Bookkeeping and tax return preparation are of utmost importance for trusts.
The trustee will need to maintain a proper accounting of how assets were distributed in case there was ever a question as to if the intentions of the trust were carried out.
If you are named as the trustee you need to act quickly to make certain the trust is functioning correctly.
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Most people create living trusts to assure that their assets are distributed to their loved ones in a manner of their choosing. Trusts can be complex legal documents.
Once the creator dies, all of the provisions contained in the document must be acted on. It is the trustee’s job to make certain all of the provisions of the trust are carried out.
If you have recently been appointed a trustee for decedent’s trust you must take your new job very seriously. The trustee is simply the person in charge of handling the business of the trust. This may include such things as: distributing money or assets to beneficiaries; managing investments; renting or selling real estate owned by the trust; and any other financial dealing.
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Bookkeeping and tax return preparation are of utmost importance for trusts. The trustee will need to maintain a proper accounting of how assets were distributed in case there was ever a question as to if the intentions of the trust were carried out.
Preparing the annual tax return for the trust is also the responsibility of the trustee. We complete many of these trust tax returns every year. Each one is as unique as the person who created the trust initially. We must thoroughly read the trust document to determine how the trust will be treated from a tax standpoint.
Many trusts continue for many years as a living legacy of the creator. Some trusts distribute their assets quickly and are closed down.
Your trust document helps us understand how best to help you complete your tax return.
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In most instances the trust’s income is distributed to the beneficiaries. This creates a tax liability for the people who receive this income which must be reported on that person’s personal tax return. Income is defined as interest or capital gains earned by the trust. Sometimes beneficiaries receive money or assets which have no tax liability.
When we prepare your trust return we must be certain of the tax implications of all of the accounting income of the trust and how it is distributed.
We will help you through this difficult process. Please send us an email or call us at (619) 260-1955 to arrange a complimentary initial consultation.
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If you are named as the trustee you need to act quickly to make certain the trust is functioning correctly.
These duties may be as simple as making sure real estate and personal assets are secured to managing investment accounts.
You will be held to a conservative standard. Your actions should assure that the trust’s assets are managed as a prudent person would handle their affairs.
Remember: the trust’s assets are not your assets. You are simply the caretaker until the beneficiary exhausts the assets of the trust.
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Get a free consult.
You get you a larger refund when we find the legitimate business deductions that are often overlooked… Unless you like giving your extra money to the government.
Understand your tax return with a tax preparation specialist that will explain the process in a thorough, easy-to-understand way.
If you are not happy with our work and you decide not to file the return we prepared for you, we will not charge you.
With a free consult, you might as well see for yourself. You’ll understand why we have an excellent reputation in San Diego for being friendly, fair and thorough.
I have done my taxes with ABC Tax Service for the second time now. Randy is extremely professional, easy to talk to and seems to understand taxes inside and out. Last year when I worked from home, he went through a bunch of scenarios with me to find out what tax breaks I might qualify for.
Randy is always available to assist with any questions or troubles that may be encountered with the IRS or California Franchise Tax Board. He has resolved matters and concerns we have encountered in the past, without delay.
Randy has done a great job with our return the last couple of years even with complicated filing. I would recommend Randy to anyone and we gladly make the hour drive from San Clemente down to San Diego to have him handle our taxes.
work, save, and plan for retirement.
I am always intimidated when it comes to taxes , especially since I filed late, but I felt at ease and confident in the office here.
Randy was very professional, thoroughly explained my return, and made recommendations as necessary. If we are still in the San Diego area next year, I will be returning to ABC Tax Service.
Randy Ames, owner of ABC Tax Service, San Diego