Farr Law Firm Now Filing Tax Returns for Our Clients
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Q. My sister and her husband set up an irrevocable asset protection trust with your firm as part of their estate planning. She was trying to explain this type of trust to me, but I still don’t understand, so I signed up for one of your upcoming seminars. She is a very prepared
person and since we are getting close to tax time, she is also trying to figure out how the trust’s income is taxed if someone passes away, what forms are used to file, and where someone might go to file them? When she mentioned income tax returns for irrevocable grantor trusts, including the grantor trust statement/letter to her friend who is an accountant, she found that her accountant doesn’t deal with these types of trust tax returns, and so far she has called around and found it impossible
to find an accountant willing to take her on as a new client right at the beginning of tax season. Does your firm by any chance provide any of these tax preparation services? Thanks for your help!
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Critter Corner: Farr Law Firm Now Filing Estate Tax Returns and Gift Tax Returns — What You Need to Know
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Dear Oakley,
My father died last year at the age of 95, and my mother is still alive, but she’s in an assisted living facility suffering from pretty significant memory loss. I’m wondering if you can tell me whether I need to file an IRS Form 706 Estate Tax Return, and if your firm helps with preparing and filing this return if it is necessary.
Also, my spouse and I set up an irrevocable Living Trust Plus Asset Protection Trust with your firm last year, and we of course have transferred our house and our brokerage account into the trust, but we haven’t filed a 709 Gift Tax Return. Do we need to? And if we do need to, can your firm do this for us?
Thanks for your help!
Taks Tyme
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