Trust & Estate Tax Preparation for Chicago & the North Shore
Protecting your legacy starts with clear, confident tax guidance
Trust and estate tax returns require specialized knowledge, careful handling, and a deep understanding of fiduciary responsibilities. RHL Accountants provides precise, compassionate support for trustees, executors, and families managing these complex filings.
Accurate, Compliant, and Optimized Fiduciary Tax Returns
Preparing income tax returns for trusts and estates can be complicated. Our team has extensive experience in fiduciary tax laws and ensures every filing is accurate, timely, and optimized for tax efficiency. We help you meet IRS and Illinois requirements with confidence and clarity.
Comprehensive Trust & Estate Tax Services
We support a full range of fiduciary filings and related tax needs, including:
- Trust income tax returns (Form 1041)
- Estate tax returns (Form 706), where applicable
- Illinois fiduciary returns
- Gift tax return preparation
- Guidance on tax-smart distributions to beneficiaries
- Coordination with estate attorneys and financial advisors
We review all allowable deductions and credits, ensuring trusts and estates take advantage of every legal opportunity to preserve assets.
Trustees, Executors & Families Facing Complex Responsibilities
Whether you are managing a long-established family trust or handling an estate after a loved one’s passing, we simplify the process.
Common scenarios we support include:
- Trustees needing annual trust tax returns
- Executors navigating multi-step estate filings
- Families managing inheritance logistics
- High-net-worth individuals planning wealth transfer
- Complex estates with investments, rentals, or business assets
If you’re a trustee or executor, we handle the tax compliance so you can fulfill your duties with confidence.
Preserving Wealth for the Next Generation
We stay current on changing federal and state estate tax laws to help you:
- Minimize estate tax liabilities
- Properly time income and deductions
- Utilize charitable contribution strategies
- Avoid costly filing errors
- Protect assets during transitions
Our goal is simple: preserve as much of your family’s wealth as legally possible.
Sensitive Matters Handled With Care
Trust and estate work often arises during difficult times. We approach every engagement with professionalism, empathy, and strict confidentiality. You’ll receive guidance that’s both technically sound and emotionally supportive.
Frequently Asked Questions
What documents do I need before preparing a trust or estate tax return?
You’ll need financial statements for the trust or estate, records of income, distributions made to beneficiaries, appraisals for certain assets, and any prior-year filings. We’ll provide a clear checklist so nothing is overlooked.
What’s the difference between Form 1041 and Form 706?
Form 1041 reports income generated by a trust or estate, while Form 706 reports estate tax owed upon death. Many estates only need a 1041, not a 706, depending on asset values and federal/state exemption thresholds.
Is it better to distribute income to beneficiaries or keep it in the trust?
This depends on tax brackets, the trust type, and long-term goals. Often, distributing income can reduce overall taxes because beneficiaries may be in lower brackets. We’ll analyze your situation to determine the most tax-efficient approach.
How long does it typically take to finalize trust or estate tax filings?
Simple trusts with clear records may take only a few weeks, while more complex estates with multiple assets, K-1s, or valuations can take months. We prioritize timely filing and keep executors/trustees updated throughout.
Can you coordinate with my attorney or financial advisor?
Yes—complex fiduciary matters usually benefit from cohesive collaboration. We routinely work alongside attorneys, wealth managers, and estate planners to ensure that tax, legal, and financial strategies align.
Ensure Your Trust or Estate Is in the Right Hands
Contact us for a consultation to discuss how we can help protect your wealth and handle all required fiduciary tax filings with precision and care.
