ExpertLaw.com Forums

Should Rental Income Be Included in Trust Accounting

Printable View

  • 06-13-2011, 11:57 AM
    CASanDiego_Trustee
    Should Rental Income Be Included in Trust Accounting
    My question involves estate proceedings in the state of: CA

    My father passed on 12-12-10; I am the executrix of my father's estate and successor trustee of his trust. My father had his house and in a trust and had a will that specified how his personal possessions should be distributed. My father left his house to me, divided his personal possessions between my brother and I, and left the balance of a checking account to both my brother and sister to be divided 50/50.

    I had hired an attorney who charged me $5200 before doing the estate accounting. This seemed excessive, so I would like to do the final accounting myself as I've kept very precise records. I see the schedules that should be created but have a question:

    My father shared his house with student renters, who stayed on for 5 months until I moved into the property - does this income get reflected on the trust accounting? What about the utility bills and costs related to general upkeep and maintenance?

    I am reluctant to spend even more money to have the accounting done by, say, an HR Block as any expense will reduce the amount my brother receives (as well as me, but he has been largely unemployed his entire life and is now battling stage 4 cancer), but if it that complex I will do.

    Thanks to anyone who can provide me with direction!
  • 06-15-2011, 09:57 AM
    Mr. Knowitall
    Re: Should Rental Income Be Included in Trust Accounting
    Income coming into the estate would need to be reflected both in the accounting and on the estate's final (or, if necessary, annual) tax return.
All times are GMT -7. The time now is 11:18 AM.
Powered by vBulletin® Version 4.2.4
Copyright © 2023 vBulletin Solutions, Inc. All rights reserved.
Copyright © 2004 - 2018 ExpertLaw.com, All Rights Reserved