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. Be sure to register for all four parts: Fiduciary Accounting Part 1: Fiduciary Duty Basics & Authority Fiduciary Accounting Part 2: Tools, Rules and Relationship to Tax Fiduciary Accounting Part 3: Special Accounting Elections & Distributions from Entities Fiduciary Accounting Part 4: The New Frontier (Total Return Trusts)
Learning 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
Major Topics
• Setting up a chart of accounts
• Reviewing the estate plan
• Distinguishing between "income" and "principal"
• Understanding the relationship of fiduciary accounting to fiduciary taxation
