tailieunhanh - Lecture Advanced accounting (11/e): Chapter 19 - Hoyle, Schaefer, Doupnik

Chapter 19 - Accounting for estates and trusts. After studying this chapter, you should be able to: Understand the proper methods of accounting for and administering an estate and the corresponding legal terminology; describe the types of estate distributions and identify the process of asset allocations and distributions from an estate; understand the federal estate tax and state inheritance tax systems, the corresponding exemptions, and tax planning opportunities. | Chapter Nineteen Accounting for Estates and Trusts Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Accounting for an “Estate” “Estate” literally means property owned by an individual Typically refers to a separate legal entity holding title to the assets of a deceased person “Estate accounting” focuses on “the recording and reporting of financial events from the time of a person’s death until the ultimate distribution of all property held by the estate” LO 1 19- “Estate” literally means property owned by an individual Typically refers to a separate legal entity holding title to the assets of a deceased person “Estate accounting” focuses on “the recording and reporting of financial events from the time of a person’s death until the ultimate distribution of all property held by the estate” Laws governing wills and estates are called “probate laws”. Each state establishes its own laws of descent and laws of distribution. Almost half of the states have adopted the Uniform Probate Code. Estate Accounting Probate Laws -- Three general purposes: Gather and preserve all of the property. Carry out orderly and fair settlement debts. Discover and implement the decedent’s intentions for remaining property. 19- Estate Accounting Laws governing wills and estates are called “probate laws”. Each state establishes its own laws of descent and laws of distribution. Almost half of the states have adopted the Uniform Probate Code. Probate Laws -- Three general purposes: Gather and preserve all of the property. Carry out orderly and fair settlement debts. Discover and implement the decedent’s intentions for remaining property. Estate Property Includes: Cash Investments in stocks and bonds Interest accrued to the date of death Dividends declared prior to death Investments in businesses Unpaid wages Accrued rents and royalties Valuables such as jewelry, paintings and antiques 19- Estate Property Includes: Cash Investments in stocks . | Chapter Nineteen Accounting for Estates and Trusts Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Accounting for an “Estate” “Estate” literally means property owned by an individual Typically refers to a separate legal entity holding title to the assets of a deceased person “Estate accounting” focuses on “the recording and reporting of financial events from the time of a person’s death until the ultimate distribution of all property held by the estate” LO 1 19- “Estate” literally means property owned by an individual Typically refers to a separate legal entity holding title to the assets of a deceased person “Estate accounting” focuses on “the recording and reporting of financial events from the time of a person’s death until the ultimate distribution of all property held by the estate” Laws governing wills and estates are called “probate laws”. Each state establishes its own laws of descent and laws of distribution. Almost half of the .