Trust and Estate Tax

David has spent the bulk of his tax career focusing on the specialty of trust and estate tax compliance. This field of expertise is vast and intensive, requiring years of practice and knowledge. The typical tax CPA does not practice in this field, and David Beck, CPA is a trust and estate tax specialist.

Trust Income Tax

Trusts are treated as separate tax entities and are required to pay income tax on any income generated within the trust every year. The individual responsible for filing the income tax returns is the trustee. As a trust and estate tax CPA, David works with trustees from start to finish, ensuring the proper tax treatment of a trust, identifying the type of trust for tax purposes, and ensuring the completeness and accuracy of the ultimate tax preparation.

David Beck, CPA is highly capable of handling all types of fiduciary income tax, including split-interest trusts, electing small business trusts, qualified subchapter S trusts, and partial grantor trusts.

Estate Tax and Estate Income Tax

As an executor of an estate, your duties may seem overwhelming and difficult to handle. The very idea of a tax return for an estate can be stressful as the area is extremely complex. Our tax office is here to walk you through the process and give you peace of mind. Let David handle all aspects of the tax compliance process.

Some estates are required to file a tax return that lists all the assets held by the individual at date of death. These assets include bank accounts, stocks, real estate, IRAs, pensions, annuities and the like. This is an estate tax return or Form 706 – Estate and Generation-Skipping Transfer Tax Return. This type of return is extremely complex.

Some estates may also need to file a tax return that reports the income earned from the date of death. This is called an estate income tax return or Form 1041 – Income Tax Return for Estates and Trusts.

Let a trust and estate tax specialist help evaluate your unique situation to determine which filings are needed. All estates must also prepare the final individual income tax return which reports the income earned from January 1st until the date of death. It can be challenging to know exactly how to handle certain types of income on the final 1040.

Gift Tax

Though it is a very niche practice, the art of the gift tax return is very important for high net worth families. Properly reporting gifts to family and friends is essential, especially when an estate tax return filing is inevitable. David has years of special training in this field and will ensure the proper reporting of all gifts made to individuals and trusts.

Our Services include:

Estate Planning

  • design and implementation of estate plans
  • review of existing wills and trust agreements
  • advising on the tax implications of sophisticated estate planning strategies

Tax Consultation

  • estate, gift and generation-skipping transfer tax issues
  • complex fiduciary income tax issues
  • charitable planning strategies

Estate Administration

  • preparation of Federal and State estate tax returns for U.S. domiciliaries and nonresident aliens
  • preparation of decedent’s final income tax returns and estate’s fiduciary income tax returns
  • post-mortem tax planning

Tax Return Preparation

  • federal and state gift tax returns
  • federal and state fiduciary income tax returns for domestic trusts
  • foreign nongrantor trusts
  • informational filings related to the funding of and distributions from foreign trusts
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ny trust and estate tax

David was such a fantastic find. SO knowledgable and responded to all my many questions patiently. Great communication throughout the entire process

Kimmy V.Thumbtack Review