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Fiduciary Accounts: Soup to Nuts

Learn the fundamentals of opening, maintaining and managing fiduciary accounts.

This topic will focus on the truly collaborative nature involving multiple parties each with their own roles and responsibilities. The topics will include a description and identification of the various types of fiduciary accounts their differences and commonalities. Fiduciary accounts have one thing in common. They are all controlled by some form of documentation. Obtaining a clear understanding of the document's pertinent provisions is an essential first step for all of the involved parties. This topic will teach you how to analyze, understand and quickly recognize the controlling document's most important provisions and relevance.

Runtime: 91 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Is a Fiduciary Account and When Is It Needed?

  • Savings or Deposit Account the Funds of Which Are Owned by One Party but Are Managed by Another (Such as an Agent, Bank, or Trustee) for the Owner's, or a Beneficiary's, Benefit
  • Typical Examples

- Probate Estate

- Trust

- Custodial Account

- Escrow Account

Identification of the Primary Parties Involved, Their Functions and Responsibilities

  • Fiduciary
  • Grantor, Settlor, Trustor
  • Trustee
  • Beneficiary

Fiduciary Documentation

  • What Are Some of the Common Elements in Fiduciary Documents?
  • How to Recognize and Understand Key Provisions and Their Practical Application
  • Trust
  • Trust Certification
  • Power of Attorney
  • Flow Charts

Roles and Responsibilities - Collaboration Required

  • Trustee
  • Attorney
  • CPA
  • Investment Advisor
  • Insurance Agent
  • Probate Court
  • Reporting and Compliance Requirements
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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Ronald A. Friedman, CPA, CFP, PFS

Ronald A. Friedman, CPA, CFP, PFS

Friedman Brannen LLP

  • Founding partner of Friedman Brannen LLP
  • In addition to being a Certified Public Accountant, he is a Certified Financial Planner with more than 30 years of experience in the financial services industry
  • Member of the Personal Financial Planning Section of the AICPA and is certified as a Personal Financial Specialist
  • Unique CPA practice focuses almost exclusively on estate and gift tax and related issues, which include lifetime estate tax planning, tax compliance, post-mortem trust administration, representation before the Internal Revenue Service, and complex fiduciary accounting
  • Frequent speaker for professional organizations, including the San Diego Estate Planning Council, the California CPA Society, The North County Bar Association, The La Jolla Estate Planning Trust and Probate Section and the Institute of Management Accountants (IMA) Annual Conference and Exposition Tax Panel; has been a featured guest on a number of local radio shows and has published many articles in national professional journals
  • Bachelor's and Master's degrees, University of Connecticut
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Pay once and get a full year of unlimited training in any format, any time!

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Product ID: 399366
Published 2016, 2017
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