Fiduciary Accounting


Schmidt & Associates prepares trust, estate, probate, conservatorship, guardianship accountings, and if required to be filed with a court, are presented in the proper court format with all the necessary schedules and a summary of account. All accountings not required to be filed with the court are presented in regular trust accounting format. All trust and estate accountings are prepared in accordance with the California Probate Code, as amended, and the Revised Uniform Principal and Income Act contained in said Probate Code.
Annual trust accountings provide the taxpayer with all the necessary information to prepare the fiduciary and/or individual income tax returns. By providing heirs with accountings, litigation can be avoided. Schmidt & Associates prepares trust, estate, and reconstructive accountings from the accounting records provided by the client and can assist and guide the client in the gathering of the necessary records by providing a check list of the records needed.
The accountings prepared keep track of income, expenses and distributable net income due to the beneficiaries. These accountings also properly separate income and principal in accordance with the trust agreement and the California Probate Code.

Reconstruction Accounting


Reconstructed accountings can be prepared years after the death of the first spouse when it is discovered that the family trust was never split into the Survivor's, QTIP and Bypass Trusts. After an allocation of assets is approved by the client, Schmidt & Associates will trace the assets allocated to the QTIP and Bypass Trusts by reconstructing an accounting from the date of the first death using records provided by the client. In this case, the tax savings on the second death can be substantial.