Fiduciary Accounting for Estates and Trusts

Overview

Financial accounting for trusts and estates is one of the least understood branches of accounting. It is not particularly concerned with recording income and expenses but is obsessed with determining whether receipts and expenditures are assigned to income or principal/corpus. This course will dive into this tricky area and provide a reporting guide for fiduciary accounting.

Objectives

• Apply a working knowledge of the financial accounting rules for estates and trusts
• Identify planning and potential pitfalls

Highlights

• 10 Principles of Tax Accounting for Trust Income
• Entity accounting income and Form 1041
• Uniform Principal and Income Act
• Discretionary Power to Adjust
• Allocations between principal and income
• Trust accounting issues