Estate Planning & Administration

Administration

 

The administration of an estate can be an emotional process for all involved, particularly if complications arise.  For the lawyers and executors, this administration (collecting and managing a deceased’s assets) can often suffer lengthy delays depending on the circumstances.

 

At Famlonga Business Services we can help simplify the taxation component of estate administration – leading to a speedier resolution of the payment of the deceased’s debts and distribution of the estate assets to beneficiaries.

 

Our promise

 

We can assist you with all accounting and taxation matters relating to estate administration.

 

How will we deliver on our promise?

 

• Simple to use forms covering core tax requirements for an estate

• Providing the answers to tax questions you have as the executor of the estate

• Identifying the executor’s tax responsibilities

• Arranging tax returns for the deceased up to the date of death

• Locating the missing Tax File Number for the deceased and liaising with the ATO

• Applying for the TFN for the estate

• Preparing and lodging tax returns for the estate

• Advising on withholding tax obligations of the estate

• Taking care of tax and accounting requirements of a testamentary trust

• Taking care of tax, accounting and Centrelink requirements of a special disability trust 

 

What will you walk away with?

 

You’ll walk away with peace of mind knowing that all the estate tax obligations have been met.

 

Estate Planning

 

There is a big role for accountants in assisting in estate planning as we are often the best equipped to understand a client’s structures and know the history of the structure and relationships. This is critical information for successful estate planning. It is important to involve both your accountant and a legal practitioner and adopt a team approach to ensure the most desired outcome.