For over 40 years, Piccerelli, Gilstein & Company, LLP has been committed to providing a depth of high-quality services and to being responsive to the evolving needs and feedback of its clients. In keeping with this tradition, we are excited to announce a new service assisting executors and trustees in meeting their fiduciary obligations in administering estates and trusts.
We recognize that our clients are unaware of the enormous responsibility they assume when they agree to be executors and trustees. The executor/trustee also takes on a fiduciary capacity for the beneficiaries of the estate or trust. Each fiduciary has the obligation to safeguard and administer the assets in a way that will carry out the will’s and trust’s purposes. Throughout their service, each executor/trustee faces a wide range of decision making and administration challenges.
They are unfamiliar with the duties to be performed. Many work with estate planning attorneys and may not need our assistance while others may struggle to meet the demands of the executor or trustee role.
Because of the enormous responsibility and potential personal liability for the consequences of any decisions made or actions taken on behalf of the estate/trust, executors/trustees will often rely on professionals such as accountants, attorneys, investment advisors, business managers, or property managers, etc. to help them carry out the purposes of the will or trust.
Our firm’s Estate and Trust practice is comprised of professionals with extensive backgrounds and experience in estate and fiduciary taxation. Our full complement of fiduciary administration services includes income tax preparation. Some of the related services we offer include:
- Tax planning for trusts, estates and beneficiaries.
- Assistance with estate administration. Creating an accurate list of the decedent’s assets and paying outstanding obligations. Guidance throughout estate administration concluding with the ultimate distributions of the decedent’s residual assets according to the terms of the will.
- Assistance with funding trusts created under the will of a decedent or under trusts created during lifetime or upon the death of the grantor in accordance with will/trust provisions.
- Assistance with creating new accounts and for applying for identification numbers for newly created entities.
- Assistance with calculating the required distributions.
- Analysis of the tax savings and determining the tax impact to the trust and to the various classes of beneficiaries when making discretionary distributions.
- Representation of the executor/trustee in the resolution of tax controversies before the Internal Revenue Service.
From the sophisticated estate to the basic family trust, we take a proactive organized approach in creating an integrated planning strategy tailored to our clients’ personal goals and objectives.
We welcome the opportunity to work with you and your client for their Estate and Trust needs. Please contact us at 401-831-0200 if you would like to discuss how these services can assist you with meeting your clients’ responsibilities.