Minimize taxation and heartache by planning ahead!
Dealing with the aftermath of a personal loss can be daunting. At Saklas & Co., CPAs we are here to assist you in making sure all of the financial details of Estate and Trusts are taken care of.
We all know that property accumulated during one’s lifetime will eventually be transferred at some point in their life, or after their death. Estates and trusts are two of the ways by which individuals can transfer their wealth.
Trusts can also by used by owners of incorporated businesses who want their family to share in the company’s growth without having to hand over control by issuing shares. Family trusts can be great tools for wealth management for individuals with growing, profitable companies.
Estates and trusts have specific requirements and involve applying different concepts than other areas of accounting. Saklas and Company can assist by:
- Minimizing estate taxes using an estate freeze
- Minimizing probate taxes using alter-ego trusts, joint spousal or common-law partner trusts, or other planning techniques
- Mitigating double taxation exposure using post mortem planning
- Assisting executors/executrix or trustees in the administration of estates and trusts
- Preparing financial statements for estates and trusts
- Preparing date of death returns and other optional returns
- Preparing trust income tax and information returns for inter-vivos trusts or testamentary trusts
- Advising on charitable giving including the use of private foundations
This is a very complicated area and should not be undertaken without the assistance of qualified professionals.