Estates
What is an Estate?
An estate is any of the things of value that belong to you, and it can include investments, properties, or more—and it may be handed down in several ways. An estate can refer to several things – whether it’s an individual’s personal property (house, car, etc.), their possessions (jewelry, art, etc.), or their right to control certain assets postmortem – this is considered part of that person’s “estate.”
Here at Outstanding Tax, we’ll work with you to ensure that your estate plan is exactly what you want it to be.
Estates & Trusts
Estate and trust taxes are an essential part of your financial legacy. Effective planning can help you to transfer assets in a way that will preserve them, protect those left behind from unnecessary costs or burdens while also providing security for any loved ones left behind after an individual’s passing away – all without penalties!
Additionally, your estate and trust tax plan can ensure that any wishes you have for the future of your assets will be satisfied. Whether you’re looking to pass on money to a beneficiary after death, build up an allowance over time for a loved one or provide charitable contributions, we can help make the process much less painful and more rewarding.
Estate Management, Simplified.
Effective estate management means more than just transferring property to people who are entitled – it also has a particular set of steps that need to occur for everything you intend on doing, be done. This can be simplified into two parts:
1) Fulfilling tax obligations that may be associated with your estate.
2) Distributing assets, including real property, cash accounts, stocks, fixtures, and personal possessions to the individuals entitled to them.
The process of transferring everything you have is called an “Estate Administration.” Outstanding Tax has been servicing estates through their professional team for over several years now. Whether you’re looking for help with a single asset or multiple assets, we’re highly knowledgeable regarding the assessment of every estate’s unique circumstance – this is what makes us stand out among other firms that offer similar services.
Manage Your Estate in 3 Easy Steps:
1. We start with a comprehensive analysis of your situation.
2. Next, we work with you to create an estate plan that fits your needs and goals.
3. Finally, we ensure all documentation is accurate and tax liabilities are minimized as much as possible.
Protect Your Assets with a Will or Trust
If you’re like many Americans, you may not have a will or trust.
This is why it’s essential to understand all that an estate planner can offer you. The average cost ranges from just over $200 to as high as $2,000, depending on who drafts it and for what purpose. A trust is a legal arrangement that allows a person (known as a trustee) to manage properties or assets in a way that best suits their beneficiary’s needs. Trusts are often used to avoid the probate process by transferring ownership of specific properties before death. Even when designing your estate plan, it’s essential to keep in mind that you have the final say in how your money is distributed, regardless of where you are in life.
Outstanding Tax performs high-quality tax compliance and administration for estates. We have the experience necessary to help you understand your obligations while simultaneously working diligently to ensure your assets are distributed fairly.
We Ensure Your Assets are Protected During Your Lifetime and Beyond
Are you getting married? Having kids? Preparing to buy a vacation home? What if you decide to adopt a baby? In each situation, your assets become more complicated – which can make it difficult to determine who should inherit from your estate.
Whether you’re trying to protect a family inheritance from being lost to probate court or ensure that the trust is managed appropriately according to your wishes, we’ll be there for you. Effective estate management means more than just transferring property to people who are entitled – it also has a particular set of steps that need to occur for everything you intend on doing, be done.
Our professional team performs tax compliance and administration for estates. Our knowledge regarding assessing every estate’s unique circumstance makes us stand out among other firms that offer similar services.
Deciding Who Gets What Before Distribution
A will is not enough because it only covers what happens after you die. Before then, other documents need to be in place, including an Advance Health Care Directive (or living will) and Durable Power of Attorney for financial matters.
If you don’t have these documents, a court-appointed Personal Representative is authorized by law to essentially do all the work for you, which could result in mistakes. It would then be up to those getting assets from your estate to go to court and ask for them back! This whole process is too stressful for most people, and they ultimately decide to handle it independently.
Outstanding Tax is here to help you preserve your assets by assessing your situation and creating a customized plan that fits your needs. From the moment you learn about all your options until your estate plan is set up and executed, we are there for you every step of the way.
Do You Have More Assets than You Can Manage?
Are you tired of dealing with the IRS and having to pay thousands in taxes?
High net worth individuals, families with many properties, and small companies usually find an outside adviser necessary. Having an estate plan can be complex, and it’s essential to choose the right team.
Our tax compliance and administration services for estates will help protect your family and future generations from unnecessary costs and delays resulting from taxes and other liabilities that your family could inherit. We work diligently to ensure all documentation is accurate and that any taxes or charges associated with the transfer of assets are minimized as much as possible.
As the Tax Advisor to Your Trust or Estate, Outstanding Tax Will Provide:
- Tax compliance and administration services for estates
- All aspects of trust document preparation, review, and maintenance
- Federal tax planning for your trust or estate
- Specialized accounting procedures for trusts and estates
- Trust distributions to beneficiaries, including generation-skipping transfers (GST)
Laying the Groundwork for Optimal Planning
To create the best plan possible, we will work with you every step of the way to ensure that all your goals are met. Establishing effective communication channels is essential for guaranteeing that our clients understand their options.
As part of providing superior service, Outstanding Tax’s team will employ strategies designed to help provide you with an optimal solution. Our years of experience have taught us that most people are surprised at how much work goes into managing an estate, so we want to help you understand the entire process – from distribution to estate settlement and beyond.
Estate Management Made Easy
An estate plan is a set of documents that contains your wishes and directions for the distribution of your assets. It also has a particular set of steps that need to occur for everything you intend on doing, be done.
A will is not enough because it only covers what happens after you die. Before then, other documents need to be in place, including an Advance Health Care Directive (or living will) and Durable Power of Attorney for financial matters. If you don’t have these documents, a court-appointed Personal Representative is authorized by law to essentially do all the work for you, which could result in mistakes.
This whole process often is too stressful for most people, and they ultimately decide to handle it independently. You must have an estate plan if you have a lot of assets, are tired of dealing with the IRS and having to pay thousands in taxes, or simply want to protect your family’s future. An outstanding team is necessary for protecting your family and ensuring that any taxes or charges associated with transferring assets are minimized as much as possible.
Accurate Documentation
Risk Management
You can Rely on Our Expertise
Estate planning can be complicated, but our years of experience have taught us that most people are surprised at how much work goes into managing an estate. That’s why we want to help you understand the entire process – from distribution to estate settlement and beyond. When you rely on Outstanding Tax, you can also rely on: