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The Benefits of Working with a Professional Estate and Trust Accountant in Mississauga

A group of skilled experts offering estate and trust accounting in Mississauga is essential when carrying out an estate strategy. An accountant is an expert on taxes and other financial matters. An estate planning attorney is a legal expert who can draft documents. Accountants' attention to detail is useful while creating and carrying out an estate plan.

Trust Accounting

Documentation is created using the trust accounting process to display the full financial picture. It details how assets were acquired, distributed, and used as well as how money was received, spent, and used, as well as the balance at any given time. It is the fiduciary duty of executors, trustees, and powers of attorneys who have agreed to manage the affairs of others to provide accurate reporting.

 estate and trust accounting in Mississauga
estate and trust accounting in Mississauga

Formal trust accounting is done through a process known as the "passing of accounts.” Informal trust accounting might take the form of a straightforward written letter describing information. The accounts are created using the format specified by the court and given to the judge for review.

Kulbak Trust can help you get the maximum benefits of estate and trust accounting in Mississauga. Contact us today.

When and where are professional estate and trust accounting required?

When beneficiaries reject the informal accounts and refuse to sign a release, official trust accounting record keeping is necessary. Beneficiaries may ask for a formal trust accounting if they are unhappy with how the affairs have been handled. If the beneficiaries of the assets being managed lack the mental capacity to execute a release, proper trust accounting passage of accounts must be secured to obtain court approval.

Tax planning

Accountants can identify tax problems. An accountant and an estate planning lawyer should be engaged if you are concerned about estate or inheritance taxes. In addition, a final income tax return for the dead person must be completed if they were a family member.

If the deceased had a considerable amount of assets and was married, an accountant can apply for portability with the IRS. It preserves the lifelong tax exemption of the deceased spouse for the surviving spouse.

Business succession planning

To decide whether they want the business terminated, sold, or passed to family members upon their passing, small business owners should create a business succession plan. Accountants can assist in creating a plan that meets their goals and reduces tax implications. They can also estimate the company's value. It is important if they decide to sell their shares at some point in the future.

Financial management

Accountants can assist you navigate the best method to manage your 401(k) and IRA distributions. This can maximize your savings and reduce your tax liability. Inherited IRAs should be placed into an inherited IRA. Traditional IRAs should be distributed to the beneficiary or transferred into an inherited IRA.

Gifting assets

You must submit a gift tax return to the IRS if you're thinking about giving a big gift to someone who isn't your spouse. There are numerous ways to donate, including outright at death, by setting up charity annuities, or by utilizing specific trusts, if you are thinking about including charitable gifts in your estate plan. When developing your plan, accountants can advise your estate planning attorney on the most financially advantageous approach to make these donations.

Handling trust

Administration of trusts can be challenging, particularly during tax season. A licensed accountant can assist trustees with financial advice and the creation of necessary trust tax filings. Additionally, if you are having trouble coming up with a candidate to act as trustee for a trust, accountants may be a good option.

However, due to the potential conflict of interest and liability, many accountants might decline to participate. If you are thinking about asking your accountant to be a trustee, talk to them directly.


Keep in mind that resolving estate planning Mississauga issues effectively requires a team effort, with an accountant playing a key role. If you have any questions, don't be afraid to seek tax or financial management guidance. Let us help you navigate the problems and come up with a strategy that works for your estate planning Mississauga.



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