Estate planning includes the process of designating beneficiaries and executors of your personal and business interests, protecting your assets, and minimizing estate tax, gift tax, and income tax. Roth&Co provides comprehensive tax and financial estate planning, which includes planning, implementing, and monitoring your estate plan
1. Planning your estate
- Review your personal income tax returns, personal financial statements and list of beneficiaries/heirs, and compile a list of assets with their approximate values.
- Review prior gifts and trusts and establish the estate plan objectives (i.e., tax mitigation, asset protection, avoiding probate, etc.).
- Calculate the required funds necessary to live or provide spousal support.
- Determine the necessity of Medicaid planning or of a living will and determine the individualsresponsible for healthcare decisions.
2. Implementing your estate plan
- Compile appraisals and business valuations, debt schedules, and working capital requirements.
- Establish terms for the trust/will – including trustees and guardianships – and allocate assets to beneficiaries.
- Allocate assets to remain with parent/spouse based on cash flow, and establish a management fee/salary/interest stream to supplement income.
- Determine the estate tax exposure and compile a list of assets to be moved out of the estate and the method of transfer to the children/trust (i.e., gift or sale).
3. Filing and documenting your estate plan
- Collaborate with an attorney to create trusts and wills, financial power of attorney, healthcare proxies, living wills, assignments/stock certificates and promissory notes.
- Work with the proper agencies to file deeds and titles.
- Prepare and file gift tax returns.
4. Monitoring your estate plan
- Review income tax returns and personal financial statements annually for new assets, to update beneficiaries, and for potential changes to the plan.
- Conduct a periodic compliance review – including tax return filings, Crummey payments, debt payments, and unreported gifts.
- Review life insurance plans and buyout/succession plans for necessary updates.
- Revisit and review plan for estate tax law changes.
Ancillary Services to Support Estate Planning
1. Trust and Fiduciary Services
- Review investment and asset management plan
- Calculate and facilitate distributions
- Prepare periodic statements and accounting reports
- File income tax returns (Form 1041)
- Execute the will and estate plan
- File petition with the probate court
- Compile listing of estate assets and liabilities
- File Estate Tax Return (Form 706)
- Distribute assets to beneficiaries or trusts
a. Independent Trustee Services
b. Executor Services