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Estate & Trust Tax Services

Trustworthy Lake Saint Louis Trust & Estate Tax Preparation

trust & estate tax preparation in Lake Saint LouisWe understand how daunting it can be to manage the financial intricacies of a trust or estate. If you find yourself thrust into the role of an executor or trustee, our team is in your corner year-round to provide prompt support. Our enrolled agents are intimately familiar with tax codes and regulations and how they apply to your specific situation. We work closely with you to ensure the trust or estate remains compliant with applicable tax regulations, so your family's property, assets, and inheritance wishes are protected.

Since 1981, our team at JC Herren Co LLC has worked tirelessly to provide the residents and business owners of Lake Saint Louis, O'Fallon, Wentzville, and the surrounding communities with reliable tax services. You'll find our tax experts to be meticulous, proactive, and communicative. We keep you informed of our progress, so you never have to feel uncertain about your financial status. If you're in need of professional trust and estate tax services in the Lake Saint Louis area, give our firm a call today to set up your initial consultation!

Call Us: (636) 561-3600 Book a Consultation

What Are Trusts & Estates?

senior couple meeting with Lake Saint Louis tax expertTo fully understand the dynamics of your unique tax situation, it's essential to consider the terms and type of Lake Saint Louis trust or estate at play.

A trust is an arrangement that allows a trustee to hold assets on behalf of one or more beneficiaries. There are many ways that trusts are arranged to precisely specify how and when assets pass to the beneficiaries. A revocable trust allows the grantor to control their assets during their lifetime and can be dissolved at any time. An irrevocable trust transfers assets out of the grantor's estate entirely and may not be edited or dissolved.

Our team has experience evaluating the tax situation for many basic and complex trusts, including marital, bypass, testamentary, and generation-skipping trusts. We work closely with you to understand the conditions of your trust and help you confidently navigate the financial landscape.

An estate includes all of a person's net assets, including cash and personal property, real estate, securities, trust and retirement accounts, and life insurance. An estate excludes all assets that have been previously transferred to an irrevocable trust. We carefully review your estate to determine your tax liabilities and guide you through the preparation process as efficiently as possible.

How We Approach Trust Tax Preparation

Taking on the role of a trustee can be challenging and time-consuming. Tax laws are complex, and understanding how tax filings impact you and the beneficiaries is essential. When reporting income and expenses for a trust in Lake Saint Louis, you must fill out Form 1041. Depending on the specific trust, either the trust itself or the beneficiaries are then liable for any taxes that are due. We'll help you understand the situation and file the appropriate returns.

Efficiently Addressing Estate Tax Preparation

Lake Saint Louis estate tax expert meeting with clientWe understand how stressful it can be to handle the financial aspects of a loved one's estate. We're in your corner to provide compassionate, efficient assistance. Some estates may need to file a return that details all the assets included within the estate. Others may need to complete a return that reports income earned from the date of death to the date assets are distributed. We'll determine which forms you need and help you complete them accurately.

As a final step, it's necessary to prepare a final individual income tax return for the decedent. This particular return reports all income earned from January 1st until the decedent's date of death. Our Lake Saint Louis estate tax experts untangle the tax situation and make the process as simple and stress-free as possible.

Trust & Estate Tax FAQ

If you're managing the details of a trust or estate in Lake Saint Louis, tax regulations can quickly become complex and challenging to navigate. We've compiled a list of some frequently asked questions to help you better understand your situation. If you have a question that isn't addressed in this list, please reach out to our team, and we'll be happy to answer it.

Am I Required to File an Estate Tax Return (Form 706)?

If the decedent is a U.S. resident or citizen and their gross estate is valued at more than the filing threshold for the year of their death, you must file Form 706. Additionally, if the estate chooses to transfer any deceased spousal unused exclusion (DSUE) amount to the surviving spouse, an estate tax return must be filed. The estates of some nonresidents may also be subject to this requirement if the decedent had assets located in the U.S.

Depending on applicable state laws and how your half-interest is held, you are likely required to include half the asset's value in your gross estate. Several additional factors may complicate this situation, so it's essential to have your status reviewed by one of our Lake Saint Louis estate and trust tax experts.

We understand how emotionally draining and time-consuming it can be to review the affairs of a loved one. Your estate's representative can request a six-month extension from the due date of the return to complete the preparation process. It's important to remember that interest continues to accrue on any amounts owed by the original due date.

A complex or simple trust can typically claim deductions for trustee fees, tax return preparer fees, state tax paid, and income distribution. Only the portion attributable to taxable income is considered deductible for expenses such as tax return preparation or trustee fees.

Your Reliable Lake Saint Louis Estate & Trust Tax Preparers

From the moment you reach out to JC Herren Co LLC, our team treats you with the utmost respect, compassion, and high-quality services. We guide you through the tax preparation process and help you remain compliant with applicable regulations, ensuring the assets of your loved ones are protected and passed down correctly. Get in touch with our team today to learn more about our Lake Saint Louis estate and trust tax preparation services!

Call Us: (636) 561-3600 Book a Consultation

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