What We Do In Preparing Probates

I want to invite you into a room in my office that very few people get to visit. It is one of the most important areas, my library. This is ...my knowledge base and where I go to find answers to legal questions as well as any tax and accounting questions.

Hello folks and welcome back to another episode of Legal Concepts Revealed. I'm Kirk Kaplan with Crest Key Legal and Accounting, and in during this episode I will discuss how we prepare for the probate process. As you will see it is much more than filing forms and appearing in court.

Many people do not realize but probates involve accounting and tax elections. Something to look at is how to allocate deductions between the deceased estate income tax return, and potentially allocating those expenses on the estate's income tax return.

An example of this type of probate is a Canadian citizen to recently passed. This person owned property in Las Vegas and I am assisting this family with the proper tax elections which in turn can effect their tax situation in Canada.

This is when I refer to theThe Tax Advisor's Guide to the Canada - U.S. Tax Treaty, as it guides me when I'm thinking about whether I'm going to have an election under the tax treaty, or if we're gonna be filing the deceased last tax return here.

If you haven't done your proper estate planning, we're not only doing pleadings with the court, but we also want to make proper tax elections in those pleadings and petitions so that we get proper court orders. What is special about Crest Key Legal and Accounting is that we can do all of these things under one roof. We can work on the probate process as well as file the appropriate taxes.

We guide you through the tax elections, through the court system, and ultimately, what needs to be reported to the Internal Revenue Service. That's our strength at Crest Key Legal and Accounting, everything is done under one roof.

Many probate attorneys do not have the knowledge of taxes and accounting like we do. They simply know how to file the probate with the court system. Then you must rely upon an accountant that doesn't understand Nevada statutes in regards to the accounting rules that you have to report in the probate.

We have the understanding of the law required for the probate pleadings, then we can enact and issue accountings under the Nevada revised statutes required under the probate. We will then use those accountings to properly prepare the estate's income tax return, and reportings to the heirs.

We combine everything, so that everything works from beginning to end, that all the heirs, have no questions on what happened. I hope you found this information useful. For more information visit our probate administration page here: https://crestkey.com/personal-law-services/probate-administration/
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