Fiduciary Accounts Preparation
When an individual dies, under common law and provincial legislation, the personal representative or executor has a duty to report to residual beneficiaries of the Estate. Under the Trustee Act (Alberta), a Trustee has a duty to report to all "qualified beneficiaries" of a Trust, on a timely basis, under certain conditions.
I can assist with the preparation of:
» Formal estate, trust and power of attorney accounts for court passing or informal accounts for beneficiary distribution and releases
» Determination of final residue of estate, proposed distribution schedule, and executor claim for compensation matters.
» Accounting support to US tax preparers for determination of Canadian estate information in regards to foreign trust 3520/3520A US filing disclosures
Fiduciary Tax Preparation
When an individual dies, under provincial legislation the personal representative/executor has a duty to ensure all debt and obligations, including tax filings of the deceased and of the estate are prepared and filed, and that tax clearance is obtained prior to the final distribution of the estate assets.
I advocate a team based approach with the executor, legal, financial, and other business tax advisors and handle the preparation and filing of:
» Tl personal tax returns, including year of death (terminal) returns, prior year returns, T1 adjustments, optional elective returns.
» Estate T3 tax and information returns
» Intervivos or testamentary trust T3 tax returns
» Preparation of T4 information return requirements for executor or administrator fees
» Non-resident information returns (NR-4) and section 116 Non-resident compliance certificate requests
» Tax clearance certificate application
» Corporate T2 tax filings involved in post-mortem plans or acting as liaison for post-mortem planning implementation with current business accountant/lawyer.
» Advise on determining limitations and opportunities for post mortem on tax planning matters, and addressing potential tax complications and determining assets that will impact tax filings.
Estate & Trust Administration - Professional Trustee Appointments & Agency
Acting as a personal representative/executor is a significant responsibility that often involves intricate, time consuming, and stressful tasks. Many personal representatives and named attorneys under a power of attorney are unprepared for the complexity of the role. Further, the high expectations of beneficiaries that can add further additional pressure. These dynamics can unfortunately lead to family conflicts, costly mistakes, and even legal disputes.
I can help navigate this challenging time with clarity and confidence. I offer private trustee solutions, accepting appointments for estates, testamentary or intervivos trusts and power of attorneys.
With me as either agent for the executor or appointed administrator, you can count on tailored support to meet the executor's and the estates' and the beneficiaries' needs:
» Professional expertise to deal with all complexity levels of an estate administration
» Assurance that the administration will be carried out by an impartial, independent specialist that is governed by their professional associations' ethics and code of conduct
» Timely and clear communication and reporting to interested parties
What is an Agent for Executor?
An agent to the named executor is an advisor who the named representative can retain to carry out duties on their behalf. This may be desirable where the named executor still wishes to be the ultimate trustee of the estate and continue to have the overriding authority to administer an estate; but:
» Lacks availability to do the legwork of an administration
» Has an absence of technical expertise in specific areas of the settling of an estate.
» Wishes to have an independent, even-handed fiduciary bring resolution to a complex administration
Whether acting as agent for the personal representative/executor named under the Will or as a fully appointed administrator of an estate, I am able to offer the a full-cycle professional trustee of administration estate administration solutions, such as:
» If not pre-arranged, arranging for funeral and disposal arrangements
» Arranging for probate with an estate lawyer
» Marshalling assets and assessing creditors; arranging for valuation and realization
» Securing assets-insurance arrangements
» Assistance with family business and succession plans
» Fiduciary estate accounting for beneficiary reporting
» Compilation of formal estate accounts for passing of accounts in court, or for beneficiary approval and release
» Tax return preparation for: deceased, estate, ongoing trusts, and corporate interests
» Clearance certificate applications
» Enforcement of wishes -distribution of assets consistent with terms of the will or intestacy legislation
» Liaising with beneficiaries, estate lawyers, real estate agents, bankers, creditors, financial planners and valuators
» Administration and trustee services for ongoing personal trust
Estate and Trust Litigation Support Services (Agreed Upon Procedures)
Unfortunate disputes can arise in estate and trust matters where there is a need for an independent and objective professional designated accountant to assist with the interpretation of trustee or estate accounting, or to perform other agreed-upon procedures for various lawyer support requirements.
I can provide lawyer assistance for analysis of information and non-assurance-related reporting in compliance with the Canadian Standard on Related Services, including CSRS 4200 for Compilation of Estate or Trustee Accounts or CSRS 4400 Agreed Upon Procedures and accounts compliant for court passing or litigation requirements.
Estate and Trust Planning
In the words of Heath Slawner, strategic communication and leadership expert- "Trusted advisors do things differently- they listen to the song beneath the words"
When planning for your Estate, your team of advisors should be credible, transparent, specialized, and have the ability to follow through with your planning. I can help manage the business of your family, by being that trusted advisor and collaborator at your table.