Trust & Estate Services

John D. McPhee & Co. provides assistance with fiduciary accounting and tax compliance for existing trusts and estates.

What we can do for you:

• Assistance with fiduciary accounting

• Provide financial planning advice to fiduciaries on establishing an investment program

• Tax return preparation and planning to minimize the tax costs

• Tax compliance and representation before state and federal tax authorities

Fiduciary Accounting

Fiduciary accounting is the process whereby a personal representative, a trustee, or a guardian reports information to the beneficiaries regarding the administration of assets under his control and supervision.

The fiduciary must take into account the instructions contained in the governing document (will and/or trust agreement), allocating receipts and disbursements among the interests of the income beneficiaries and the remainder beneficiaries.

Providing a detailed, periodic accounting of such activities to the beneficiaries is a very cost-effective way to minimize delays and disagreements during the period the estate or trust is being administered. 

Tax Compliance

Tax returns may also need to be filed for the estate or trust. Individual beneficiaries will need to know the amount and type of income distributed to them from the estate or trust, and also how this will impact their personal tax situation.

John D. McPhee & Co. assists with tax return preparation and planning to minimize the tax costs, as well as represents trusts and estates before state and federal tax authorities. 

Financial Planning for Trusts & Estates

The estate and/or trust may have substantial assets which need to be invested prior to the time they are paid out as beneficiary distributions, or otherwise disbursed.

While we do not sell financial products or receive compensation or fees from organizations which do, we offer financial planning advice to the fiduciary on establishing an investment program similar to those utilized by large trust departments and integrate the investment activity detail into the fiduciary accounting reporting.