Trust Tax Preparation Services in Queens
Whether you’re a trustee, beneficiary, or executor of estate, Franklin Income Tax is here to help you stay on track of your trust taxes. For more specific information about how your trust might be taxed, and how you can prepare for it, contact us now at (718) 398-2613.Call Now!
Franklin Income Tax’s Approach to Trust Tax Prep
Over the years, we’ve developed a comprehensive process to streamline trust tax preparation. We provide reliable and professional tax advice on all planning matters related to estate and trust tax. Our advisors are up to date on the changing legislation and policies, so you’ll always be ahead of the curve come tax season. We can help you structure your plan to optimally benefit both trustee and beneficiary.
If you have any questions about the planning and settlement of trust taxes, the specifics of how they are taxed, or if you’d like help figuring out your tax return, contact our tax professionals. Our experienced specialists can handle any type of trust and will help you prepare your return accordingly.
Revocable Trust Taxes
If a trust is revocable, it means that the trust can be changed at any time. If a grantor sets up a revocable trust, and they need to access the assets, they can. They can also close the trust completely if they desire to.
If you have had a revocable trust set up with you as the beneficiary, there are certain conditions attached to it. Your grantor can take assets back or close it whenever they want and is subject to unique taxes.
Our accounting firm has an extensive background handling the financial liability of revocable trusts. We can help you understand your situation and safeguard your wealth.
Irrevocable Trust Taxes
Once a grantor signs the agreement on an irrevocable trust, they can’t access that trust anymore. The trust is no longer their legal property. After a grantor dies and taxes are paid out, revocable trusts turn into irrevocable trusts. It’s possible to set up a situation where a revocable trust can be turned into multiple irrevocable trusts after the grantor dies.
If you’re struggling to manage the tax requirements on an irrevocable trust, contact us today. We’ll assist you in navigating your annual return with thorough, stress-free tax preparation services.
Professional Trust Tax Preparation Advisors
Our tax advisors will guide you and advise you through the complexities of trust tax planning and preparation. Our accountants are experts in the field and have the appropriate training and knowledge to help you with all your financial affairs, no matter how complex.
We understand taxes and will ensure you are in full compliance with current tax rules and regulations. We are your partners. Protecting your assets and finances is our top priority.
Contact Us the Best Trust Fund Tax Preparation in Queens
Trust tax preparation doesn’t have to be complicated. Hire our qualified tax specialists to handle it for you.
Book a personalized consultation with one of our experts today. Drop us a line today!