Trust & Estate Planning

Trust & Estate Planning

Estate Planning

Understanding the nature of your personal assets and how they are taxed during your life and to your Estate after you pass is critical to making a good Estate Plan. Too many clients leave Estate Planning too late and this can cause your Estate to be squandered after your death so less will be available for your beneficiaries. It is essential that your financial affairs and associated documentation are tidily organized. This will enable you and your advisors operate more smoothly and give the information needed to make effective decisions. While we do not draft the legal documents, we can explain how they work and the advantages and disadvantages of Wills and Trusts. We can give you detailed information about the Probate process and help you make various decisions.

Marion Thompson, CPA. The head tax accountant at TTA Tax.

Estate Planning includes a variety of services.

    • Consolidating multiple cash and investment accounts into fewer institutions makes for more effective financial planning and easier review of your personal situation
    • Using beneficiary designations carefully will ensure that your assets are smoothly and effectively transferred to your heirs with a minimum of taxation
    • Carefully drafted Wills, Powers of Attorney and Trusts ensure there a fewer arguments among beneficiaries and angst when instructions are implemented
    • Be specific in your Estate documents. Don’t refer to ‘my children’, but list them. Avoid mentioning large sums to be given to legatees. If there were large expenses in later years, there may not be enough assets. Refer to the amounts by using percentages or shares.
    • Choosing Personal Representatives and Trustees who are intelligent, articulate and organized will help to preserve more assets for the beneficiaries or remaindermen.
    • Be sure your assets are not all in accounts with a beneficiary designation and otherwise illiquid (eg. Real Estate). If you do the Estate will have little to no assets to use for required activities and expenses.
    • Reviewing your Estate plan annually to see if any changes need to be made, say for the death of a family member or new additions to the family.

Trust & Estate Tax Services

We offer fiduciary tax services, estate tax returns, and gift tax returns. Our clients are located
in Gaithersburg, Rockville, Clarksburg, and located around the country and overseas.

Trust & Estate Tax Services

We offer fiduciary tax services, estate tax returns, and gift tax returns. Our clients are located in Gaithersburg, Rockville, Clarksburg, and located around the country and overseas.

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