Estate Accounting & Tax Services
We are the tax professionals of choice for Estate Administration
While working together with families through a difficult and emotional time, we assist in opening up an Estate and handling all the necessary documentation for filing tax returns. Often times, families try to do this on their own, but are not familiar with how to deal with Estate matters after a loss of loved one. We offer guidance, direction and a sense of security to help families get through this difficult time with ease, with or without a Will.
Estate Administration: Estate Tax
We work together with family members, executors, heirs, beneficiaries, fiduciaries and attorneys to ensure your estate or trust is aligned to current tax procedures. At Lodovico & Associates, we create strategies and workable tax solutions that will help minimize your estate tax liability.
Estate Administration: Estate Accounting & Tax Services
At the initial consultation, we will discuss your situation and assess your needs. We may assist in obtaining and gathering important information and documents to be reviewed by us, including, but not limited to:
- Official Death Certificate
- Letters Testamentary
- Grant of Letter of Administration
- Short Certificate
- Last Will and Testament
- Revocable or Irrevocable Trust(s)
- Federal and State Income Tax Returns for the past three years
- Assets or Inventory List
- Probate and Non-Probate Assets
- Bank Accounts
- Estate Bank Accounts
- Real Estate and Deed Information
- Liabilities of the Estate
- Gifting
- Capital Gains
Estate Tax Liability
Many do not realize the estate tax liability that may be incurred upon death, and the consequences that this tax liability can have on families. We review and analyze the information and documents gathered to assess the estate tax liability.
We can prepare and file any and all required tax returns:
- Pennsylvania Inheritance Tax Return
- Final Federal and State Personal Income Tax Returns
- Federal Estate Tax Return
- Fiduciary Return
- Any tax return for property located in other states
FAQs for Estate Executors
The general duties of an Executor or Personal Representative are:
- Obtain several copies of the official Death Certificate
- Locate the decedent’s Will
- Arrange for the Probate of the Will with the Register of Wills
- Obtain “Letters Testamentary” and/or “Grant of Letter of Administration” from the Register of Wills
- Open a bank account for the Estate of the decedent
- Collect and value the decedent’s assets and debts
- Notify all creditors and heirs within three months of date of death
- Utilize estate funds to pay expenses, debts and taxes
- Obtain Federal and State Income Tax Returns, and related documents, for the previous three years
- Have Lodovico & Associates prepare and file the PA Inheritance Tax Return within nine months of date of death
- Have Lodovico & Associates prepare and file the Final Federal and State Personal Income Tax Returns on behalf of the decedent
- If required, have Lodovico & Associates prepare and file the Federal Estate Tax Return, Fiduciary Income Tax Return, and/or any other tax returns, such as for property located in other states
- File an inventory with the Register of Wills within nine months of date of death
- Distribute the assets and property of the Estate in accordance with the Will or with the laws of intestacy
- Prepare the Executor’s Accounting of the Estate
- File the final notice with the Register of Wills
Provide any and all information and documents listed in above checklist, as well as any other documents used in determining the value of assets, expenses and debts.
Our Tax Professionals will work with you to obtain the appropriate documents and information necessary for us to prepare and file all the required income tax returns and for assisting you with the administrative duties of the estate.
Lodovico & Associates, P.C. provides a full range of accounting, tax and related services. Please note that Lodovico & Associates, P.C. does not provide legal services or legal advice.