Estates & Trusts

The importance of estate tax planning is often overlooked.

a smiling woman carrying her child on the beach

Estates & Trusts

The importance of estate tax planning is often overlooked.

Estates & Trusts

A personal tax return tells a lot, and your story is woven into the numbers on your Form 1040 tax return.

We’re here to gather the details with accuracy and ease when it comes time to file your annual tax return – no matter your situation or life story. Working with our team to handle your personal taxes means you have a partner to understand the tax impact of life’s major events. From changing your marital status, welcoming children, employment changes, considering retirement, rentals, side-gig income streams – a lot affects your tax position, and we’re here to guide the way. Our paperless system and secure client portal allows us to confidentially correspond and share information regardless of where you are located.

Full Service Planning

At ITS, our highly trained professionals are ready to help you with the difficult decisions of what to do with your assets now and after you’ve passed on from this life. Estate planning is not just having a will or a trust. It’s having the appropriate tools in place to facilitate the transfer of your assets to the intended recipients with the least amount of difficulty, while assuring your wishes are carried out as intended.

The tax laws for estates and trusts are constantly changing, and we specializing in navigating these rough waters. If you are over the estate exclusion limits (don’t worry, we’ll explain what this means!) we’ll work hand-in-hand with your estate attorney.

One of the most important benefits of estate planning is the ability to name your heirs, specify the amount of your estate they will receive and determine the manner and timing of when they receive it. If you do not make any provisions for the distribution of your estate before you die, it could be distributed according the state’s “intestate succession” statutes. In order to minimize estate taxes and have your wishes fulfilled, it is important for everyone, no matter what the estate value is, to plan before their death.

Estate and succession planning is especially important for business owners. Usually a business is a large part of a person’s estate, and it’s important to plan ahead so that the business maintains its maximum value while generating the least amount of tax. With family businesses, succession planning can be especially complicated because of the relationships and emotions involved—and because many families are not comfortable discussing topics such as aging, death, and their financial affairs.

Some Steps We Will Take During the Planning Process

  • Determine the estate tax burden on the estate as it is presently structured.
  • Read the existing wills and trust documents and offer suggestions for changes to minimize taxes and help clients achieve their goals.
  • Work closely with our clients and their professional team of attorneys, insurance, investment advisors, etc.
  • Help establish a value for your business, and review its structure.
  • If appropriate, meet with families to explain the structure and goals.

We’re Here to Help.

Talk with an expert.