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Income Tax > Estates

Estates of individuals pay taxes on the value of their assets when
the assets exceed certain values. Currently an estate pays tax on
the value of assets that exceeds $2,000,000.

Estate taxes are based on the value of assets owned by a decedent
at the decedent’s date of death.

If the estate earns income during the period of its administration, an income tax is imposed on the estate or its beneficiaries. This tax is calculated on a trust tax return.

We are experienced in preparing estate tax returns and all the schedules related to the returns.

There are many opportunities to reduce estate taxes based upon how the personal representative of the estate elects to treat certain assets, income earned, and expenses incurred by the estate. We are skilled at analyzing these options and making the correct decisions to reduce estate taxes to their absolute minimum amounts.

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