At JCox CPAs & Advisors, P.C., we understand the complexities and responsibilities involved in managing estates and trusts. Our Estates and Trusts Accounting Services are designed to provide comprehensive, precise, and timely support for executors, trustees, beneficiaries, and individuals handling estate and trust affairs.

Our Services Include:

1. Estate Planning & Administration:

   • Estate Tax Preparation: We provide expert guidance on estate tax filings, ensuring compliance with IRS requirements and taking advantage of any tax-saving opportunities.

   • Valuation of Estate Assets: Accurately valuing estate assets is essential for tax purposes and distribution. We assist in assessing real estate, investments, and other assets to determine their fair market value at the time of death.

   • Probate Assistance: We guide clients through the probate process, including obtaining the necessary court approvals and ensuring proper administration of the estate.

2. Trust Accounting:

   • Income & Principal Allocation: We prepare detailed trust accounting statements to comply with both legal and fiduciary standards, ensuring proper allocation of income and principal according to trust documents.

   • Trust Tax Compliance: We ensure trusts meet tax filing requirements, including preparation of Form 1041 (U.S. Income Tax Return for Estates and Trusts) and other necessary state forms.

   • Disbursements & Distributions: We provide accurate tracking and reporting of distributions to beneficiaries, ensuring they align with the trust terms and applicable laws.

3. Tax Preparation & Planning:

   • Estate & Gift Tax Returns: We prepare and file estate and gift tax returns (Form 706 and Form 709), managing complex tax implications from transfers of wealth.

   • Tax Planning: We offer proactive tax planning for estates and trusts, minimizing tax burdens and ensuring long-term financial benefits for beneficiaries. This includes strategies related to charitable donations, tax-deferral opportunities, and potential deductions.

   • Trust Tax Compliance: We manage fiduciary tax filings for all types of trusts, including revocable and irrevocable trusts, charitable remainder trusts (CRT), and special needs trusts.

4. Fiduciary Services:

   • Trustee & Executor Services: We assist individuals in fulfilling their duties as executors or trustees, offering professional guidance on their responsibilities and helping them navigate fiduciary obligations.

   • Dispute Resolution & Litigation Support: In the case of disputes among beneficiaries or with the estate's management, we provide dispute resolution services or collaborate with legal professionals for litigation support.

5. Financial Reporting:

   • Monthly & Annual Financial Statements: We prepare and present clear financial statements that summarize estate and trust assets, liabilities, income, and distributions, providing transparency for beneficiaries and trustees.

   • Cash Flow Management: We ensure that estates and trusts have sufficient liquidity to cover ongoing expenses, including taxes, legal fees, and beneficiary distributions.

   • Performance Reports: We offer detailed investment performance reports, ensuring trustees and beneficiaries can assess how assets are managed over time.

6. Investment Oversight:

   • Asset Allocation Review: We provide investment advisory services, helping trustees select the right mix of investments that align with the goals and terms of the trust or estate.

   • Ongoing Monitoring: We help with regular monitoring and reporting on the performance of the estate or trust portfolio, ensuring that it remains aligned with the set objectives.

7. Succession Planning for Trusts & Estates:

   • Beneficiary Designations & Trust Amendments: We assist in updating and creating beneficiary designations, providing guidance on revocable and irrevocable trust modifications to ensure they meet the changing needs of beneficiaries and changes in the law.

   • Estate & Trust Succession Strategies: We develop strategies to ensure the long-term transfer of wealth, minimize taxes, preserve family assets, and fulfill family or charitable legacies.

Why Choose JCox CPAs & Advisors, P.C. for Your Estate & Trust Services?

• Expertise: With over 10 years of experience in estate and trust accounting, we provide professional and knowledgeable advice tailored to your specific needs.

• Personalized Service: We take a client-first approach, providing customized services based on the unique circumstances of each estate or trust.

• Transparency & Integrity: We ensure clear and honest reporting of financials, protecting the interests of both fiduciaries and beneficiaries.

• Proactive Planning: We are proactive in tax planning and compliance, helping to avoid costly mistakes and achieve the best possible financial outcomes.

• Comprehensive Services: Our team offers a full suite of estate and trust services, allowing us to support you from initial planning through ongoing administration.

Whether you are an executor, trustee, or beneficiary, JCox CPAs & Advisors, P.C. is committed to providing reliable, efficient, and professional estate and trust accounting services that help you navigate the complexities of managing wealth and fulfilling fiduciary duties. We aim to minimize your stress while maximizing the financial well-being of the estate or trust.

Fee Structure:

• Basic Estate and Trust Tax Preparation:

  • Estate Tax Return (Form 706): Preparing an estate tax return can cost between $1,000 and $1,750, depending on the complexity and size of the estate.

  • Trust Tax Return (Form 1041): The cost of preparing a trust tax return generally ranges from $500 to $2,000, based on the size of the trust and the level of record-keeping involved.

• Trust and Estate Accounting Services:

  • Annual Accounting for a Trust or Estate: This typically costs between $1,000 and $2,000 per year, depending on the number of assets, distributions, and the need for detailed financial reports.

• Probate Administration:

  • Probate Fees: For larger estates, probate fees can be calculated as a percentage of the estate’s value, typically ranging from 1% to 5%. For smaller estates, the cost is often more straightforward, typically ranging between $2,000 to $5,000 for probate administration, including accounting.

• Complex Trusts and Estates:

  • For more complicated estates and trusts, such as those with multiple beneficiaries, real estate, or foreign assets, the costs can increase significantly. In these cases, fees can range from $5,000 to $20,000 or more depending on the complexity.

• Consultation Fees:

  • Estate planning consultations typically cost between $195 and $500 per hour, while consultation for specific issues like tax implications, asset distribution, or trust modifications may be higher.

• Additional Services:

  • Asset Valuation: Costs for asset valuation (e.g., real estate, investments, businesses) can vary greatly, ranging from $1,000 to $10,000 or more, depending on the asset type.

  • Dispute Resolution and Litigation Support: In cases of disputes among beneficiaries, hourly rates for litigation support can range from $250 to $500.