RSSM Industry Service Groups
Fiduciary Services Group
RSSM’s Fiduciary Services Group offers a wide range of fiduciary services. We assist and guide fiduciaries as they perform their duties and fulfill their obligations. In appropriate circumstances, we can also serve as trustee, and/or executor for you and your family. We will provide your family with protection and security by helping you plan for the future with incapacity protection, probate avoidance, planning for minor children, distribution planning and estate tax planning. Our team approach allows us to provide you with the most basic protection and our experience enables us to assist you with the most complex arrangements, including charitable giving and sophisticated estate tax strategies.
- Render advice and work with the client’s advisors to institute strategies to retain family wealth and distribute it at the least tax cost.
- Work with the client’s attorneys concerning the tax effects of clauses in wills and trust agreements.
- Review opportunities and issues in lifetime planning and post-mortem administration including the use of charitable remainder trusts and other lifetime planning vehicles.
Intervivos and Postmortem Fiduciary Services
- Prepare formal and informal accountings for trustees, executors, conservators, and/or guardians using a software system that has been approved by a majority of states including New York.
- Prepare complex computations such as the Warms and Holloway adjustments for use in fiduciary accountings.
- Based upon our review of the will or trust agreement we will prepare all special calculations required by the document including formula pecuniary bequests, charitable deductions, marital deduction and compute the amount of any interim or annual distributions as provided by the terms of the will or trust agreement.
- Compute all commissions that are due and payable to the executor or trustee.
- Represent the fiduciary if the tax return is selected for audit by a taxing authority.
- Review the decedent’s will to become familiar with the requirements for proper devolution of the estate.
- Value assets including investments in publicly traded securities as well as interests in closely held companies including the applications of appropriate discounts for minority holdings and lack of marketability.
- Preparation of federal and state estate and inheritance tax returns.
- Compute complicated transactions such as the inter-related marital and charitable deductions.
- Provide for all allowable credits in determining the net estate tax payable.
- Represent the executor if the tax return is selected for audit by a taxing authority.
- Prepare all annual gift tax returns including the generation skipping tax.
- Compute the net taxable gifts made pursuant to the establishment of a GRAT, GRUT, CRUT, CRAT, and QPRT.
- Provide necessary valuations for closely held business interests that may be part of the gifted property.
- Represent the client and defend the contents of the gift tax return if it is selected for audit by a taxing authority.
- Prepare the decedent’s final income tax return.
- Monitor the income and expenses of the estate to select the appropriate initial fiscal year.
- Participate in post-mortem tax planning to obtain the lowest tax while retaining the maximum principal and income.
- Prepare all necessary income tax elections including the IRC Section 754 election resulting from the decedent’s death.
- Prepare the federal, state and local fiduciary income tax returns.
- Represent the executor if the final individual income tax return or the fiduciary income tax return is selected for audit by any taxing authority.
For information contact:
Charles L. Friedman, JD
Alan M. Willinger