Managing inherited wealth can be tricky. Whether you’re dealing with trusts, estates, gifts, or inherited retirement accounts, smart planning can minimize your family's tax burden. Key strategies like the portability election and the step-up in basis — which can significantly reduce capital gains taxes on inherited property — can play a crucial role in preserving family wealth. We’re here to guide you through the process, ensuring you make informed decisions that align with your financial goals.

Gift Taxes

Giving generously is rewarding — but large gifts can trigger unexpected tax consequences. We’ll help you understand the annual gift tax exclusion and guide you through strategies to reduce or eliminate potential gift tax liability. Whether you're making substantial gifts to family, funding education, or transferring wealth as part of your estate plan, we’ll ensure you file correctly, avoid penalties, and take full advantage of available exclusions and exemptions.

Trusts & Estates

When someone passes away, their estate or trust may continue to earn money — from investments, rental properties, or other sources. Form 1041 is the tax return used to report that income to the IRS.

If you’re the executor of an estate or the trustee of a trust, you may need to file this form to show what the estate or trust earned, what expenses were paid, and what income was passed on to beneficiaries. We’ll help you understand if Form 1041 applies to your situation, ensure everything is reported correctly, and guide you on strategies to reduce taxes — giving you peace of mind during a challenging time.

Inherited Retirement Accounts

​If you’ve inherited an IRA, 401(k), or other retirement account, understanding the tax rules is key. Non-spouse beneficiaries generally must withdraw all funds within 10 years, and those distributions are typically taxable income. Surviving spouses have more flexibility, including options to roll the account into their own. We’ll help you understand your options, manage required distributions, and minimize your tax burden — so you can make smart financial decisions with confidence.

Estate Taxes

When someone passes away, their estate may need to be reported to the IRS on form 706 — especially if its total value exceeds the estate tax exemption. Even if no estate tax is owed, filing can still be important to ensure proper reporting and avoid future complications.
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We help by determining if filing is necessary, ensuring all assets — including real estate, investments, and life insurance — are accurately valued and reported, and identifying deductions and strategies to reduce the estate’s taxable value. Estate taxes can be complex, but we’ll guide you every step of the way to ensure everything is handled properly — protecting your family’s wealth.

Portability Election

If your spouse passes away without fully using their federal estate tax exemption, you can inherit their unused portion — effectively doubling your exemption and potentially saving millions in estate taxes.

​To take advantage of this benefit, known as portability, you must file an estate tax return within five years of your spouse's death, even if no tax is due. This proactive step ensures you preserve both exemptions, providing greater financial security for your heirs.

Book a call.

The easiest way to get a hold of us is to schedule your complimentary consultation here. ​On that call, we will discuss your tax situation and determine if working together is a fit.