HOFFLERSMITH FINANCIAL – ESTATE & TRUST TAX EXPERTS
Estate & Trust Tax Planning in New Jersey
Effective estate and trust tax planning protects your wealth, minimizes your tax burden, and ensures your assets pass to your beneficiaries according to your wishes. HofflerSmith Financial Services provides estate and trust tax preparation and planning services for individuals and families in Cherry Hill, NJ and throughout South Jersey.
We prepare fiduciary income tax returns (Form 1041) for estates and trusts, the decedent’s final individual tax return, and New Jersey inheritance tax returns when applicable. We coordinate with your estate attorney to ensure all deadlines are met and liability is minimized.
Trust Tax Return Preparation & Planning
Trusts are taxed at compressed rates — reaching the highest federal bracket at just $14,450 of income. We prepare annual Form 1041 returns, advise on distribution timing, review trust documents for planning opportunities, and coordinate with your trustee and estate planning attorney.
New Jersey Inheritance Tax
New Jersey’s inheritance tax applies based on the relationship between the decedent and beneficiary. Transfers to spouses, parents, children, and grandchildren are exempt. However, transfers to siblings and unrelated individuals are taxed at 11% to 16%. Proper planning can minimize or eliminate this tax.
Get Started with Estate & Trust Tax Planning
Whether you need help filing a trust return, administering an estate, or planning ahead to protect your wealth, HofflerSmith Financial has the expertise to guide you.
Call (856) 740-4912 or schedule a discovery call.