Fiduciary Clients

Schmidt & Associates prepares simple and complex Fiduciary Income Tax Returns and can prepare returns required by states other than California. This includes tax returns for Probate Estates, Conservatorships, Special Needs Trusts, Grantor Trusts, Simple Trusts and Complex Trusts. We are available to guide you in gathering the necessary information to prepare the returns. We do not audit the data which you submit to us, however, we may ask for clarification.

Trust accountings provide the taxpayer with all the necessary information for Trust Administration and preparation of a Fiduciary Income Tax Return. The accounting will provide beneficiaries with transparency regarding the administration of the trust. These accountings properly allocate income and principle in accordance with the trust agreement and the California Probate Code. We prepare these accountings from the records provided by the client and are available to assist you in gathering the necessary records by providing a checklist of records needed. Trust accountings are presented with all the necessary schedules and a summary of account. If needed we can provide accountings in the proper format required by the California court system.

Reconstructive accountings can be prepared years after the beginning date of the trust administration.. Often this occurs when there is litigation due to beneficiaries questioning how the trustee has administered the trust. With records provided by the client we can objectively reconstruct what has occurred during the accounting period in question. We do not audit the data which you submit to us, however, we may ask for clarification.

Schmidt & Associates prepares conservatorship and guardianship accountings in the proper court format with all the necessary schedules required by the court. We prepare these accountings from the records provided by the client and are available to guide you in gathering the necessary records by providing a checklist of records needed.

If the trust agreement recommends or requires that assets on hand split into multiple trusts when the trustor passes away, we can assist you in calculating the gross value of the assets and recommend an objective split of assets based on the trust agreement. We prepare the split of assets based on the information regarding the assets on hand provided by the trustee. We can also provide the date of death value for stocks and bonds as of the date of death.