One of Elisa's favorite areas of her Tax & Accounting practice is Trusts & Estates.  She enjoys helping clients through the trust and estate process to make it easier on the trustee, personal representative and family members.  Many times this is the first time that most people find themselves appointed as a trustee or personal representative and they are not sure where to start.

Fiduciary Income Tax Return (Form 1041)

Form 1041 is the income tax return for an Estate or Trust.  After your loved one has passed the Form 1041 reports the income and expenses for an Trust or Estate until the Trust or Estate Administration is completed.

Final Individual Income Tax Return (Form 1040)

The final tax return of a loved one can be complex.  Depending on when you lost your loved one some of the income and expenses will be on the final Individual Tax Return or the Fiduciary Income Tax Return. Many times loved ones may not have been filing taxes and it is necessary to file prior year, past due Individual Tax Returns.  Elisa has experience in working with IRS and State Tax Authorities to determine what needs to be filed.

Gift Taxes (Form 709)

Taxation of gifts is one of the most misunderstood and overlooked areas of tax laws.  Elisa can help to determine the taxable consequences of your gifts, in minimizing gift taxes and ensuring compliance with tax law.

Estate Tax Return (Form 706)

Form 706 differs from the 1041 in that it is an ad valorem, or value based tax.  This is the so-called "death tax" levied on the value of a decedents estate.  The issues associated with estate tax returns are complex.  Many times it is a challenge to decide if a Form 706 is even necessary to file. Elisa can help with this determination and if needed prepare the estate tax return.