Trust, Estate, and PA Inheritance Tax Returns

When a significant other or family member passes away, it takes a toll on everyone involved. Although it can seem overwhelming, it is imperative to take the necessary steps to properly set up your estate to make the transition as smooth as possible. Our firm will work alongside your attorney by providing all insight to tax related matters to reduce the possible tax burden on the heirs of the estate. Marion & Associates LLC wants to be your trusted advisor in guiding you through this difficult time.

Trust Income Tax Return

 

During the estate planning process, you and your legal counsel may have decided that it was appropriate to set up a trust. There are many types of trusts (revocable, irrevocable, asset protection, charitable, special needs, spendthrift, tax by-pass, etc.) and each kind serves its own purpose.

Trusts can be set up during your lifetime or created upon your death. We recommend upon the creation of the trust, the trustee or administrator connect with a tax professional. Our staff will help decipher the trust documents, determine if the trust has a filing requirement, and minimize the tax paid by the trust or the beneficiaries.

Trusts can be set up during your lifetime or created upon your death. We recommend upon the creation of the trust, the trustee or administrator connect with a tax professional.

Estate & PA Inheritance Tax Returns

 

When an individual passes away there may be filing obligations with the Internal Revenue Service and the state. The responsibility of making sure all returns are submitted timely and accurately lands on the executor/executrix/administrator of the estate. The decease’s income needs to be separated into two separate categories: income prior to death and income after death. Income earned up to and including the date of death will need to be reported on the decedent’s final 1040 tax return. Income earned after death will be reported on the estate income tax return.

When a PA resident dies, the executor/executrix/administrator of the estate needs to make sure a PA Inheritance Tax Return is filed within 9 months of death. If it is filed within 3 months of death, there is a 5% discount. There are different tax rates depending if the beneficiary is the spouse, lineal decent, or other person. Marion & Associates LLC has the skills and knowledge to complete this filing in a timely manner.

Interested in Trust, Estate, and PA Inheritance Tax Returns?

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