By Christopher D. Carico: The family CPA is often the best choice as successor trustee of the family trust.
As a group, CPAs are highly educated, detail oriented, tax-sensitive and cost conscious. Since a trustee’s duties include preparing an annual accounting, filing yearly tax returns, monitoring trust investments and determining distribution amounts to be given to beneficiaries, CPAs ordinarily possess all the needed skills. While it may make the most sense for the family members to select the CPA to act as successor trustee, the same may not be true for the CPA. Before saying “yes,” the CPA should have answers to the following questions:
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Source: WebCPA, 28 July 2009. © 2009 Accountants Media Group and SourceMedia, Inc. All rights reserved.
