A comprehensive estate plan ensures your wishes about your property will be honored. By spelling out exactly how your property will be transferred, it gives you peace of mind that your loved ones will be provided for in the years to come. If you own a business, your estate plan should also include any business succession plans.
A trust is a legal entity that holds assets for the benefit of another. You can place almost any kind of asset into a trust, including cash, stocks, bonds, insurance policies, real estate, and artwork
Professional trust planning is a critical component of estate planning. At Integrity 1st Tax Service we work closely with your attorney to provide you with a trust plan that makes sense for you and your family. Integrity 1st Tax Service trust planning professionals and estate trust accountants can also help you evaluate the pros and cons of each type of trust, as well as provide trust tax preparation, tax compliance, and trustee consulting services.
The IRS has outlined important individual tax deadlines in this calendar. We recommend setting up an appointment with us to review any questions you may have.
Individual tax planning can look like these tasks:
- Tax preparation
- Tax planning
- IRS and state controversy representation
- Residency issues
Many types of trusts exist, and each has a specific purpose. The type you choose—as well as how it’s created—will depend on what you’re trying to accomplish. The three basic types of trusts are revocable, irrevocable and testamentary trusts
A few tax amounts will depend on your filing status, income, and age. However, we’ve outlined the base amounts for 2020. We encourage you to reach out with any questions you have about contribution limits.