Tax Tips Accounting Firm NJ Lefstein-Suchoff, CPA & Associates, LLC

Lefstein-Suchoff CPA & Associates, LLC offers record keeping and accounting services to the Guardian and to the Estate. We can help promote efficiency and compliance and assist you with your fidiciary responsibilities. We service attorneys, guardians and executors.

Guardianship is a court process by which a person is given custody of an individual or authority over their property. Typically, an appointment as guardian requires the filing of a petition and approval by the court.

Records - As guardian, you must keep complete and accurate records of each financial transaction affecting the estate. The court generally requests an accounting of all money and property you have received, what you have spent, the date of each transaction, and its purpose. This typically must be done in a format that complies with all state and local rules when filing an accounting to the court.

Accountings - As guardian of the estate, you probably must file a petition requesting that the court review and approve your accounting each year or so, depending upon the the county or city in which they reside. aLefstein-Suchoff CPA & Associffers record keeping and accounting services to the rdian.
II ESTATE ACCOUNTING AND TAX PREPARATION

There are different types of accountings that may have to be prepared throughout the estate planning and probate process. While there are many similarities, each type of accounting has special requirements which must be carefully observed.

1. Probate Accounts. Those accounts required to be filed in Probate Court for probate estates. Itemized statement of all receipts and disbursements during accounting period are required along with a detailed statement of all holdings at the end of the accounting period.

2. Principal and Income Accounting. The Uniform Principal and Income Act that is used in a majority of states provides guidelines for preparing an accounting for the court or for the beneficiaries.

3. Tax Accounting. Depending on the size of the estate, it may be necessary to file an state Estate tax return and a Federal Estate tax return. It will also be necessary to file final income tax returns for the decedent. Depending on the circumstances, you may also have to file Federal and state trust or estate tax returns.