Inevitably, all property accumulated during one's lifetime must be transferred either during life or at death. In fact, record amounts of personal wealth will transfer to the next generation in just the next 10 years alone! Estates and trusts are two of the vehicles by which people can transfer their wealth, and they are two more reasons why clients need your expertise.

Practitioners now have an increasing opportunity to provide services relating to estates and trusts. While some practitioners will actually serve in the role of fiduciary, most will be involved with providing accounting and tax services. This Guide covers the accounting, reporting, and fiduciary considerations accountants need to know in order to be prepared to offer estate and trust services.

It includes:

• Helpful discussion on what is an estate or trust and how it is created and terminated.
• Critical guidance to easily determine which authority applies--governing documents, statutes, courts, etc.--when accounting for estates and trusts.
• Step-by-step guidance on the financial information that should be presented to make a fiduciary accounting to the courts or other interested parties.
• Practical examples of how to account for the activity occurring in an estate or trust and how to determine the appropriate basis of accounting.
• Analysis of the Uniform Principal and Income Acts and their relevance to the will, trust agreement, and fiduciary accounting.
• Extensive discussions on when a report is required, reporting options, and the issues relating to serving as a fiduciary.

Some of the important new features in the 2008 Edition are:

• Fiduciary Accounting. What constitutes fiduciary accounting income and governs proper allocation of principal and income is generally defined in state laws derived from the Uniform Principal and Income Act (UPIA). Most states have now adopted the 1997 UPIA. We have updated our discussion this year for the July 2008 amendments to the UPIA relating to retirement plans and income tax allocations
• Engagement Reporting and Performance Update. We have revised the text to provide you with critical information and the most up-to-date guidance on estate and trust reporting and engagement performance issues
• Accounting Update. There are no specific accounting standards directly addressing fiduciary accounting. However, generally accepted accounting principles do provide an authoritative basis upon which to make reporting and disclosure decisions when providing an accounting to the court, beneficiaries, and others. We've updated the discussion of FASB accounting developments that may impact fiduciaries and accountants when preparing an accounting for an interested party in a traditional format, including SFAS No. 162, The Hierarchy of Generally Accepted Accounting Principles, as well as the status of certain ongoing projects.
• Practice Aids. Your 2008 Guide includes updated practice aids, including revised engagement letters and compilation procedures checklist that will allow you to effectively implement new professional standards.

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