The timely filing of estate, gift and fiduciary income tax returns is a crucial step in the estate and gift tax area.
Estates may be required to file a federal estate tax return. Federal estate tax returns are required if the estate has gross assets exceeding the current estate tax exemption currently set at $11,700,000 for 2021.
In addition, if the surviving spouse wishes to utilize any remaining tax exemption of the deceased spouse via the new portability rules, then a federal estate tax return must also be filed.
Estates may also be required to file an inheritance tax return in the state where the decedent died. For example, Pennsylvania requires the filing of an inheritance tax return. Its rules are different than the federal rules. For more details about the Pennsylvania Inheritance Tax please go to the article entitled Pennsylvania Inheritance Tax Return: The Basics.
In addition, fiduciary income tax returns are often times required at both the federal and state level. There are various elections and tax planning associated with the filling of such returns. In some cases, fiduciary income tax returns must be coordinated with the federal estate tax return and various elections are required.
Individuals are required to file gift tax returns when present interest gifts are made of over $15,000 per year to one person. If the gift is not of a present interest then a gift tax return must be filed regardless of the amount of gift. Often times filing such gift tax returns have strategic implications for the overall estate planning of a family. For a discussion of the federal gift tax rules and reporting requirements please go to the following articles:
Gift Giving: A Way To Save Estate, Gift and Income Taxes
Gifting Shares of Stock In A Bad Economy
Tax returns in connection with an estate or trust or for lifetime gift planning are prepared for the following taxpayers at the federal, state and local levels:
In addition, many states impose filing reports or an accounting with the court or a family settlement with beneficiaries. For more on this aspect of estate administration please read Estate & Probate Administration: Do Not Try This On Your Own
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I highly recommend Steven J. Fromm for all your estate and tax planning needs. He has the most complete and thorough knowledge of current as well as pending federal, state, and local tax codes of any professional that I have ever been involved with. His ability to totally sort out your current financial condition and relate it to a plan to minimize your tax liability and allow you to sleep at night is without equal. He is professional, timely, creative, and an advocate for your needs, whether its personal or business. You can be assured that you will be well taken care of, with cutting edge/ sound financial and tax advice by Steven J. Fromm.
I have always found Steve to be very responsive, accurate and creative in legal matters presented to him. He demonstrates a good business sense. We have collaborated on several highly technical issues over the years. I look forward to our continuing relationship.
Steven has been instrumental in helping my partner and I to create a secure and satisfying estate plan, which meets or exceeds all of our wishes and contains contingencies for everything from medical issues to wealth management and living wills. In this process, Steven has also become a friend. If you need Estate Planning, Tax Advice, a Will or a trust, etc., we highly recommend Steven Fromm, Esquire. He will listen and be sensitive to your unique situation.
Steve is an excellent attorney who has provided help for my family personally for business, tax, and other services for many years. He is extremely knowledgeable and thorough, and is extremely good at explaining legal concepts to me in clear terms understandable to a non-attorney. It is difficult to pick only three attributes above, since Steve’s work meets most if not all of the attributes above.
Steve is an excellent corporate attorney who has a deep understanding of corporate law, taxes and estate planning. He’s been extremely helpful to me in keeping my many companies and business ventures organized, focused and squeaky clean. He’s very strong in estate planning and wealth preservation as well. Finally, his follow through is air tight and utterly dependable.
Steven is a trusted adviser. We depend on him for so many things. He is patient, listens to our needs and makes excellent suggestions. He is extremely talented. We value his advice and have recommended him unhesitatingly to friends and family.
Steve Fromm is a superb lawyer and I highly recommend him! After a terrible experience with a previous lawyer concerning an estate administration, I entered his office feeling very deflated, confused and discouraged. However, I left his office feeling enthusiastic and eager to get down to business. My situation was very unique, I needed his expertise for an array of things and Steve was able to address all of my needs. With a limited timeframe and an extreme amount of obstacles to overcome he worked meticulously, diligently and accomplished extraordinary results. His professionalism is incomparable and I am forever grateful.
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Philadelphia, PA 19102
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From their offices in Philadelphia, PA, the law firm of Steven J. Fromm & Associates, P.C. provides a full range of estate planning, probate and estate administration, tax, business and corporate legal services to clients throughout eastern Pennsylvania and the Delaware Valley, the Lehigh Valley Area, the Five-County Area, Bucks County, Delaware County, Montgomery County, Chester County, Philadelphia County, Berks County, Lehigh County, Lancaster County, York County, Harrisburg, Norristown, Doylestown, Media, West Chester, Allentown, Lancaster, and Reading.