Estate Planning & Trust Services

With our comprehensive Trust Administrative Service program, we help successor trustees navigate the complex maze of legalities and paperwork required to properly execute a trust and honor the wishes of the grantor. Our professionally trained experts will use the utmost care when contacting and communicating with beneficiaries, including charitable organizations. Thompson CPA will help you marshal the assets, manage the trust’s accounting, prepare the estate’s taxes, and assist in determining its distributions.

You can be assured that we’ll leave no stone unturned by performing a thorough review of previous tax returns, broker statements, bank statements, and estate planning documents. Our accounting reports are prepared in accordance with Generally Accepted Accounting Principles and the requirements of the Probate code. You can rely on us to guide you through this difficult transition with professionalism and compassion.

Governing a Family Trust

When you’ve just experienced the grief of losing a loved one, there are so many logistics to take care of – notifying family and friends, planning the funeral, and making arrangements with the mortuary. Yet as the Successor Trustee, you are legally required to comply with the terms of the Trust in a timely manner. Trust Administration responsibilities begin the day the Trustor passes away. Failure to comply with the terms of the Trust can result in significant personal liability for the Successor Trustee and important tax implications. Thompson CPA eliminates these risks by marshalling assets, determining and arranging beneficiary distributions and reporting, and taking care of the decedent’s final expenses and taxes.

Don’t let your financial plans and legacy be cut short without warning.  Begin planning now.  Don’t wait until its too late.

Did you know?

Marshalling of Assets – The Trustee accounts for all assets (identifying, valuing and accounting) of the Trust.

Beneficiary Reporting – Provide reports to beneficiaries.

Sub-Trusts – A Living Trust can result in beneficiaries of the main trust becoming the trustees of the derived trust requiring the need to provide assets for the sub-trust funding

Estate Tax Return (706) – Depending on the taxability of the estate, this return is required to be filed within nine (9) months of the date of death.

Fiduciary Returns – Trusts are required to prepare and file annual tax returns to account for the income created in the Trust during the administration period.

Decedent’s Final Returns (1040) – The final return must be coordinated with the Fiduciary and estate returns to ensure that appropriate and accurate tax returns are presented.

Successor Financial Planning – A beneficiary may receive substantial gifts creating the need for a Financial Advisor, to help plan for the future of the gift, and/or prepare a life plan.

Custom Estate Planning for Your Unique Situation

We study your portfolio and estate details, liabilities, relationships, and desires to develop the comprehensive plan that is uniquely yours.  We listen first, research, recommend and stand ready to support any actions you need or changes you want to make – now or in the future.

We help with these common goals and challenges

  • Reduce taxes during estate transfer or trust execution
  • Eliminate or minimize probate time and expense
  • Identify everything to avoid arguments later
  • Answer tricky estate law questions
    • Best age for children get an inheritance
    • Leave something for children from a previous marriage or step children
    • Can I block potential creditors from taking from an heir?
    • Can taxes be avoided?
  • Clear, organized, and comprehensive documentation for smooth estate transition includes wills, trusts, policies, medical directives, and power of attorney
  • Transfer the assets of your estate to heirs and other beneficiaries the way you want
    • Leave money to causes, charities, or organizations
    • Living Wills and Trusts
    • Lifetime Family Wealth Transfers
    • Family partnerships
    • Business partners
  • Provide funds to cover taxes and expenses to complete transition
  • Arrange for managers of your estate if you are no longer capable
  • Strategy and documents to maintain your estate when you can’t
  • Amend and update plans and documents as you want

Don’t Wait Until You Can’t

Most of us know stories or have first hand what it is like when someone passes without leaving a will or properly organized estate plans.  Did he or she really want to leave a treasured asset, jewel, home or bank account to a specific family member?  Will the State take control of the assets?  How many years will it drag out in probate court?

Often people wait until they reach retirement age or after their kids are well along before planning for estates or trust and transition.  But accidents can happen at any time and life can be cut short without warning.  Begin planning now. Don’t wait until its too late.