Accounting for Estates and Trusts
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After studying this chapter, you should be able to:
| LO1 | Understand the proper methods of accounting for and administering an estate and the corresponding legal terminology. |
| LO2 | Describe the types of estate distributions and identify the process of asset allocations and distributions from an estate. |
| LO3 | Understand the federal estate tax and state inheritance tax systems, the corresponding exemptions, and tax planning opportunities. |
| LO4 | Understand and account for the distinction between principal and income in the context of estate and trust accounting. |
| LO5 | Describe the financial statements and journal entries utilized to account for estate and trust transactions. |
| LO6 | Describe various trusts and their proper use. |
