It’s that time of year where someone can say one word and it makes your skin crawl…taxes. While we know it comes up the same time every year, we sit and procrastinate on doing them. This method works for most, but generally speaking, we have the system down for what needs to be filed. For some, you may not only have to do taxes for yourself, but you may also have to do taxes for a trust in which you serve as trustee. Not everyone is well versed in this, especially since becoming a trustee can spring upon you unexpectedly. It is always best to consult your CPA in how to go about filing these returns. Here is some of the information that you will need:
ÿ The name of the Estate or Trust
ÿ The date the Trust was created
ÿ The date of death of the decedent
ÿ A copy of the Will and a copy of the Trust (The Will may be the Trust document if the trust is testamentary)
ÿ The EIN number issued by the government (Trustee applies for this; it is much like a social security number for an individual)
ÿ A copy of the death certificate
ÿ The information for all of the beneficiaries including names, addresses, and social security numbers
ÿ A copy of the last returns filed for the decedent
ÿ A list of assets
ÿ An accounting (if one has been completed for the current fiscal year)
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