Description

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.

Target Audience

CPAs and financial professionals.

Course 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

Subjects

• 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