During the course of our lives it sometimes becomes necessary to create Trusts for special purposes such as Gift Trusts for children, Trusts to protect assets, Trusts to provide for special needs, etc. In addition, upon death, the decedents wishes need to be carried out and this is normally accomplished through a Living Trust or a Will. In the case of a Will, it must be probated and thus becomes subject to the court system. Often, upon completion of the probate period or the termination of the Living Trust, additional Trusts are created which will continue to carryout the wishes of those involved.
Navigating the Legal Requirements
All of these instruments require specific, formalized accounting presentations that may well be subject to court approval and, therefore, must meet the requirements of California’s Probate Code as to form and format.
Delucchi Hawn & Company works closely with the attorneys involved and has full capabilities of producing the required financial reports with the content, form and format meeting all necessary legal requirements. We have extensive experience in this field and fulfill the timely preparation and presentation of all documentation.
Along with the above referenced documents, it is necessary that most estates file an estate tax return. Not all attorneys prepare this form. Delucchi, Hawn and Company has extensive experience in this preparation as well as full knowledge regarding the necessary attachments required to accompany this form. In addition, if gift tax returns are required, we facilitate preparation of the necessary accompanying documentation.
As far as Trusts are concerned, these are usually ongoing entities and, as such, require yearly formalized financial reporting as well as the preparation of certain tax returns. Delucchi, Hawn & Company has extensive experience in the preparation of these Fiduciary Returns and financial reports and we are fully knowledgeable about the various elections available which will result in the minimum amount of taxation.
As you can see, Estate and Trust Compliance is a very complex area during life and death.
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