Estates and Trusts

Trusted Guidance for Complex and Sensitive Tax Matters

When it comes to estates and trusts, accuracy, experience, and compassion matter. At Maine Accounting Solutions, we provide reliable tax preparation and advisory services for trustees, executors, attorneys, and beneficiaries. Whether you are navigating the responsibilities of administering a trust or managing the affairs of a loved one’s estate, our team is here to help you meet your obligations with clarity and confidence.

We bring the knowledge and professionalism needed to handle sensitive matters while ensuring compliance with federal and state tax laws.

Estate Tax Services

Handling a decedent’s final tax matters can be emotionally and logistically overwhelming. We are here to ease the burden. Our estate services include:

• Preparation and filing of the final personal income tax return (Form 1040)

• Filing of estate income tax returns (Form 1041)

• Identification and reporting of estate income, expenses, and distributions

• Coordination with attorneys and financial advisors

• State-level estate and inheritance tax compliance (as applicable)

We walk you through every step to ensure filings are accurate, timely, and properly documented—giving you peace of mind during a difficult time.

Trust Tax Services

Trusts can be powerful tools for managing and preserving wealth, but they come with specific tax reporting requirements. We help both grantors and trustees understand their obligations and file with confidence. Our trust services include:

• Preparation of fiduciary income tax returns (Form 1041)

• Income distribution calculation and beneficiary reporting (Schedule K-1)

• Determination of grantor vs. non-grantor trust status

• Assistance with recordkeeping and year-end reporting

• Coordination with financial institutions, attorneys, and investment managers

Whether you are overseeing a simple family trust or a more complex arrangement, we provide dependable support tailored to your situation when overseeing trusts.

Guidance for Executors and Trustees

As an executor or trustee, you are legally responsible for managing and reporting the financial affairs of the estate or trust. We will help you:

• Understand your fiduciary duties

• Track and document income, distributions, and expenses

• Meet state and federal tax filing deadlines

• Communicate effectively with beneficiaries

• Avoid common errors and costly penalties

You do not need to do this alone. We will work with you and your advisors to ensure the estate or trust is handled professionally and in compliance with all regulations.

Tax Planning for Estates and Trusts

Proper planning can help minimize the tax burden on an estate or trust and protect the financial legacy intended for beneficiaries. Our team provides forward-thinking tax planning services, including:

• Strategies to minimize income or estate taxes

• Planning for charitable giving or asset transfers

• Establishing new trusts in coordination with your attorney or advisor

• Tax guidance for high-net-worth families and blended family structures

We take the time to understand your goals and offer personalized advice to help preserve assets and support long-term financial outcomes.

Why Work With Us

• Experienced Team: Over seven decades of combined experience in complex tax matters

• Collaborative Approach: We coordinate with your attorneys, financial advisors, and other professionals

• Compassionate Service: Sensitive to the emotional nature of estate matters

• Up-to-Date Knowledge: We stay current with evolving IRS rules and tax law changes

• Clear Communication: No guesswork—just thoughtful guidance every step of the way