Trust & Trustee Services

A trust is a legal arrangement whereby a third party (trustee) holds assets or title to property on behalf of a beneficiary or beneficiaries. Trusts are often created for the ease of distributing property to heirs, creditor protection, charitable giving, to avoid probate or to assure the financial affairs are administered in accordance with their wishes when they are no longer capable of doing so.
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Our clients work with many professionals when establishing a trust including estate planning attorneys and financial planners. Consultation with Felsing LLC allows our clients to clearly define their intent and the tax ramifications to their beneficiaries. Carol Felsing is often appointed by the courts to serve as a trustee when either the current trustee has been removed or is unable to serve. Our firm will also prepare trust accountings suitable for distribution to the beneficiary or submission to the courts.

Services

Trust Accounting
The accounting is a way for trust beneficiaries to verify how the trustee is managing trust property, how trust funds are being spent, distributions by the trust, and the amount of income being earned on trust property.
Trust & Fiduciary Service
We assist trustees to perform the necessary administration of a trust, including required accounting to beneficiaries, tax returns and bill payment. Carol Felsing will serve as trustee for clients and has also been appointed by the courts to serve as trustee for those fiduciaries that are involved in litigation.
Litigation Support
Felsing LLC provides litigation support services and expert witness with respect to trust litigation involving trust accounting and administration.
Trust Tax Return
Felsing LLC prepares annual Form 1041, U.S. Income Tax Return for Estates and Trusts, for various trusts, i.e. revocable, irrevocable, intentionally defective grantor trusts, generation skipping trusts, estates, exempt and non-exempt trusts.
Estate Tax Return
Felsing LLC prepares form 706, U.S. Estate Tax Return, working closely with the executor and legal counsel. Felsing LLC also has experience representing an estate through an IRS exam.