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Estates and Trusts

Riccabona and McGee LLP provides a wide range of services to individuals and businesses in a variety of industries. At Riccabona and McGee LLP, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.

Our professional services include:

Estate and Trust Planning

Effective estate and trust planning can ensure financial security for loved ones. For businesses, it can maintain a smooth succession of ownership. Our role is to help you navigate the complex and shifting tax laws to facilitate the transfer of assets and minimize the tax liability of your beneficiaries. Having your taxes and estate thoroughly and carefully planned will ensure that your loved ones don't have any complications to deal with during a time of loss. Our assistance includes the following:

  • Avoiding Probate
  • Reviewing how real estate title is held
  • Benefits of gifting and the effect on the estate
  • Advising on trust creation of many different types of trusts, such as Living Trusts, Special Needs Trusts, Crummey Trusts, Qualified Personal Residence Trusts (QPRT), and various Charitable Trusts
  • Planning for non-citizen spouses

Administration and Settling of Estate

For the first time in your life you may find yourself an executor or trustee of an estate. We will help you fulfill your fiduciary responsibilities and guide you through the process - from the death of the decedent to the final distribution of the estate. Our assistance includes the following:

  • Reviewing trust and will documents
  • Communicating with attorneys or difficult family members
  • Preparing trust accounting in compliance with trust documents and California Probate Code
  • Assistance with obtaining appraisals and valuation discounts
  • Prepare decedent’s final personal income tax return
  • Prepare fiduciary tax return for administration of estate
  • Prepare Form 706, the estate tax return (if necessary)
  • Calculating asset allocation and amount of distributions to beneficiaries in accordance with will and trust requirements
  • Assistance with filings for exclusion from reassessment of real property from transfers between parent/child or grandparent/grandchild
  • Assistance in obtaining a private letter ruling to allow portability of the deceased spouse unused exclusion (DSUE) when a Form 706 is not timely filed.

Preparation of Fiduciary and Estate tax returns

We have extensive experience preparing the following trust and estate-related tax returns:

  • Form 709 - Gift Tax return
  • Form 706 - United States Estate Tax return
  • Form 1040 - Decedent’s final personal income tax return
  • Form 1041 - Fiduciary tax return for administration of estate
  • Form 1041 - Other fiduciary tax returns such as By-Pass Trusts (Credit-Shelter Trusts or Exemption Trusts), Special-Needs Trusts, Generation-Skipping Transfer Trusts, and Charitable Trusts

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