Estate Tax Planning & Preparation

When a loved one dies, estate tax planning and preparation is the last thing you want to worry about. But if that loved one has a sizeable estate, then careful attention to detail is critical to minimize income and estate taxes and avoid pitfalls.

Simplifying the Estate Process

BeachFleischman PC works with surviving spouses, executors, and estate administrators to simplify the estate tax planning and preparation process, as well as:

  • Minimize income and estate taxes through allocation of income and expenses between the decedent’s final individual tax return (Form 1040), the estate’s income tax return (Form 1041), and the estate return (Form 706).
  • Defer income tax paid by heirs through appropriate timing of distributions from the estate.
  • Reduce income tax on future sales and dispositions of inherited assets by determining the correct cost basis of assets received from the estate.

Can You Protect More of Your Estate Through Portability?

If the deceased spouse’s estate  is under the estate tax exemption amount, a surviving spouse also might benefit from the “portability” election, or Deceased Spouse’s Unused Exclusion Amount (DSUEA). By making the election to claim the DSUEA, the surviving spouse carries over the unused exclusion amount, maximizing the amount of the estate that will be excluded from the estate tax.

However, the portability election is not for everyone. Future growth of assets will not be protected from the estate tax, and the election does not apply to the generation-skipping transfer (GST) tax exemption. Be sure to consult a qualified estate tax professional to determine the best estate planning  techniques for your family’s situation.

Contact Our Estate Tax Planning CPAs

BeachFleischman has provided estate tax planning and preparation for hundreds of estates throughout Phoenix and Tucson, Arizona, as well as nationally and internationally. If you are facing the prospect of an estate tax burden, please fill out the form below and we’ll return your inquiry in a prompt manner.

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