Huck Bouma represents clients, both individuals and businesses, in wealth transfer, business succession and charitable planning. These transactions invariably trigger tax filing requirements that often go beyond the scope of services provided by many traditional accounting firms. Our team of professionals includes several attorneys with accounting backgrounds and experience, as well as CPAs, all of whom are well versed in filing tax returns for estates, trusts and lifetime gift reporting.
We have an active practice in the planning for and preparation of gift tax, estate tax and fiduciary income tax returns. Our experience in all areas of lifetime giving, estate administration, charitable deductions and income tax has provided us with extensive skills in the preparation of these tax returns.
We counsel and advise individuals on planning and reporting the use of their lifetime estate and gift tax credit and the generation skipping transfer (GST) tax exemption for the federal gift tax return (Form 709). For many clients with gift or insurance trusts there are annual filing requirements. We also have extensive experience filing federal estate tax returns (Form 706), which is often required during the administration of a trust or estate after death. With the advent of recent tax law changes and the new “portability” rules with respect to the estate and gift tax credit between spouses, it is more important than ever to receive quality legal advice on filing the necessary tax returns after death.
During the administration of an estate or trust, we file annual fiduciary income tax returns (Form 1041) at the federal and state level for our clients. We counsel fiduciaries (Trustees and Executors) on various tax strategies on how best to minimize the annual tax burden on the trust, estate and its beneficiaries.
We work with our clients to help them proactively reduce or eliminate their obligations for any such taxes. We also have successfully assisted clients through IRS audits and examinations. Because of the experience, size and scope of our trust and estate team, we have the resources to provide the advice and services you need in the area of gift, estate and fiduciary taxation. Please call us with your questions.