Fiduciary accounting, or accounting for a decedent’s estate during probate, can be a challenging and confusing task. State law, general accounting procedures, and tax rules all have a role to play and things get more complicated if trusts are involved. In this session we will discuss the general approach to accounting for a decedent’s estate with and without trusts. We will identify the different approaches needed in circumstances where the decedent dies with and without a will, including the use of revocable living trusts as a testamentary vehicle. 

Learning Objectives:

•The probate process used to settle decedent’s estates

•Differentiating the probate estate from the taxable estate

•Understanding community property rules

•How to determine which state’s rules apply

•The procedure for rendering accountings and making distributions

•Dealing with assets in trust

•The estate and income tax rules that may come into play