Preparation of Taxes

 
 

Preparation of Estate Taxes

Estate taxes or “death taxes” may be due at both the IRS level and the state level depending on the size of the estate, the type of property held in the estate, and the location of the property.  Some states have their own state estate tax reporting requirement and some states have an inheritance tax in addition to an estate tax. Wade Law Offices is uniquely equipped to identify your reporting requirements and works with many ancillary state attorneys to assist with reporting requirements outside the state of California.

Even if the estate is not taxable it may be advisable to file an estate tax return anyway to make timely elections in this ever-changing tax environment and political arena. Preserving portability or allocating generation skipping tax exemption are some important elections that must be made. Wade Law Offices employs seasoned estate tax preparers who can advise you on whether you need to file or whether you should file.

 
 

Preparation of Gift Taxes

Gift tax returns are required for any single gifts made during the year that exceed the annual gift tax exclusion (currently $15,000).  Families may maximize the amounts of gift tax free gifts by utilizing split gift options.  Wade Law Offices recognizes when gift tax returns are required and is here to provide you with timely service.

 
 

Preparation of Generation Skipping Tax Returns

Generation Skipping Tax is the least known and highly underreported of all the taxes.  Few understand the rules, and few actually prepare the required reports at all.  Failing to realize the reporting requirements for both distributions and terminations can have a devastating effect and accrue unnecessary penalties and interest.  Wade Law Offices is experienced in filing returns and reporting distributions and terminations and is here to help you.