COURT ACCOUNTING WORKSHOP - DIY TRAINING for TRUSTEES, CONSERVATORS and EXECUTORS. YOU CAN DO IT ! скачать в хорошем качестве

COURT ACCOUNTING WORKSHOP - DIY TRAINING for TRUSTEES, CONSERVATORS and EXECUTORS. YOU CAN DO IT !

Please call our office for additional information on Court Accounting, Estate Planning, Wills Trusts and estates as well as Probate cases. We also do a lot of income tax preparation for individuals, estates, real estate investors and business entities. Questions or comments? Call Rex Crandell Firm at 800 464-6595 or 925 934-6320 State laws require legal trust accounting for probate cases, conservator cases and revocable and irrevocable trusts. Your beneficiaries should be kept reasonably informed regarding the trust and its administration if you have a trust account for an estate or trust. At least once a year, as well as at termination of a trust and whenever the trustee changes, trustees are required to inform beneficiaries about the assets in trust and how they have been used. HOW OFTEN DO TRUSTEES NEED TO ACCOUNT? California Probate Code §16,062 gives beneficiaries the right to demand an accounting at least annually from the trustees. Trustees must also provide an accounting within 60 days if a trust beneficiary demands an accounting in writing. WHAT IS TRUST ACCOUNTING INCOME? “Trust accounting income” formula is one of the methods used to determine how much income is available for distribution to beneficiaries by the trustee. A trust’s TAI is calculated by adding all sources of income together and subtracting all expenses. The TAI formula will also be used to prepare the tax returns of the trust in certain circumstances. WHO IS RESPONSIBLE FOR TRUST ACCOUNTING? California law requires a trustee to report annually to current trust beneficiaries, i.e., those currently entitled to receive income and principal distributions. Other than the settlor(s) of the trust, all trustees are responsible for account keeping. As a trustee, trust accounting is extremely important. In case you need assistance completing your legal tasks within a given timeframe, trust accounting is an absolute necessity. Keeping an attorney on board keeps the trustee in check while also protecting him from such liabilities by ensuring legal procedures are followed. An accounting must, for example, be accompanied by a legal notice, so beneficiaries are aware that they may dispute the accounting within 180 days of receipt. If the trustee petitions the court for approval of the accounting and notifies all beneficiaries, this time can be shortened to 30 days. In the absence of accounting, the trustee remains liable for future court actions. In case of court approval, a trust accounting should meet the California Probate Code’s requirements too — an attorney should look over the accounting to ensure compliance with the state law. It is important to note that accountings for trusts in California are governed by the California Probate Code, separate from tax or financial accountings prepared by a certified public accountant. A balanced trust accounting is one where the charges equal the credits. Rex L. Crandell Firm Walnut Creek Office 3000 Citrus Circle Suite 207 Mail: P O Box 30305 Walnut Creek, CA. 94598 (925) 934-6320 (800) 464-6595 Fax: 925 934-6325 E-Mail: rexcrandell@astound.net Questions or comments? Call Rex Crandell Firm at 800 464-6595 or 925 934-6320 If you enjoyed this video, here are a few ways you can support the growth of our channel    / @estateplanningcalifornia   👍 Give it a thumbs up! Your vote means the world to us and greatly contributes to our channel's development. 💬 Leave a comment or ask a question about Wills, Trusts or Estate Planning. We love engaging with our viewers and will be delighted to respond to your questions. 📢 Share this video so your friends and family can join in on the excitement and learn more about Estate Planning in general. 🔔 Don't forget to subscribe to our channel and hit the bell icon to stay updated with our latest videos featuring helpful information in Estate Planning. Thank you for your attention! We truly appreciate your support. #court #accounting #LegacyPlanning #EstatePlanning101 #WillsAndTrusts Follow Rex Crandell Firm on social media: Instagram:   / rexcrandellfirm   Facebook:   / rexcrandellfirm   Yelp: https://www.yelp.com/biz/rex-crandell... Website: https://www.rexcrandell.com/ Newsletter: http://taxrexcrandell.com/ Want to learn more about Estate Planning in California? COMPREHENSIVE ESTATE PLANNING: "Don't Leave Earth Without It" by Rex Crandell is available on Amazon - https://www.amazon.com/Comprehensive-... Subscribe to our YouTube Channel for informative videos on Estate Planning and Income Tax: "ESTATE PLANNING CALIFORNIA / Rex Crandell Firm"    / @estateplanningcalifornia