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Heemer Klein & Company, CPAs provides a wide range of services to individuals and businesses in a variety of industries. At Heemer Klein & Company, CPAs, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment. Our professional services include:

Estate and Trust Planning and Tax Preparation

Effective estate and trust planning can ensure financial security for loved ones. For businesses, it can maintain a smooth succession of ownership. The role of Heemer,Klein & Company, CPAs is to help you navigate the complex and shifting tax laws to facilitate the transfer of assets and minimize the tax liability of your beneficiaries. Everyone should have a well thought out plan as to how to disburse one's estate so as to avoid complications and to be sure wishes are followed. Having your taxes and estate thoroughly and carefully planned will ensure that your loved ones don't have any complications to deal with during a time of loss. Heemer Klein's tax professionals are experts in the field of estate and trust taxation. From simple to the most complex trusts and estates you will find our fees affordable and our expertise second to none. We prepare trust and estate tax returns for several leading law firms as well as other accounting firms in the area because of our long-standing commitment to excellence in this specialized area of tax law. Our accountants are able to provide federal tax preparation services, Michigan tax preparation services, and local tax preparation services.

What is Estate Planning?

Estate planning and tax preparation can be difficult and expensive. With state taxes, probate, appraisals, life insurance, IRA’s, 401K’s and many more details it can be hard to determine what the best course of action should be for your loved ones.

 We can help you with this endeavor here at Heemer Klein, our staff is very knowledgeable and can help answer any questions you may have. Keep in mind that the best time to plan your estate is now. We suggest not waiting and leaving your family unprepared. You can always start an estate plan now and change it later. We will work with your estate planning attorney or refer an attorney when/if documents are required.

An estate is everything you own including real estate, bank accounts, investment stocks and other securities, life insurance policies, and personal possessions such as artwork, automobiles, and jewelry.

Estate planning is important for everyone, not just the wealthy

Estate planning is making an “ahead of time plan” that includes the names of whom will receive your belongings after you pass. An advanced Estate Plan will also include:

  • Instructions on passing your education, and religious values as well as your valuables
  • Details on how to handle your care before you pass if you become disabled
  • Naming a caretaker for minor children

Estate planning is an ongoing endeavor that will need to be revised and reorganized as your financial situations change over time, generally every 5 years at a minimum.

Estate and Trust Tax Filing Requirements when a loved one passes:

Final 1040 for the deceased through the date of death (January 1, through date of death only!) A final 1040 may be due in the year of death, however it is important that the only income reported is through the date of death. All income earned after the date of death is reported on a Federal estate or trust tax return Form 1041.

Federal Estate or Trust Income Tax returns (Form 1041) will also be due by April 15th of the year following a death (or 4 months after the 12 months following the date of death for an estate) if a trust or estate receives more than $600 in annual gross income. Examples of income that a trust or estate could receive are things like rents, royalties, and interest income from savings accounts or bonds. You will use a Form 1041 for this return.

The estate or trust is a separate tax payer from the decedent, and must receive its own tax identification number before filing the return.

Call us today about our estate and trust planning and tax preparation services. We are located in Warren, MI, Sterling Heights, MI and Richmond, MI. 

 

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