Comprehensive Trust Accounting Services in Simi Valley

top view of accountants in a meeting As the trustee, conservator, or executor of an estate, you have fiduciary obligations. You are responsible for financial administration and must remain accountable to third parties, including the beneficiaries. It is therefore critical to prepare detailed and accurate financial statements.

Unfortunately, many fiduciaries do not have the specialized knowledge and expertise required to handle these matters. Working with a trusted accounting professional with extensive experience can help you navigate these challenges.

At the firm of Kami L. Molin, CPA, we provide personalized accounting services for trustees, executors, and conservators. Our CPAs collaborate with trust and estate attorneys to provide you with the best trust accounting services possible. We always keep up to date with the ever-changing tax and accounting laws. We are available to meet on Zoom, in-office, over the phone, or via email. Contact us today for expert trust accounting services in Simi Valley, Moorpark, Thousand Oaks, and surrounding areas.

Call Us: (805)526-8355 Book a Consultation

What is Trust Accounting?

confident businesswoman pointing at laptop screen Trust accounting involves keeping separate track of funds within the trust. It is maintaining a detailed record of the income and expenses throughout the year. Some vital information that we capture in trust accounting includes:

Taxes paid, gains and losses made on trust assets, and disbursements made to trust beneficiaries
Expenses and fees paid to advisors of the trustee, such as CPAs, attorneys, and financial advisors
Expense reimbursements and compensations paid to the trustee

To prepare accurate trust accounting, our CPAs keep precise records of property inventory plus copies of all account statements, receipts, and invoices. We use advanced software to keep documents organized and better track expenses and investments.

As a trustee, you are required to comply with state trust accounting laws and perform your fiduciary duties to the best of your ability. By providing accurate accounting and other pertinent information to the beneficiaries, we can help avoid liabilities.

Our CPAs have years of experience with trust accounting. We also provide annual trust accounting reports to help protect your actions and ensure proper bookkeeping per state requirements.

Specializing in Fiduciary Accounting for Trusts, Estates, and Conservatorships

Kami L. Molin, CPA specializes in fiduciary income tax preparation and accounting services in Simi Valley and the surrounding areas. You can count on us to provide top-notch personalized support for trustees, conservators, and executors in delivering their fiduciary responsibilities. Our goal is to handle all financial matters related to your duties efficiently and ethically. We make sure that all income tax and accounting obligations are met. Our other services include:

Trust Accounting: Accounting for inventory assets (cash, personal property, bonds, real estate, stocks) when the trust or conservatorship is established.

Conservatorship Accounting: Preparing financial statements, reports of transactions, schedules, summaries, and asset allocation for involved parties, including attorneys, probate court, and beneficiaries.

Fiduciary Accounting: Preparing fiduciary accounting reports and other relevant court documents per California Probate Codes §1060-1064.

Trust Tax Preparation: Preparing and filing income tax returns (trusts, individuals, and estates).

Court Accounting: Setting up an accounting system that meets state and federal legal reporting requirements.

Guardianship Accounting: Preparing accounting systems to summarize the money received by the guardianship estate and the money spent from the guardianship estate.

Professional Fiduciary: Collaborating with other players to provide critical services to seniors, minors, and persons with disabilities. We also offer financial management services for estates, investments, and necessary bill paying.

Why You Need Our Simi Valley Trust Accounting Services

Our professional trust accountant offers bookkeeping for the accounts following state requirements. In a healthy trust, there should be no comingling of client funds, and all trustees are required to maintain accurate records. Our trust accounting services ensure that you meet the following state requirements:

Tracking of all disbursements and deposits made through the trust account
Keeping a detailed ledger recounting every monetary transaction for each client
Maintaining an accounting journal for each account and tracking every transaction
Monthly account reconciliation

Overall, keeping track of a client's trust is no easy feat, especially if you manage several trusts. The risks that come with the poor management of trust funds are incredibly high. Our trust accounting services make it simple to identify and keep track of all funds placed in trust accounts. Rather than rely on generic accounting software and manual tracking, you can count on our professional trust accounting services to better manage your duties.

What Are the Responsibilities of a Trustee?

While professional trustees understand their fiduciary responsibilities, many non-professional trustees acting for trusts do not fully understand their obligations. Therefore, it is critical to work with a CPA with in-depth experience and knowledge in fiduciary accounting. Responsibilities as a trustee include:

Administration of the Trust: A trustee can administer and manage a trust set up by an individual—such as an estate trust or a living trust created during an individual's lifetime. A trustee can also administer a trust set up on behalf of a foundation (such as a private tax-exempt organization that funds charities). Once issued, you will have a fiduciary responsibility to use the funds with utmost care and loyalty and not use it for your gain.

Proper Handling Of All Tax Matters: The trustee's responsibility is to handle taxes for the trust. If an estate trust earns some income, the trustee must file all federal returns and submit any taxes due from the trust.

Accurate Account Keeping: Every trustee must keep proper accounting records for the trust, which is where a professional CPA with experience in fiduciary accounting services can help.

Ensuring Account Availability: The trustee must keep trust beneficiaries reasonably informed of all the trust's business activities. This should occur without the beneficiaries demanding the information.

Get the Financial Expertise Your Trust Needs in Simi Valley!

Whether you need professional assistance with trust administration, filing trust and estate income tax returns, estate administration, or preparing fiduciary-related court documents, Kami L. Molin, CPA can help. You deserve an honest, trustworthy, and reliable Simi Valley trust accountant to handle your responsibilities, and our team of experienced CPAs will go the extra mile to help you. Contact us today to schedule a consultation in-office, on the phone, or through email!