Area of Practice
Trust and Estate Administration
Administration of an estate or trust is the procedure through which a deceased person’s financial affairs are settled and their property and assets are divided. The time required to administer the estate can vary depending on the state of the legal instruments, the value and scope of the estate’s assets, and the number of beneficiaries.
Our Services Include:
- Probate administration
- Trust Administration
- Federal estate tax and gift tax preparation
- Federal estate tax and gift tax audit defense
- Determination of inheritance taxes
We work with you throughout the entirety of the trust and estate administration process, employing tactics that reduce income taxes and other unwelcome litigation. This includes probate proceedings at the county court, document interpretation, preparing estate and inheritance tax returns, working with tax authorities, post-death tax planning opportunities, and estate settlement and distribution.
Trust and Estate Administration FAQs
Do I need to hire a CPA?
Yes, it is recommended. At Endacott Timmer, we help you navigate the legal complexities associated with estate and trust administration. We recommend that you partner with a CPA to navigate the financial complexities of these efforts. CPAs help ensure that all financial aspects are accounted for and optimized. Beyond that—their expertise assists with the following:
- Estates and trusts are subject to various tax responsibilities.
- Trust and estate income regulations are quite complex.
- Determining the value of the trust or estate’s assets is a vital aspect of tax planning.
- If personal representatives or trustees skip tax reporting dates or fail to pay owing taxes, they may be accused of misconduct.
- There are potential discounts, credits, or deductions that may be applied to save the trust or significant estate amounts of money.
- If the IRS has issues regarding specific estate or trust tax matters, your CPA can engage directly with the interested agent.
How long will it take?
Depending on the size of the estate, the presence of creditors or contested claims, the complexity of tax, and other relevant issues, probate can take anywhere from several months to several years to complete.