Estate Tax Services
We can assist you in preparing a Final Tax Return and the subsequent Estate Returns required when a loved one passes away. We can be a valued resource to assist an executor during this difficult process.
- Preparation of Final Tax Returns and Estate Returns
- Investment management
- Charitable Trusts
- Will Planning
In the process of executing an estate or trust, you may find that the tax and accounting requirements are beyond your level of comfort or expertise. Having a tax professional, such as a Chartered Professional Accountant, will ensure that the trust or estate is in compliance with tax rules and regulations.
Do you want to speak to a Chartered Professional Accountant about our Estate and Trust Tax preparations?
Louis Picco Inc. can help you Keep What's Yours – whether you are planning your estate or have agreed to act as an estate or trust executor for a loved one.
Case Study
Meet Mr. H. a long-time entrepreneur who had amassed a considerable net worth by the time he reached age 75. Retired and interested in keeping life simple, most of his wealth was sitting in an investment holding company.
His one concern?
Ensuring the legacy he passed onto his 4 adult children when he passed was secure.
His one request?
That we avoid fancy corporate structures, and keep things simple.
We reviewed three things on Mr. H.’s behalf: his will, his complete networth picture, and his investment holding company financial statement and tax return. Based on what we found, we made two recommendations:
From the review of these documents it was clear that the will was properly taking care of his children's interests and the estate size was considerable. Our only recorded was with respect to reducing the taxes due on death from his Investment Holding Company.
For the Investment Holding company, we recommended that he start paying himself large dividends and recovering corporate refundable divided taxes. The corporate refundable taxes offset the additional personal taxes he would have to pay but the net dividend would be used to increase his shareholder loan account.
Mr. H. took our advice and over a 3 year period, we increased his shareholder loan account by approximately $2 million dollars. The good news is that if he was to pass away, we could remove this shareholder loan tax free and provide it to the children after paying any corporate taxes on the liquidation value of his corporate investments.
Interested in keeping what’s yours in your estate?