Legacy Tax Group


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Q: Do I need to file a Fiduciary Tax Return?

A: A Trust or an Estate is required to file an Income Tax Return (Form 1041) if the Trust or Estate generates more than $1 of taxable income in the calendar year. Generally a Trust or Estate will be required to file a Form 1041 Income Tax Return for each calendar year, starting from the date of the decedant's death and until all the assets are distributed to the beneficiaries.

Q: My loved one has passed away, what tax returns need to be filed?

A: The Trustee/Personal Representative will need to file the following tax returns for the decedent: (1) Form 1040 Individual Income Tax Return, (2) Form 706 Estate Tax Return, and (3) Form 1041 Trust and Estate Income Tax Return.

Q: Do I need to file and Estate Tax Return?

Q: How can Fiduciary Tax Planning for a Trust benefit me as a beneficiary?

Q: Do I need to file a Gift Tax Return?

Q: How can Tax Planning benefit me?