Accountant in Oakleigh

 

A trust is created when a person (settlor) transfers legal ownership of assets to a certain person(s) (trustees), to be held on trust for the benefit of one or more named beneficiaries.  Trusts are a popular asset management and planning tool, and there are several types of trusts with different purposes. Accountant in Oakleigh  Whether you’re opening a business for the first time or looking for guidance, the world of accounting and tax can be complicated and time-consuming. We are here to guide you through all of the legal bureaucracy and state restrictions, leaving you to focus on your core business operations. Precise management reports, internal controls and support in budgeting and ad-hoc reporting tasks. From small local businesses through to large, international organizations, we work with clients across a number of different industries, all with their own unique accounting needs and practices. At its most basic level, Trust Accounting is simply bookkeeping of trust accounts in accordance with state requirements. These requirements vary from state to state, but they have a few rules in common. Namely, there is to be no comingling of client funds with the lawyer or law firm’s funds, and maintaining accurate records is a must. A trust is the transfer of assets to a trustee to manage during or after the death of the maker. The trustee must manage the property to reap the most benefits for the named beneficiaries or heirs within the control of the trust. Just like a will, the trust must be created during one’s lifetime. However, unlike a will, a trust can be effective during the lifetime of the maker.