estate tax law, but don’t have to cover the overhead costs for a national or regional firm. Instead, we offer flexibility and personal attention you often cannot find elsewhere.
If you’re a new or established attorney looking for a CPA partnership, please contact us to learn more about how we can help.
What is Estate Planning?
Estate planning is establishing a plan to avoid or minimize Federal and state taxes assessed upon a taxpayer estate upon his or her death.
Are trust preparation fees tax deductible?
Yes, fees are deductible.
Am I required to file an estate tax return?
The Federal exclusion amount for 2019 is $11,400,000, however you may want to file even if you do not meet the exclusion amount in order to make an election to pass the unused portion of the exclusion to the surviving spouse. State exclusion amounts may be lower than the Federal exclusion.
When can I expect an Estate Tax Closing Letter?
Estate Tax Closing Letters usually take about twelve months.
What deductions are available to reduce the Estate Tax?
There are numerous deductions. You should consult with a CPA to review the assets and deductions of the estate and prepare the tax returns.
Will I be penalized for lodging my return late?
You will be penalized for late filing of Estate Tax Returns and late payment of Estate Taxes.
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List of Services
- Paying bills
- Checking account reconciliations
- Preparation of financial statements and reports
- Analyzing financial objectives
- Reviewing investment policy and performance
- Oversight of investment team
Fiduciary Income Taxes
- Tax planning
- Minimizing taxes
- Achieving objectives
- Tax preparation and compliance
- Planning for estate taxes
- Preparation of estate and gift tax returns
We can help
If you need a financial advisor near Atlanta, GA, Fricke & Associates, LLC has the expertise and experience to understand your needs, analyze your financial data, promote your growth, and ensure your financial future is set on a successful path. Additionally, we are a leader in developing and implementing the latest technology for optimizing accounting, tax, and financial planning solutions.
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