We can assist in evaluating your current estate plan or developing a new plan to accomplish your objectives in a tax efficient manner, balancing both income and estate tax considerations. Important issues to consider involve disposing of any IRAs or qualified retirement plans, the family home, small business interests, and real estate outside the state of residency.
We believe the best customer service is often the result of a team approach and we welcome the opportunity to work with your attorney, financial advisor, and insurance agent to develop a plan that minimizes tax and respects your final wishes.
We prepare fiduciary income tax returns (Form 1041) for estates and trusts including the required electronic filing of the returns.
Due to increased exemption amounts, this form is not as common as in previous decades. Estates with assets exceeding $5.45 million in assets may be subject to filing Form 706 and paying estate tax. Although Idaho does not have a separate estate tax, other states do and the exemptions are often lower than the Federal limit. If you might have a taxable estate, please contact us to determine which estate tax savings strategies could be available to you.
Gift tax planning can be a highly effective tool to distribute funds to family members prior to death and reduce your estate's exposure to estate tax. We provide gift tax planning and also preparation of gift tax Form 709.