Protect your loved ones by planning for the future with trusts and estate planning

Estate planning is much more than a bunch of legal documents. Estate plan documents outline how you wish to care for the people you love.

Your estate plan outlines matters such as:

  • Who will care for your children in an event of your death?
  • Who will you trust in an event of becoming ill to make medical decisions?
  • Who will receive most of your assets when you pass away?
  • Discuss how to minimize taxes and legal fees.

The laws governing trusts and estate planning have become increasingly complex. Careful financial and estate planning is needed to ensure the disposition of an individual’s assets through a financial and estate plan to fulfill his or her wishes.

Estate planning is the organization of your financial and personal affairs so that your assets can be distributed to your family as easily and inexpensively as possible at your death.

A trust is an arrangement in which one or more people manage a property for someone else’s benefit. A living trust is a trust that is created during your lifetime. This allows you to transfer title of your property from your name to that of the trustee of the living trust, who then owns the property. You can use the trust to gather your property under one document so it is distributed efficiently and according to your wishes after your death.

The executor or administrator of a deceased person’s estate or trust is a fiduciary. One of the fiduciary’s responsibilities is ensuring federal and state taxes get paid prior to the estate or trust distributing assets to the beneficiaries. The IRS designated its fiduciary income tax return as IRS Form 1041, U.S. Income Tax Return for Estates and Trusts.

At Professional Tax Service we can help you determine if there is a need to file a fiduciary income tax return, and if so, what type and when. Please contact us to see how we may be of assistance in the filing of your fiduciary income tax return.

We have worked with trusted attorney’s here in the San Diego area for many years. If you need assistance in the creation of a trust please contact us for a referral.

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