Personal Services

Estate Tax Planning

Heemer, Klein & Company PLLC’s tax professionals are extremely knowledgeable in the field of estate and trust planning.

Personal Services

Estate Tax Planning

Heemer, Klein & Company PLLC’s tax professionals are extremely knowledgeable in the field of estate and trust planning.

Estate and Tax Planning Services

Well-designed estate and trust planning is the key to ensuring financial security for loved ones and maintaining a smooth succession of ownership within a business. The experts at Heemer, Klein & Company PLLC have the expertise to help you navigate the complex, ever-shifting tax laws governing transfers of assets so that you can minimize the tax liability of your beneficiaries.

To avoid complications and to ensure that your wishes are followed, having a carefully arranged plan to disburse your assets is essential. The last thing you want is for your loved ones or your business associates to be left with ambiguous instructions that open the door to disagreements.

Planning Ahead

Given the many factors, such as state taxes, probate, appraisals, life insurance, IRAs, 401 Ks, and many more details, estate tax planning and preparation can prove difficult and expensive.

Our talented staff at Heemer Klein has the expertise to handle your estate tax planning at an appropriate professional level. Remember that there is no better time to plan your estate than now since you don’t want to leave your family unprepared. If you start an estate plan now, the details aren’t locked in for life—you can change them at any time. If you have an estate planning attorney, we would be happy to work with them. If not, we can refer you to an attorney if and when any documents are required.

Estate Planning FAQs

Estate planning is simply the process of planning ahead of time to legally dictate who will receive your belongings after you pass. An advanced Estate Plan will also include:

  • Appointing someone to make medical decisions on your behalf
  • Naming a caretaker for minor children

Your estate includes everything you own, like real estate, bank accounts, investments, life insurance policies, and personal possessions such as artwork, automobiles, and jewelry.

Estate planning is important for everyone, not just the wealthy.

Estate planning is an ongoing endeavor that will need to be revised and reorganized as your financial situations change over time, generally every 5 years at a minimum to be safe.

Estate and Trust Tax Filing Requirements

Final 1040 concerns the income of the deceased through the date of death (January 1, through the date of death only!) A final 1040 may be due in the year of death. However, it is important that the only income reported is through the date of death. All income earned after the date of death is reported on a federal estate or trust tax return Form 1041.

Federal Estate Tax or Trust Income Tax returns (IRS Form 1041) will also be due by April 15th of the year following a death (or 4 months after the 12 months following the date of death for an estate), given that a trust or estate receives more than $600 in annual gross income. Examples of income that a trust or estate could receive are rents, investment dividends and capital gains, and interest income from savings accounts or bonds. You will use an IRS Form 1041 for this return.

The estate or trust is a separate taxpayer from the decedent and must receive its own tax identification number before filing the return.

Customized Solutions For You

Accounting and Tax Services

Our talented staff is always on the lookout to protect your assets from unnecessary risks. Our goal is for our clients to ethically minimize their tax liability.  With a tax professional on your side, accomplishing these goals is simple. Generic software programs, while convenient, are risky since they work in a one-size-fits-all way.  The tax professionals at Heemer Klein offer the following advice to tax filers: Don’t risk it.  Consider the money you can save with the expertise of a knowledgeable accountant.