Estate Planning & Administration Services
Estate planning is necessary in the overall tax planning strategy for the present and future. It can be emotional, but if addressed sooner than later, it will prevent financial loss and emotional distress. Proper planning will minimize state tax.
During the planning process, Bailey & Utley assesses the multiple impacts of estate taxes, income taxes, and property taxes on an estate and suggests strategies to minimize the taxes your heirs will inherit based upon your wishes.
Estate planning and compliance services that Bailey & Utley can provide:
- Planning and consultation on the use of revocable trusts
- Review of how title to property is held to take advantage of important tax savings and ease the administration of an estate or trust
- Investigate the use of trusts or other entities to facilitate the use of leveraged gifting techniques, and provide operational control during the period of administration
- Integrate the possible use of charitable trusts such as charitable remainder trusts or charitable lead trusts
- Annual review of estate plans to determine whether they conform to current situations and needs
- Preparation of federal and state estate tax returns
- Assistance with the funding of subtrusts and allocation of assets after death in accordance with the wishes of the decedent
- Preparation of court accountings
Most people underestimate how financially complex their lives have become until they sit down to organize their affairs through the estate planning process. Bailey & Utley can assist you in this process and help you understand and organize your financial affairs in an efficient and productive manner. If proper planning is done, it minimizes the emotional distress.
