Fiduciary Accounting Part 2: Tools, Rules and Relationship to Tax 2024

Overview

To properly account for estates and non-grantor trusts, an advisor must understand the statutory requirements to account, the proper classification of revenue and expenses in a chart of account and the importance of provisions in the estate planning document. Additionally, the differences and similarities to fiduciary taxation must be understood.

Highlights

• Setting up a chart of accounts • Reviewing the estate plan • Distinguishing between “income” and “principal” • Understanding the relationship of fiduciary accounting to fiduciary taxation

Prerequisites

Fiduciary Accounting Part 1: Fiduciary Duty Basics & Authority - UPIA (UFIPA) 2023

Designed For

CPAs and financial professionals.

Objectives

• Determine fiduciary accounting from the entity’s financial records • Recognize whether a receipt or disbursement is income or principal • Identify the distribution provisions in the estate plan

Preparation

None