"Qualified Beneficiaries" Archives

Fiduciary Accounting: Prepare it When You do the 1041 and Avoid a Lawsuit Later

By Julia Thomas | January 24, 2011

Most individual trustees are not aware of their obligation to provide beneficiaries with an annual trust accounting. Simply getting the trust’s income tax return prepared is not enough; that satisfies the IRS, but not the Florida statutory requirement of an accounting. A trust accounting, also known as a fiduciary accounting, is a detailed report of…

Designated Representative: Section 736.0306 of the Florida Trust Code

By Julia Thomas | January 3, 2011

Florida Statute 736.0306 allows a settlor of a Florida trust to appoint a “designated representative” to receive notices, information, accountings, and reports on behalf of the trust beneficiaries. Information given to the designated representative serves as a substitute for, and has the same effect as, sending such information to the beneficiary directly, and actions taken,…

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Posts Tagged ‘“Qualified Beneficiaries”’

Fiduciary Accounting: Prepare it When You do the 1041 and Avoid a Lawsuit Later

Designated Representative: Section 736.0306 of the Florida Trust Code