Skip to content

Estate & Trusts

Experienced Trust and Estate Planning in Lowell

estate and trust accounting in LowellEven if you have previous experience, it can be challenging to handle the financial complexities of estates and trusts. Whether you're tasked with being an executor of an estate or managing a trust's assets as a trustee, you may find yourself overwhelmed. Our team has extensive tax and accounting experience to protect your assets and help you reach your financial goals.

Since 1985, Massimino CPA, LLC has provided crucial tax assistance and guidance to the residents of Lowell, Chelmsford, Westford, and their surrounding communities. We have an in-depth understanding of processes to help your estate or trust experience go as smoothly as possible. Our services are provided in person, over the phone, or through Zoom calls to meet your needs. Contact us today for your free consultation and gain a skilled, personable CPA you can rely on for trust and estate planning in Lowell. 

Call Us: (978) 674-6694 Book a Consultation

The Differences Between Estates & Trusts

last will and testament documentEstates and trusts serve as the primary legal means to transfer assets from heirs to beneficiaries. They may seem similar, but there are fundamental differences between the two. Although you may need assistance with one over the other, you must understand their distinct characteristics, and our trust and estate planners in Lowell are here to help.

An estate is an individual's assets, including real estate, money, possessions, and other items of monetary value. Once the individual passes away, an executor is responsible for managing the collective assets until their distribution to inheritors. An estate is temporary and no longer exists once the assets have been allocated.

A trust is a legal entity where a trustor authorizes a trustee to hold specific properties or assets. It exists independently of the individuals that created it. Once the agreement's terms are complete, the assets pass to a beneficiary. Unlike an estate, a trust can exist even after assets have been allocated.

Estate & Trust Accounting

Whether you're responsible for a trust or an estate, accounting is an excellent tool to help you keep track of its details. Proper accounting plays a crucial role in creating a complete picture of total assets and providing a foundation for planning. We're proud to offer exceptional estate and trust accounting services.

Our team is passionate about accuracy and takes a meticulous approach to record-keeping. Missing details in either an estate or trust can result in severe fines. We'll account for taxes paid, disbursements made, fees and expenses, and compensation. Additionally, our team will regularly generate reports to help you understand your trust or estate's status.

Our Comprehensive Services

Are you interested in handling the lion's share of your executor responsibilities? In that case, our Lowell estate planners will provide you with valuable support like guidance on federal estate tax or how to account for fair value. Do you want to place all your trustee tasks in our hands? We'll make sure that every term is followed to prevent court interference while keeping you in complete control of decision-making.

We have spent decades working with executors and trustees to give them the tax and accounting support they need. We carefully adapt our services to fit your unique needs. Our services include:

  • Estate Tax Planning
  • Estate Accounting
  • Trust Tax Preparation
  • Trust Accounting

In addition, we are more than happy to collaborate with attorneys. Our team will take the time to coordinate with your counsel to ensure that everything is being handled procedurally and in the best interests of all involved parties.

Helpful Trust Tax Preparation

close up of spread sheetThe IRS treats trusts as separate and distinct tax entities and requires them to pay income tax on any earnings generated by the trust every year. As a trustee facing your trust's tax preparation, you may have more questions than answers. We've helped countless clients prepare their trust's taxes, and we're excited to do the same for you.

Our experienced CPAs can help with:

  • Preparing Form 706, which accounts for all assets held by the deceased at the time of their passing.
  • Assisting with M-706, Massachusetts's state-level version of Form 706.
  • Filing Form 1041 and Schedule K-1 to collectively report earnings and losses retained by the trust and income distributed to beneficiaries.
  • Acquiring your Taxpayer Identification Number (TIN) by submitting necessary documentation, including Form W-7.
  • Avoiding potential late filing penalties.

Intuitive Lowell Estate Tax Planning

Estate taxes, if left unaccounted for, can quickly diminish the assets of an estate. As an executor, you must minimize its tax liability and preserve its original owner's goals. Our Lowell estate tax planning services offer a practical and efficient way to ensure your estate holds up to tax season. We'll meet with you to discuss gifting, potential tax deductions, and tax regulations to create a personalized plan that perfectly fits your estate.

Your Team for Trust and Estate Planning in Lowell

At Massimino CPA, LLC, we know how stressful the role of executor or trustee can be. Our friendly and skilled team is here to offer you comprehensive tax and accounting support while providing insightful guidance every step of the way. Our Lowell CPAs always have your best interests in mind. Contact our office today for your free initial consultation!

Call Us: (978) 674-6694 Book a Consultation

We take care of your books for you, so you can get back to the job of running your business and generating profits.
Learn More...
We offer payroll solutions that meet your business's needs and enable you to spend time doing what you do best--running your company.
Learn More...
We offer a variety of services to help make sure that you are taking full advantage of Quickbooks' many features.
Learn more...
We're here to help you resolve your tax problems and put an end to the misery that the IRS can put you through.
Learn More...

google logoReview us on Google

© Massimino CPA, LLC 2021