Helping You Setup & Manage Gresham Trusts & Estates
We founded our family-run CPA firm in the 1980s to provide the individuals and business owners of Gresham, Multnomah and Clackamas counties, and the greater Southwest Portland region with comprehensive tax and accounting assistance. If you're looking to organize your estate, establish a trust for a loved one, or gain a deeper understanding of your role as an executor, our friendly accountants are here to help.
We enjoy working closely with you to craft thorough, innovative accounting and tax strategies that address your unique financial situation. Our team strives to provide the personalized support, meticulous planning, and extensive knowledge you need to protect your assets and exceed your goals. To best help you, we can consult virtually, over the phone, or in our office. Call Rowell CPA Group to schedule your free phone consultation with one of our friendly accountants today!
What is an Estate or Trust?
Estates and trusts are often confused with each other, but the two have several notable differences.
An estate consists of all the things that define a person's net worth. Your estate may consist of financial securities, cash, land and real estate, possessions, and other assets you control. Usually, a will is created to explain how someone wishes for their estate to be distributed.
A trust is an established fiduciary relationship. In this relationship, a trustor grants the rights to hold specific properties or assets to a trustee. These assets are to be eventually passed down to a beneficiary when the trust's conditions are met. By setting up a trust, you can ensure the items go to the intended beneficiary and form strong legal protection for the trustor's assets and property. A well-prepared trust may also negate or reduce some inheritance taxes.
Building a Skilled Team to Manage Your Estate or Trust
We understand how challenging it can be to organize your estate or go through drawing up a complete trust. Ever-changing financial regulations, tricky tax laws, and complex legal concepts make the process difficult to navigate. Our team guides you through the steps of arranging and managing your Gresham trust or estate.
We can network on your behalf to pair you with an experienced attorney who can help you tackle the legal aspect of writing a will or establishing a trust. Our team will ensure that your financial documents are assembled and filled out correctly before visiting the attorney. We can help you complete the beneficiary paperwork, establish a support system, and assess the completed legal documents from a financial standpoint. By complementing your attorney's legal expertise with our decades of experience in accounting, we can make suggestions to protect your assets and reduce tax obligations.
Our primary goals are to make the process as simple, stress-free, and streamlined as possible. We'll weigh the potential benefits and costs of your options to help you create a system that benefits you and your family.
Meticulous Tax Assistance for Trusts & Estates
By thoroughly planning out your trust and inheritance strategy, you can help protect your properties and assets from complex inheritance taxes and ensure they get passed on to the intended recipient. We carefully scrutinize the relevant accounts, properties, and assets to determine the proper amount to pay in inheritance taxes.
Our team is happy to file the proper tax forms for your Gresham estate or trust. We'll decipher which paperwork needs to be submitted and check the completed returns for accuracy. Whether we're filing for an estate, living trust, or testamentary trust, we are familiar with the various forms required. You can trust our team to handle all essential inheritance taxes with accuracy, precision, and care. We're continually looking out for your financial well-being and strive to protect your assets, properties, and finances.
Guiding You Through Your Role as a Trustee or Executor
If you've been nominated as a trustee or the executor of an estate, you may be uncertain what your duties are. We're happy to work closely with you to explore your responsibilities and answer any questions you have regarding your assigned role. In general, we've found that:
Executors take care of the duties associated with managing an estate. As an executor, you're responsible for transferring the decedent's property and assets to the intended beneficiaries. You'll need to gather and protect assets for safekeeping while the estate gets transferred. Other notable duties an executor may need to perform include handling estate taxes, submitting the decedent's final will, and closing the estate.
A trustee is officially designated to manage the assets and properties of a trust for the beneficiary's direct gain. As a trustee, you must follow the terms and conditions of the trust. Doing so means you must act with fairness towards all beneficiaries, protect the named assets, keep records of income and expenses, and distribute assets correctly and efficiently.
Establishing & Managing Your Gresham Trust or Estate
We know how stressful it can be to take on the work of organizing your estate, drafting a will, or establishing a trust. Our team is here to offer compassionate support and work alongside you throughout the entire process. We always keep your best interests at heart and strive to protect your finances, properties, and other assets. Rowell CPA Group can't wait to hear from you, so get in touch with us today!