Fundamentals of Trust Accounting Income and Principal Rules under the Revised New York State Laws - Seymour Goldberg cover
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Fundamentals of Trust Accounting Income and Principal Rules under the Revised New York State Laws - Seymour Goldberg

by Seymour Goldberg

ISBN
9781627224567
Publisher
American Bar Association
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$76.99 one-time purchase · 15% restocking fee on returns

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Fundamentals of Trust Accounting Income and Principal Rules under the Revised New York State Laws Seymour Goldberg ISBN 9781627224567

In New York State alone, over 10,000 attorneys are involved in trust drafting, estate planning, tax planning, trust accounting, trust litigation, and elder law planning. Yet, surprisingly few local bar associations provide practical guidance on trust accounting for income and principal.

Fundamentals of Trust Accounting Income and Principal Rules under the Revised New York State Laws fills that gap. Written from a practical, hands-on perspective, this guide is an indispensable resource for attorneys who draft trusts or serve as trust counsel in New York. Understanding trust accounting rules is critical—not only for compliance but also to avoid potential liability when trustees submit accountings to beneficiaries.

New York trust laws governing accounting income and principal have undergone substantial revision. Initially effective January 1, 2002, the revised rules apply retroactively to all existing trusts and have been further updated as of August 2008. The revamped framework incorporates three key elements:

  • The Uniform Principal and Income Act (UPAIA)

  • The Power to Adjust (PTA)

  • Unitrust conversion

Any attorney engaged in trust drafting, trust litigation, fiduciary tax returns, or trust accounting must be familiar with these revisions to avoid potential malpractice or ethical issues. This book provides clear, actionable guidance on New York State–specific trust rules, making it an essential addition to the library of any practitioner working in trusts and estates.

Fundamentals of Trust Accounting Income and Principal Rules under the Revised New York State Laws Seymour Goldberg ISBN 9781627224567, 978-1627224567 & 978-16272-24567

Author
Seymour Goldberg

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