Brenda M. Bianculli, CPA, LLC - Specializing in Estate, Gift and Trust Taxation and Administration

Taxes and Administration

Estate and Gift Taxes

The estate tax is a tax on an individual's assets as of their date of death. Not all individuals are required to file an estate tax return and pay estate taxes. If you live in Massachusetts, you may be required to file an estate tax return if your assets (including the value of certain assets gifted during your lifetime) total $1,000,000 or more. The filing requirement for federal tax purposes is substantially higher.

In general, a gift tax return may be required to be filed by an individual during their lifetime related to gifts of money, real estate, stocks, business interests, etc. valued at over $15,000 per person per year. Even though a gift tax return may be required to be filed, gift taxes will likely not be owed.

Income Taxes

A trust and a deceased person's estate is a separate legal entity for income tax purposes. If you're the trustee, executor or personal representative of someone's trust or estate, you may need to file an income tax return for such trust or estate, as well as a final personal income tax return for the decedent.

Also, the beneficiaries of an estate or trust may be required to report income from such estate or trust on their personal income tax return. Beneficiaries may want to find out if they will be receiving a tax form (Schedule K-1) from the estate or trust before filing their own personal tax returns.

Administration

The administration of an estate or trust involves a substantial amount of work and responsibilities. A fiduciary needs to deal with various legal, financial, tax and family issues. I try to help fiduciaries with some of these duties, responsiblities and issues.

Sometimes, an individual prefers to have a non-family member be the trustee of their trust(s) or the executor/personal representative of their estate. I have accepted the role of fiduciary in certain situations. It is a responsibility I take very seriously and I try to be as transparent as possible so there are minimal questions and concerns regarding my duties.

Contact Us

Call me at (508) 740-6250 with any questions or to schedule an appointment.

Or you may e-mail me at:

brenda@brendacpa.com

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