Services

Accounting Services for Trusts

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or multiple beneficiaries. At Gauvreau & Associates we frequently use trust structures for both tax planning opportunities as well as a required filing upon the death of a taxpayer.

Tax planning

A trust structure, if used properly, can be a very powerful tax planning tool for business owners. If the structure is set up properly, a business owner can use a trust structure for income splitting opportunities where income can be allocate amongst family members with different levels of income to ensure the lowest available effective tax rates are realized. A trust can also be used as one of the only means of accessing multiple lifetime capital gains exemptions for a business owner and other beneficiaries of the trust.

Estate preparation

A loved one passing is a very difficult time for everyone. In additional to the emotional anguish, there are significant complexities when it comes to dealing with the taxation of an individual upon death, as well as the probate of the assets of the estate and the eventual distribution of assets to beneficiaries identified in the will and final testament. At Gauvreau & Associates we assist the executors and their legal representatives with the processing of the final taxes as well as filing the required estate tax returns and filing for clearance certificates, while at the same time provide clarity and direction through the entire process.

Accounting services for trusts

  • Business structure analysis and setup
  • Monthly, quarterly and annual bookkeeping
  • Income tax planning
  • Estate tax compliance