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https://accountingsolutionsltd.com/accounting-articles/estate-and-trust-accounting/Updated July 21, 2015 Almost twenty years ago, I picked up my first estate and trust accounting case. I went to a small private high school on Chicago’s North Side, and one of my friends father’s had just passed away. We hadn’t spoken since my junior year at DePaul, and it was great to hear from my friend even if under such difficult circumstances. His Father had passed away leaving a significant estate. A trust had been set up for my friend. The family accountant had just done a preliminary estate tax return. And it just didn’t look right to my friend. I asked him to bring it in along with the returns that had been done on his trust for the past couple of years. It turned out that if he had filed that estate tax return, the estate would have significantly over paid on its taxes. Several completely conservative deductions had been missing. We have handled all of the accounting for the family since then. What many clients do not realize is that estate and trust accounting is a specialty in the accounting industry. Just because you have letters behind your name, does not mean that you know how to do this work properly. If you are having problems with your Estate and Trust Accounting or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at [email protected] Additional Accounting Articles and information on my firm can be found at www.AccountingSolutionsLtd.com
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