What does it mean to understand the tax and accounting issues associated with trusts and estates? Due to the wide range of trust types, from GRATs to CRUTs, from ILITs to IDGTs, and everything in between, there are a number of issues and reporting requirements to consider.
What happens in the year someone dies without a trust? Is the income reported differently? How does an A-B trust split at the first spouse's death? Does the income tax compliance change?
The Udall CPA Group has the experience needed to "sift through" the details and understand what the trust-maker intended, how the income should be reported to the IRS, and what accounting is necessary for beneficiaries of the trusts or estates. Additionally, we offer assistance with the administration of estates and/or trusts when necessary (including A-B splits).