Strategic Planning for Trust Taxes Cleveland
"Thornhill has been a great partner for many years. They are very professional, have high integrity, produce quality work, and deliver on time. I appreciate the respectful and trusting relationship we’ve formed with them."
Trusts are extremely useful estate planning tools, but they come with administration responsibilities that are complicated. Trustees bear a burden to manage the fiduciary arrangement, along with a host of specific terms, regulations and distribution requirements.
The CPA’s at Thornhill support clients with trust planning strategies and advice for administering trusts after they take effect. We gain a full understanding of the trust terms and applicable laws, in order to properly oversee the trust and prepare fiduciary income tax returns.
At Thornhill, we help clients administer trust funds by:
- Ensuring the proper tax treatment of a trust
- Offering timely and accurate trust fund tax preparation
- Making distributions in accordance with the terms of the trust
- Protecting your financial legacy or that of a loved one
- Safeguarding your estate and other assets from high taxation
Trust Tax Services
Since state laws surrounding trusts vary significantly, there are no universal regulations to follow. You don’t want to find yourself in a situation where the terms of a trust have not been administered properly. The experts at Thornhill are well-versed in state-specific trust accounting income and principal rules that apply. We strictly adhere to all tax filing obligations and timelines that are outlined by the trust.
Thornhill manages trust fund tax preparation and administration for:
- Marital trusts
- Bypass trusts
- Charitable trusts
- Life Insurance Trusts
- Generation-skipping trusts
- Electing small business trusts
- Partial grantor trusts
- Testamentary trusts
- Living trusts
Let’s talk about your tax, accounting and advisory needs.
Accounting services with Thornhill can take your business to the next level of success.