The case for preparing annual estate accounts

It’s prudent for executors and trustees to hire an expert to prepare the estate accounts and the trust tax return at the same time, says Avi Dahary, founder of AccounTrust.

“Retaining an accountant who specializes in both estate accounting and tax matters is the most efficient route because the same information that’s written up in the estate or power of attorney accounts could be utilized to prepare personal or estate trust tax returns,” he tells AdvocateDaily.com.

“Many people simply think about filing the tax returns but they don’t think about it from a legal perspective. Abiding by tax regulations is really only half of the equation.”

AccounTrust specializes in estate accounts preparation in Ontario court-passing format, as well as various estate and trust tax-related matters. The firm helps executors, guardians or those acting under a power of attorney to fulfill their fiduciary roles in an efficient, cost-effective and stress-free manner.

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