Estate and trust matters involve the area of the tax code related to death, inheritance, and gifts. An estate is a common law construct created when a person dies, whereby the “estate” conducts business to settle the deceased final affairs. Trusts are legal entities created, often upon death but sometimes earlier, to control assets that will ultimately pass to the heirs. Some estates are long living, often involving authors and artists with longstanding copyrights, and certain trusts may be long lasting if their beneficiary is the community as a whole, like art trusts.
Our area of interests in Estate and Trust is how it relates to maintaining your financial affairs, minimizing taxes to maximize the wealth that passes to your heirs, and how the tax filings are handled for these entities that are separate from a business and from an individual.