Taxable Estates - Gardner Estate & Trust CPA was established to help you learn how to properly use the trusts your attorney created. Ronda Gardner, CPA, has over 25 years of experience in accounting and taxation. She started this unique CPA firm specializing in estate and trust accounting and taxation after observing the costly damage that can be done when there is inadequate or inexperienced follow up on estate plans.
Each year thousands of people meet with their attorneys for estate planning which almost always results in the creation of one or more trusts. Proper planning with trusts allows us to reduce or eliminate estate taxes and accomplish many of the things we desire for a smooth transition for our family at the time of a death. Because estate planning is a complex subject, most people come away with a great plan, but a limited understanding of how it works.
That's not because the attorney didn't do a great job, nor because the client was uneducated. It's just the simple truth that we can't learn calculus or estate planning in a day.
Each year thousands of people meet with their attorneys for estate planning which almost always results in the creation of one or more trusts. Proper planning with trusts allows us to reduce or eliminate estate taxes and accomplish many of the things we desire for a smooth transition for our family at the time of a death. Because estate planning is a complex subject, most people come away with a great plan, but a limited understanding of how it works.
That's not because the attorney didn't do a great job, nor because the client was uneducated. It's just the simple truth that we can't learn calculus or estate planning in a day.
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Getting the greatest benefit from your estate plan requires understanding of a different set of tax laws and accounting standards than what most CPA's use from day to day.
This is especially true if you have a taxable estate.
This CPA firm is devoted to understanding and complying with these unique laws and regulations to assist you in implementing your plans and fulfilling your responsibilities.
This is especially true if you have a taxable estate.
This CPA firm is devoted to understanding and complying with these unique laws and regulations to assist you in implementing your plans and fulfilling your responsibilities.
Executors of Estates - As the executor of an estate (or personal representative of a decedent), you are responsible for the disposition of the assets and liabilities of the decedent.
Death and Taxes - The two certain things in life.
Unfortunately, death does not bring the end of taxes.
The legal representative of the decedent is responsible to file all tax returns and pay the taxes due.
If the assets are distributed before the taxes are paid in full, the IRS will assess the taxes directly against the executor.
Death and Taxes - The two certain things in life.
Unfortunately, death does not bring the end of taxes.
The legal representative of the decedent is responsible to file all tax returns and pay the taxes due.
If the assets are distributed before the taxes are paid in full, the IRS will assess the taxes directly against the executor.
Keeping abreast of all the tax law changes for individuals, C-Corps, S-Corps, and partnerships is difficult enough.
Add to that the myriad of payroll tax changes and retirement planning strategies and life as a CPA can become rather overwhelming.
Taxation of trusts and estates is yet another uniquely different set of laws.
Gardner Estate & Trust, CPA can help your clients with their trust and estate issues and free your time to do what you do best.
Let's collaborate in the best interests of our clients.
Add to that the myriad of payroll tax changes and retirement planning strategies and life as a CPA can become rather overwhelming.
Taxation of trusts and estates is yet another uniquely different set of laws.
Gardner Estate & Trust, CPA can help your clients with their trust and estate issues and free your time to do what you do best.
Let's collaborate in the best interests of our clients.
We've all heard the phrase "You can't take it with you."
Then what does happen to it?
Dying without a will or a trust is called dying intestate.
When that happens, the laws of the state and the courts decide what happens.
That's not what most people want.
Some people have a will to allocate their assets according to their final wishes.
While this is helpful, there is more flexibility when combined with a trust.
When you establish a trust, you can appoint someone (the trustee or trustees) to make decisions about your property in accordance with your expressed desires and their best judgment as needed.
Then what does happen to it?
Dying without a will or a trust is called dying intestate.
When that happens, the laws of the state and the courts decide what happens.
That's not what most people want.
Some people have a will to allocate their assets according to their final wishes.
While this is helpful, there is more flexibility when combined with a trust.
When you establish a trust, you can appoint someone (the trustee or trustees) to make decisions about your property in accordance with your expressed desires and their best judgment as needed.
When parents have minor children, they need to plan for the possibility that something could happen which would leave their children as orphans.
If that most unimaginable event happened, who would become the guardian and how would their needs be financed?
Your desires regarding Guardianship can be specified in a will.
A judge needs to approve the plan, but at least there is a plan besides the state default plan.
The financial arrangements can be spelled out in a trust.
If you have insufficient assets to care for your children for as long as they are minors, or until they have sufficient education to care for themselves, life insurance can be a great option.
If that most unimaginable event happened, who would become the guardian and how would their needs be financed?
Your desires regarding Guardianship can be specified in a will.
A judge needs to approve the plan, but at least there is a plan besides the state default plan.
The financial arrangements can be spelled out in a trust.
If you have insufficient assets to care for your children for as long as they are minors, or until they have sufficient education to care for themselves, life insurance can be a great option.
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