Serving the san francisco bay area + beyond since 1976
Serving the san francisco bay area + beyond since 1976
50
years
EST. 1976
ESTATES + TRUSTS
Estates and Trusts
Protect What You’ve Built + Prepare for Who Comes Next
Passing wealth to the next generation can involve income, estate, gift, fiduciary, and trust tax considerations—and decisions made today can affect what ultimately reaches your family.
The death of a family member is a significant event, personally and oftentimes financially. Often a spouse or child assumes responsibility for a financial structure of which they had only limited knowledge. They may also find themselves in the midst of a challenging family dynamic. Each situation has its own unique mix of issues, family history, and personalities.
The goal:
Protect your legacy
Fulfill your responsibilities
Transfer wealth.
with greater intention.
B+Co helps families, trustees, executors, and beneficiaries navigate tax reporting and planning while coordinating with attorneys, wealth advisors, and other professionals involved in your estate plan.
Whether you’re administering an existing trust or planning how assets may eventually transfer, we help you understand the tax implications along the way.
Estate + Trust Tax Compliance
Prepare required federal and state estate, trust, and fiduciary income tax returns accurately and on time.
Estate Tax Planning
Evaluate potential estate tax exposure and help identify planning opportunities before major transfers or life events occur.
Trust Planning + Administration Support
Help trustees understand tax reporting requirements, distributions, income allocation,estimated taxes, and other financial responsibilities.
Wealth Transfer + Gifting Strategies
Consider the tax implications of lifetime gifts, transfers to family members, charitable giving, and other strategies designed to move wealth efficiently.
Basis + Capital Gains Considerations
Help evaluate basis, inherited assets, property transfers, and potential capital gains consequences that may affect beneficiaries.
Coordination With Your Other Advisors
Work alongside estate attorneys, wealth advisors, and other professionals so tax planning,legal documents, investments, and family goals stay aligned.
Frequently Asked Questions
What tax returns may be required for an estate or trust?
Estates and trusts may have federal and state filing requirements separate from the individual’s final income tax return. B+Co can assist with Form 1041, U.S. Income Tax Return for Estates and Trusts, beneficiary Schedule K-1 reporting, and applicable state fiduciary returns, as well as coordinate information needed for estate and gift tax filings.
How are distributions from a trust taxed to beneficiaries?
Trust taxation depends on the trust structure, the type of income earned, and whether income is retained or distributed. Distributable Net Income (DNI) generally determines how taxable income and deductions are allocated between the trust and its beneficiaries. B+Cohelps trustees calculate and report these amounts and prepare the appropriate ScheduleK-1s for beneficiaries.
What is the difference between estate tax, gift tax, and income tax?
Estate and gift taxes generally apply to transfers of wealth, while income tax applies toincome earned by an individual, estate, trust, or beneficiary. B+Co helps evaluate howthese taxes may interact and works with your estate planning attorney and wealth advisorto model the tax implications of gifting, trust distributions, and wealth-transfer strategies.
What tax issues should I consider before transferring assets to my children or other family members?
Lifetime transfers can affect federal gift tax reporting, available exclusions and exemptions,income tax basis, and future capital gains. B+Co can model the tax consequences of gifting assets during your lifetime versus transferring them at death, including potential basis adjustments under IRC Section 1014, so those decisions can be evaluated before assets are transferred.
What are my tax responsibilities as the trustee or executor of an estate?
Trustees and executors may be responsible for obtaining tax identification numbers, filing fiduciary income tax returns, reporting distributions to beneficiaries, making tax payments,and coordinating final individual and estate-related filings. B+Co helps fiduciaries understand applicable tax requirements and maintain the reporting needed through out administration.