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.