Trust Administration Process

4/19/2017 McPherson Law Offices ESTATE PLANNING, ESTATE & TRUST ADMINISTRATION & LITIGATION. REAL ESTATE AND ELDER LAW ATTORNEYS . Step 6: Tax Issues Income Taxes - Fiduciary Form 1041 Determine tax year (Generally calendar year, but may want to treat trust as an estate - Section 645 Election) • Ensure return is filed timely McPherson Law Offices ESTATE PLANNING, ESTATE & TRUST ADMINISTRATION & LITIGATION, REAL ESTATE AND ELDER LAW ATTORNEYS • • • Step 6: Tax Issues Income Taxes - Fiduciary Form 1041 Get W-9's from residuary beneficiaries Maximize tax advantage Consult with competent professionals 20 10

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