TRUSTS + ESTATES + GIFTSWe can assist you with the formation and tax filing for all types of trusts, estates and gifts
With offices located in The Woodlands / Spring Texas, Ramdas Accounting can assist you with the formation and tax filing for all types of trusts. If you gave a taxable gift during the year we will help you account for it and calculate your lifetime exclusion. In the event that you need to file a final tax return for an individual we are here to help file the necessary returns for the estate.
At Ramdas Accounting, our experienced professional staff is ready to help you with the difficult choices you need to make about what will happen to your assets now, and after you’ve passed away. Having a will or trust is not everything estate planning is about; we aim to help make sure you have the appropriate tools in place to enable the transfer of your assets to your loved ones with as little difficulty, tax, and time as possible. Although some of us might want to avoid the issue, or think you’re too young to need an estate planned, there is little more rewarding than knowing your family is taken care of and in good hands. Even if you have an estate plan ready, with all of the changes in estate tax codes over the past few years and more being predicted, we recommend a review of your plan to make sure you’re covered.
Each Estate plan must be personalized to the individual with your own goals. We will sit down with you and work step by step through the processes to make sure your plan meets your expectations. We offer estate tax return preparation at both the federal and state level. We will also contribute our tax expertise to your planning team and work with your lawyers and financial planners to make sure your plan is everything you want. Our staff will work with your attorney to analyze your will, retirement plan, insurance policies, business succession plans and more to minimize your estate taxes and maximize what goes to your beneficiaries. It is also vitally important when taking care of estate tax returns, that we coordinate what goes on all related tax returns to the decedent and beneficiaries to achieve the best tax results and avoid conflict.
There are many different types of trusts, and just as many reasons for creating them. A trust can be formed during an individual’s life and survive their death or can be created from a will after death. Once assets are allocated to a trust, they belong to the trust, not the trustee, and remain subject to the instructions and rules of the trust contract. At Ramdas Accounting we can assist you with the formation and tax filing for all types of trusts. Our clients have a variety of trusts and we are experienced in:
- Revocable Trusts
- Irrevocable Trusts
- Asset Protection Trusts
- Discretionary Trusts
- Charitable Trusts
- Special Needs Trusts
- Spendthrift Trusts
- Constructive Trusts
- Tax By-Pass Trusts
It may sound confusing, but that’s why we’re here to help you decide what’s best for you and make it happen. We will help you form and maintain any trust you need. The government requires you file a federal tax Form 1041 for your trust yearly to report income and losses of the estate of the trust. Because of this, it becomes imperative that you hire a CPA you trust to keep your trust afloat and minimize any taxes it may generate. With our experience, Ramdas Accounting is the firm to start your trust today.
Many times, taxpayers think that gifts they give to others are tax deductible and the recipient will pay income taxes on the received gift. Unfortunately, this is opposite of the truth! A gift tax return Form 709 must be filed if you gift over the annual exclusion of $14,000 (2017) per recipient. Directly paid educational and medical expenses are excluded, and married individuals can combine their gift for up to $28,000 a year, but to do this must file a gift tax return. Gift taxes are calculated by determining the tax on all gifts over the yearly exclusion amount and adding it to the taxes over the gift limit from previous years. This is then added to an individual’s lifetime exclusion amount. Once this sum exceeds the lifetime exclusion, you may owe gift taxes.
If you gave a taxable gift during the year we will help you account for it and calculate your lifetime exclusion.
Need help with your Taxes? Contact us today.
The Woodlands Office
1790 Hughes Landing Boulevard, Suite 400
The Woodlands, TX 77380
U.S. Income Tax Return for Estates and Trusts
U.S. Gift (and Generation-Skipping Transfer) Tax Return