Detail Providing Guidance to Executors and Trustees   Oleh:  Wilson, Douglas D. Jenis: Article from Bulletin/Magazine Dalam koleksi: Journal of Accountancy vol. 183 no. 4 (1997), page 37-44. Topik: Trust; guidance; executors; trustees Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel Over the next 20 years the largest transfer of wealth in the United States will take place as baby boomers inherit their parents wealth. Cornell University economists Robert B. Avery and Michael S. Rendall estimate that boomers will inherit $4.8 trillion through the year 2015. Most of this wealth will be transferred through probate proceedings and a variety of trusts established under parents estates. Executors and trustees will be responsible for managing the wealth transfer process. Estate and trust administration has long been the domain of banks and trust companies. However, a clear trend has developed over the last decade toward naming individuals as executors and trustees. Many of these individuals - lacking the experience and expertise necessary to administer an estate or trust properly - have no idea of what this responsibility involves. Once they discover the difficulties and personal liability that come with serving as an executor or trustee, the informed individual fiduciary will seek professional help. But that help may not come from the attorney who prepared the will or trust. Some attorneys hesitate to advise executors and trustees because of the potential conflict of interest and ethical problems associated with the question of who they represent - the fiduciary, the estate or trust or the surviving spouse. CPA s are in a unique position to provide professional services to individual fiduciaries. The accounting profession apparently agrees, as evidenced by Accounting Todays survey of the top 100 CPA firms, which ranked estate, trust and gift matters as the third highest area of growth. CPA s have the technical and business expertise required to help clients manage estates and trusts. They also have the ability to interact on a professional level with lawyers, financial planners, other accountants, insurance agents, realtors and members of the decedents family. In addition, CPA s must adhere to the American Institute of CPA s Code of Professional Conduct, which parallels in many ways the standards of conduct under statutory and common law that apply to executors and trustees (see the exhibit). While CPA s themselves have no fiduciary duty, they can advise individual executors and trustees about the applicable standards of conduct for individual fiduciaries. Understanding and abiding by these standards is essential to acting as a fiduciary and avoiding personal liability. Individual fiduciaries need professional help in several critical areas of estate and trust administration to get the job done. They include : 1. Fiduciary accounting. 2. Preparation and filing of tax returns. 3. Tax elections. 4. The funding of the marital and credit shelter trusts. These areas, described below in greater detail, clearly fall within the purview of the CPA profession. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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