"Thank you very much for taking over our tax return preparation! It’s been a very pleasant experience for us and we look forward to more opportunities in our business development with you. "
- Tom and Krystle K. | TestimonialsIt is easy to assume that tax planning is not necessary unless you have a large estate. However, many people underestimate the value of their future assets and with the ever changes in legislation, it is impossible to know what the exemption will be. Asset values which may be transferred free of federal estate tax vary depending upon the estate and gift tax exemption the year in which death occurs. Sacramento Attorney Duncan Law/ Duncan Tax can help you figure out if tax planning is right for you so you can feel secure about future exemptions.
A gift tax is a tax imposed on the transfer of ownership or property. The IRS defines gift tax as a transfer to an individual, either directly or indirectly, where consideration (measured in money or money’s worth) is not received in return.” If you are unsure if you qualify for a gift tax, Sacramento Attorney Duncan Law/ Duncan Tax can help you!
If you are a successor Trustee, it is your responsibility to file the federal estate tax return (IRS Form 706) and any required state tax returns for property situated in another state (California does not currently require a state tax return). If, on the other hand, a probate is required, it is the executor’s responsibility to file such returns. If required, our Sacramento tax firm can prepare any estate tax returns for you. Your cooperation will be essential in providing us with all necessary asset and liability information in order to prepare accurate returns. The estate tax returns, if required, and any tax due, must be filed within nine months following the date of death.
Our Sacramento tax and law departments are qualified to assist with your estate and trust accounting needs. If you would like to meet with one of our professionals, contact Duncan Law/ Duncan Tax to schedule an appointment.
