Core services
Specialist services
Accounting services
Core service
Protecting your legacy and transferring wealth smoothly to your beneficiaries takes a deep understanding of estate and trust taxation. Our tax professionals specialize in trust taxation, with strategies that minimize your tax liabilities and maximize the assets passed on to your loved ones.
What we do
We offer a full spectrum of trust taxation services to protect your wealth and transfer your assets smoothly to your beneficiaries. We work closely with you on a strategy that fits your financial goals and minimizes your tax liabilities.
We guide you through creating and structuring your trust around your objectives and the best tax treatment for your situation, so it is designed for tax efficiency and protects your assets.
We prepare and file your trust income tax returns (Form 1041) accurately and on time, in compliance with all tax laws and regulations. We stay current with the tax codes to minimize your trust’s tax liabilities.
We explain the tax implications and reporting requirements of grantor trusts, and develop strategies to optimize your grantor trust’s tax position and ensure proper reporting.
We build strategies for irrevocable trusts that maximize the tax benefits while preserving your trust’s purpose, keeping you compliant.
We integrate trust planning with your overall estate tax strategy, finding opportunities to minimize estate taxes and maximize the wealth transferred to your beneficiaries.
We keep accurate trust records and report to beneficiaries on time, so the management of your trust assets stays transparent and accountable.
Benefits
Proper trust taxation planning protects your wealth, minimizes tax liabilities and secures a lasting legacy for your beneficiaries.
We structure your trust and apply tax-efficient techniques to minimize tax for both the trust and its beneficiaries, so more of your wealth stays in your trust and in your beneficiaries’ hands.
Through careful planning and proactive management, we ensure your trust assets are preserved and continue to grow. We identify and mitigate tax pitfalls so your trust keeps its value and supports your beneficiaries for generations to come.
We stay up to date with the latest developments so your trust remains fully compliant. We handle all the filings, reporting and documentation to shield your trust from legal and financial consequences.
Our goal is to maximize the wealth transferred to your beneficiaries. Effective trust tax planning limits the erosion of your assets by taxes, so more of your wealth reaches your loved ones as you intended.
Why us
Our approach to trust taxation rests on five core values that guide every aspect of our work.
Martin & Associates Professional Corporation is rated 5 stars on all major review platforms, including Google, Yelp, Facebook, Angie's List, the Better Business Bureau, TaxBuzz, Thumbtack, Upwork, and Bark.
Speak to a Martin & Associates specialistFAQs
Estate trust taxation is the set of tax rules that govern how estates and trusts are taxed. It covers income tax on trust earnings, estate tax on the transfer of wealth and gift tax on transfers made during life. Understanding and planning for these is crucial to preserving wealth and transferring it efficiently to beneficiaries.
Trusts pay federal income tax on their earnings, typically at higher rates than individual taxpayers. The trust must file Form 1041 every year, and distributions to beneficiaries may be taxable to them. The exact treatment depends on whether the trust is revocable or irrevocable, and whether it is a grantor trust.
Generally, yes, to the extent they represent trust income. The trust gives beneficiaries Schedule K-1 forms showing their share of trust income, which they report on their personal tax returns. Distributions of trust principal are typically not taxable.
Revocable trusts are typically grantor trusts, meaning the grantor is taxed on all trust income during their lifetime. Irrevocable trusts are separate taxable entities that pay their own taxes. They can provide significant tax benefits but need careful planning to comply with complex tax rules.
Strategies include proper trust structuring, strategic timing of distributions, charitable giving and using available exemptions and deductions. We can help you build a plan for your situation.
Inheritance received by a trust is generally not subject to federal income tax, but the trust’s later earnings on those assets are taxable. State inheritance taxes may apply depending on your jurisdiction. How distributions to beneficiaries are taxed depends on the type of income distributed.
Core service
After years of serving clients in some of the largest metropolitan areas, our practice has the expertise to navigate your specific regulatory environment and achieve the outcome you want on your return, with professional integrity.
Specialist service
Selling securities, real estate or cryptocurrency? We help you reduce the tax on your gains and keep more of your returns.
Core service
Want to reduce your international tax obligations while staying compliant in multiple jurisdictions? Our CPAs work with professionals and businesses around the world.
Core service
Our award-winning audit representation and tax controversy practice has a 98% success rate on its first response to the CRA.
Let us handle your accounting and taxes so you can focus on what you do best.