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Fiduciary Tax Planning and Preparation

At DeFreitas & Minsky CPA, we offer comprehensive fiduciary tax planning and preparation. If you have questions, we have the answers. Our certified public accountants, who have years of experience with fiduciary tax planning and preparation, will guide you through the fiduciary process.
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Fiduciary

A fiduciary is a person or institution given the power to act on behalf of another in situations that require great trust, honesty and loyalty. Fiduciaries include accountants, attorneys, bankers, business advisors, financial advisors, mortgage brokers and real estate agents.

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Tax planning

Structuring trusts and foundations for comprehensive wealth transfer planning Assisting individual trustees and executors with fulfilling their roles and responsibilities Assisting tax-exempt entities with compliance

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Our clients rely on us because of our integrity and our commitment to helping them reach their fullest financial potential. We create strong bonds with our clients, so we are on the same page every step of the way. Our accountants create company specific plans, so our clients know their family-owned business is secure. We proudly serve, but do not exclude, Long Island and the Greater New York Area.

What is a fiduciary?

A fiduciary is a person or institution given the power to act on behalf of another in situations that require great trust, honesty and loyalty. Fiduciaries include accountants, attorneys, bankers, business advisors, financial advisors, mortgage brokers and real estate agents. These individuals act in another person’s best interest by setting aside their own interests. Other types of fiduciaries include executors, trustees and surrogates.
One of the fiduciary’s major duties is to ensure federal and state taxes and other financial obligations are paid before the estate or trust is passed to the heirs. At DeFreitas & Minsky CPA, our fiduciary tax planning and preparation services will provide a path to greater financial health for all parties involved.
The fiduciary of an estate must file Form 1041 if the estate had more than $600 in taxable income. With trusts, the fiduciary must file Form 1041 if the trust had any taxable income.

Our fiduciary tax planning and preparation services

  • Structuring trusts and foundations for comprehensive wealth transfer planning
  • Assisting individual trustees and executors with fulfilling their roles and responsibilities
  • Assisting tax-exempt entities with compliance
  • Tax compliance for trusts, estates and foundations
  • Trust and estate administration
  • Structuring gifts, bequests and beneficial transfers to charitable organizations

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One of our certified public Accountants
Get Help With Your Taxes Now

Speak to One of Our Certified Public Accountants

Get Help With Your Taxes Now
Testimonial

WHAT OUR CLIENTS ARE SAYING!

DeFreitas & Minsky maintains high standards, produces detailed information and gets involved with our company so they can understand the operation on a more personal level. The information they provide is always accurate and current. We have been with them for more than 30 years!
Pamela
PamelaSyosset Truck Sales Inc.
4 years agoThis is my second year filing my taxes with DeFreitas & Minsky. I was referred by a friend. Honestly, It’s a blessing sent. Everyone there is professional and knowledgeable about tax codes. They even keep me abreast via email whenever there’s a new tax law and what it entails. I feel safe and sound when doing business with them.
Junior Prophete
Junior Prophete
True professionals and attentive to all of my needs. Manny, Melissa, and Michael are all super helpful. They took the time to help me with my taxes, financial planning, and estate tax needs. I highly recommend them.
Deena Polsinelli
Deena Polsinelli
We’ve been working with Manny for the last 10 years. Whenever we have a question he’s there and if he’s in a meeting during Tax Season (it happens), Jay is always there. Thank you Gentlemen.
Thomas Jacoberger
Thomas Jacoberger
FAQ

Frequently Ask Questions.

Fiduciary tax planning involves handling tax matters for trusts, estates, and other fiduciary entities, ensuring compliance and tax efficiency.

Individuals or entities acting as trustees, executors, or guardians typically require fiduciary tax services.

Fiduciaries are responsible for filing appropriate tax returns, managing tax payments, and maintaining accurate records for the entity they represent.

Fiduciary taxation involves different tax rates, deductions, and filing requirements specific to trusts and estates.

Fiduciary taxation involves different tax rates, deductions, and filing requirements specific to trusts and estates.

Yes, fiduciaries can be held personally liable for errors or omissions in tax matters under their management.

Our firm offers expert fiduciary tax planning services to ensure compliance and optimize tax efficiency for trusts, estates, and other fiduciary entities.

Non-compliance can result in penalties, interest charges, and legal issues for the fiduciary.

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