TAX PLANNING AND CONSULTATION
With over 20 years of experience in the areas of tax planning, preparation and review, Wendy Hartmann brings a unique level of expertise to her practice. All client matters are looked at to identify any potential tax issues that may arise, and drafted to take maximum advantage of tax benefits.
In drafting your Estate Plan, administering a Trust or handling a Probate Administration, besure you and your professional advisors consider some of the following types of tax:
Personal Income Tax: Does a final Federal and State Income tax return need to be prepared for the deceased taxpayer?
Fiduciary Income Tax: Is there a Trust or an Estate that has its own tax identification number, if so, it may need to file an annual fiduciary return?
Gift Tax: Was a gift made, of cash or other property (real property or stocks or bonds) valued at more than $14,000 to any one or more individuals, then you must file a Gift Tax return for that year, and each yea a gift, exceeding $14,000 is made.
Estate Tax: Upon the death of an individual whose total net estate exceeds $5,490,000 (the 2017 Estate Tax exclusion amount), an Estate Tax return may need to be filed. Even for estates that are below that amount, it may be recommended to file a return or at least a claim to preserve certain tax benefits and exemptions. It is always best to work with an experienced tax professional to analyze whether an Estate Tax return should be filed.
Generation Skipping Transfer Tax ("GSTT”): Grandparents love to make gifts and transfer assets to their grandchildren, but for individuals whose estate exceeds the estate tax exclusion amount ($5,490,000 for 2017), such a transfers may create an additional tax, above the estate tax, commonly referred to as GST. Be sure that your professional advisors take the GSTT into consideration.
Property Tax: Whenever real property is transferred, caution must be taken in structuring the transfer so that reassessment of the property, and an increase in the annual property tax liability, may be avoided where an exclusion or exemption may be available.
While Ms. Hartman no longer prepares tax returns, she is readily available to review returns prepared by others on behalf of her clients.