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CHARTERED PROFESSIONAL ACCOUNTANTS
TRUST TAX
Family Trust Tax Returns
A family trust is a proven strategy of passing wealth from one generation to the next.
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If held within a trust, assets that are “passed over” to the younger generation do not go through probate when the individual passes away. However, it does automatically get passed on to the beneficiaries of the will, which in turn, becomes a matter of public record. This process of “passing over” assets will lower probate fees and increase the privacy of your financial affairs.
Developing a plan for your family or trust is important for protecting everyone.
Family trusts can be a sensitive issue for a family. Despite this, it is vital to have a family plan and trust clearly laid out to avoid potential issues. Many business owners and their families have benefited from implementing this strategy. Let us demonstrate how a Family Trust works in your favor and how it may benefit your family.
Estate Planning
Estate/Succession Planning Services
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A well-thought out Estate plan ensures that your family and/or business is cared for once you pass away.
Dealing with the affairs of an Estate can often be stressful and emotional for those left in charge of the Estate (also known as A Will). Structuring your affairs in advance provides all parties involved with peace-of-mind knowing that the Estate will be dealt with as smoothly as possible.
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Many business owners are unaware that having two (2) Wills is often advisable. A separate Will should be in place, specifically dealing with the affairs and succession planning of the business. This will help to separate personal and business assets. Having a Trust set up will provide years of consistency, help manage expectations of beneficiaries and help to make your intentions about your assets clear and concise.
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Let MBS Plus build the right Estate plan to protect your family and business. Let us help you get your Estate plan in order.
Estates Tax Returns
Succession Planning should not be overlooked.
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When a person passes away, the legal representative (executor) must file a final income tax return. The estate demonstrates everything a person owns when they pass (i.e. property, debts, etc.). An estate tax return is different from a family or other Trust return as the underlying result is a person leaving assets upon passing away.
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Once deceased, a testamentary trust is created and is afforded graduated tax rates, similar to personal managerial tax rates, for its first three (3) tax years and is often referred to as a “Graduated Rate Estate.” In many cases, an Estate tax return may not be required as the Estate’s affairs are wrapped up with other “optional” returns. In circumstances where an “optional” estate will not suffice; the Estate’s tax year usually encompasses the period from the day after passing away until the anniversary of date of death. If the Estate is not wrapped up within its first tax year, it will continue to have the same tax year.
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Let MBS Plus help you through a difficult time and ensure that the Estate, and Testamentary Trust, is properly positioned to minimize the tax and probate fees that may apply.