Estate Planning

When planning for the transfer of assets from one generation to another, there are important financial, fiscal and personal consequences that should be taken into consideration. Over the past years, our firm’s expertise has grown in this area. Our estate services include helping clients plan their succession in the most income tax efficient manner, while meeting the needs of the beneficiaries. 

With or without prior planning, after a death we move into a ‘’post-mortem planning” stage. Our firm makes the best use of the existing tax laws to protect the wealth of all parties involved as much as possible.

 

Estate Taxation

When reporting a death, there are many income tax steps involved in the process. The following are the steps that must be taken:

• The final personal income tax return of the deceased must report the final disposal of all their assets.

• A return for rights or things can be filed to report income amounts that the deceased was entitled to receive before the date of death but that have not been received until after the date of death

• The estate trust return reports any income earned from the time of death until the estate is settled. In many cases, this can take a few months or up until a year. However, in some situation the estate may remain functional for several years as the estate is settled.
• The liquidators (executors) of the estate are responsible for the income tax liabilities and the estate of the deceased until a “clearance certificate” is obtained. This is one of the last tax steps involved in the settling of the estate.

Settlements, Procedures, and Advisory

In addition to estate planning, our firm also assists in the Estate settlement procedures required by the liquidators of an estate following a death.

These procedures are required in compliance by the liquidators under their duties pursuant to the terms of the Last Will and Testament, and also by various governmental requirements.

Regardless of the size, all estates must perform procedures relative to the recognition, reporting, and proper distribution of the assets of an estate and the settlement of the estate liabilities.

At Duke CPA Inc, we have the knowledge to work with the liquidators in order to achieve the proper compliance required, as well the ability to work with any notary that may be involved in the Estate.