Fiduciary Accounting Services
As an executor or trustee you are considered the Fiduciary. The Fiduciary is obligated to account for all assets, expenses and other financial matters related to the estate or trust. McKinnon Patten & Associates LLC, a Dallas CPA firm, is well equipped to handle accounting matters and prepare fiduciary accountings for estates, trusts, guardianships, conservatorships and more.
In our experience, accounts can include a wide range of assets including cash, real estate holdings, family limited partnerships, businesses and investments. It’s critical that you have a financial professional who understands how to manage these assets to preserve principle and generate income.
By outsourcing your fiduciary accounting needs to us, not only will we ensure the accountings are in compliance with the probate guidelines set by the governing state, but we will also ensure they are prepared in such a ways as to meet all the court requirements.
We understand how time consuming administration of the conditions set forth in the governing documents can be. With our assistance you will have more time to manage the trust, meet with clients, report to beneficiaries, manage investments and more.
Our fiduciary accounting services include:
- Ensure guidelines outlined in the governing document are being met
- Prepare financial reports required by your state
- Prepare fiduciary accountings for estates, trusts, conservatorships and more
- Track investment performance and provide reports
- Tax planning to minimize taxes for an estate, trust or beneficiary
- Capital gains and losses
- Prepare cash flow reports, income statements, balance sheets
- Prepare documents releasing you from liability as a fiduciary
- Calculate fiduciary commissions
- Allocate assets and transactions for beneficiaries and prepare schedules
- Record and classify receipts and disbursements for tax and accounting purposes
- Record capital changes
- Allocate transactions between principle and income
Let us know how our Dallas CPA firm can help you with your trust and estate planning, fiduciary accounting and tax planning needs. Call us today at 214-696-1922 and ask for Mark Patten to arrange a consultation.