Chat with us now!


Trusts and Estates

senior couple accountant meeting at office

A Trust or Estate tax return can be confusing and often unexpected. The last thing many taxpayers are thinking of or expecting when a loved one passes is preparing a Trust tax return. And with so much confusion coupled with the natural grief, it can be overwhelming trying to deal with preparing the information necessary to file the tax return. We can help guide you through the process, explaining what is needed to prepare your Trust or Estate tax return properly.

Planning allocations between entities and beneficiaries is crucial considering the higher Trust and Estate tax rates.  If you are looking for sound Trust and Estate tax planning and preparation, we are here and ready to help.

Estates and non-grantor trusts must file income tax returns just as individuals do, but with some important differences. For one, their income is taxed at either the entity or beneficiary level depending on whether it is allocated to principal or allocated to distributable income, and whether it is distributed to the beneficiaries. Trusts and estates can be subject to higher tax rates at much lower levels of income. With the recent Medicare tax on investment income on the highest tax brackets, estates and trusts pay still more taxes on incomes over $11,200, as opposed to $200,000 or $250,000 for individuals. So, in most cases, it is best to allocate income to the beneficiaries when possible.

San Diego Tax Professionals has the expertise in handling tax and accounting issues that are specific to trusts and estates in the San Diego area.  Every estate plan has different circumstances and goals.  The administration of trusts and estates can be tricky to maneuver.  If you do not know the available elections, distribution requirements, and the filing deadlines you may come across some frustrating or costly issues. We can help to minimize the stress and administrative burdens of the executors and heirs.  We can collaborate with your estate attorneys and financial planners to ensure that the estate plan minimizes tax liabilities and maximizes the benefits to the assigned heirs.

Here are some common Estate & Trust tax planning and preparation questions that we are often asked:  

  • How are professional fees allocated toward income in preparation of a beneficiary’s K-1?

  • What is the filing requirement for a US fiduciary income tax return (Form 1041) for a Trust or Estate?

  • What is the year-end for a US fiduciary income tax return (Form 1041) for a Trust or Estate?

  • What kind of deductions can Trusts and Estates take to reduce their taxable income?

Our skilled tax consulting advisors are here to help you, as a trustee or executor, to make certain that your fiduciary duties specifically related to appropriate Trust and Estate tax planning and preparation are being fulfilled.  Our services include annual reviewing of estate plans to see if there is any need for modification due to change tax rates, tax codes or any family circumstances.  We also can provide analysis on any estate or trust documents to confirm that the trust or estate beneficiaries are maximizing their distributions or inheritance by minimizing the tax consequences.

When looking for a Trust and Estate tax advisor, you can rest assured that San Diego Tax Professionals is your local solution.  We will help with what can otherwise be a confusing and stressful process.  Our goal is to make Estate and Trust tax planning and preparation as smooth as possible, putting your mind as ease.

If you are looking to learn more about our services, call us at  (619) 282-1040, or contact us.

Get in Touch with San Diego Tax Professionals

You can count on us for professional, timely and reliable tax and accounting services. If you’re ready to get started, just fill out this form and we’ll be in touch.

I confirm this is a service inquiry and not an advertising message or solicitation. By clicking “Submit”, I acknowledge and agree to the creation of an account and to the and .
I consent to receive SMS messages

Our Office

6050 Santo Rd Suite 160
San Diego, California 92124