Accountant in Oakleigh

 

The trustee must manage the property to reap the most benefits for the named beneficiaries or heirs within the control of the trust. Accountant in Oakleigh  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. A trust that is effective during life is called an inter vivos trust while a trust that is effective only afterlife is a testamentary trust. This separation of expenses will help determine the proper treatment for tax and accounting purposes. If there are business expenses carried on by a trust, these expenses must be identified and offset against income when it comes to the calculation of overall business profits. Expenses that are related to a certain type of income need to be recorded separately as well. For example, expenses related to owned or rental property in a trust must be recorded separately. The expenses will be offset against the rent received from the property to calculate the net income. Whether you need personal financial statements prepared to obtain financing for your next business venture or you simply need to outsource your trustee duties, SS&H professionals will provide you with the guidance and information you need. Compiling annual trust accounting can be required for by trust documents or probate code. These formal documents keep each beneficiary informed of the status of the trust accounts and activities.