Service:
Tax Preparation
Client:
Trust & Estate
Duration:
8 weeks
Date:
May 25, 2025
Many Steps, Little Time
The trustee was new to the role and staring at a pile of scattered records—old brokerage and bank accounts, a mid-year sale, missing 1099s, and questions about what counted for the trust versus the estate. The step-up in basis wasn’t clear, some lots were bought before and after the date of death, and the filing deadline was getting close. On top of that, family members needed accurate K-1s for their own returns, which meant every number had to tie out the first time. In short: gather everything, confirm basis, sort deductions properly, and file a clean 1041 on time—without turning a hard season into a harder one.
Turning Records into a Clean Return
1. Document & Records Intake
Mapped every account and statement; created a simple checklist for the trustee.
Collected 1099s, brokerage activity, expense receipts, and prior returns through SmartVault.
2. Basis & Transactions Verification
Confirmed date-of-death values and step-up basis with custodians; tied lots to statements.
Reconciled sales, dividends, interest, and fees to ensure totals matched source records.
3. Return Preparation & Review
Prepared the 1041 with correct capital gains, deductions, and Distributable Net Income (DNI).
Held a plain-English review meeting; performed a second accuracy check before e-file.
4. Delivery & Aftercare
Issued K-1s early to beneficiaries; provided e-file confirmations and a tidy archive.
Gave the trustee a short “next year” guide and a calendar to avoid last-minute scrambles.
SmartVault in Action:
A Return Done Right
Final 1041 filed on time; beneficiary K-1s delivered 2 weeks early.
Zero amendments required—basis and lots tied to custodial statements.
Lower balance due by correctly classifying expenses and capturing allowable adjustments.
Secure SmartVault archive and a simple next-year checklist for the trustee.
“De Sensi & Associates helped us find clarity in our estate filings and kept our family aligned throughout. They didn’t just explain forms—they built a simple checklist and the steps to finish. Their steady approach built confidence, eased stress, and gave us the momentum to file on time. The results—and relief—speak for themselves.”
Adrian B
Trustee
