Statements from everywhere
Bank, brokerage, retirement and property records arrive from different places on different schedules.
FIDUCIARY ACCOUNTING · ESTATES & TRUSTS
Every dollar recorded.From day one.
For executors and trustees, we build the full accounting of an estate or trust from the date of death or funding: assets, income, expenses and distributions, ready for beneficiaries, the court and the tax return.
Date of deathor funding, records start here
Principal & incomekept separate
Beneficiarysummaries in plain language
Sound familiar?
Executors inherit paperwork.And real responsibility.
Beneficiaries asking questions
Heirs want to know what the estate holds and when they will be paid, with numbers to back it up.
Deadlines that keep running
Final personal returns, estate or trust returns and estimated payments each have their own dates.
What’s included
Your full ledger.
The same office prepares your returns, payroll and sales tax, so the work is built for the filings that come after it.
Asset inventory
A starting list of assets and values as of the date of death or trust funding.
Receipts and disbursements
Every deposit and payment recorded and tied to bank and brokerage statements.
Principal and income separation
Transactions classified under the governing document and applicable law.
Form 1041 coordination
Fiscal year choice for estates, DNI, distribution deductions and estimated payments.
Beneficiary K-1s and summaries
K-1s reconciled to distributions paid, with a plain-language summary for each beneficiary.
Deadline calendar
Due dates, extensions, estimated payments and final returns tracked in one calendar.
How it works
From first call to done.
- Step 1Share the documentsThe will or trust, letters of office if issued, and the estate or trust EIN.
- Step 2Opening inventoryWe list assets and values as of the date of death or funding.
- Step 3Ongoing accountingReceipts, bills and distributions are recorded as the estate or trust runs.
- Step 4Reports and returnsAccountings for heirs or court filings, plus the Form 1041 and K-1s.
The Ozfield difference
One office, whole picture.Records, returns, advice.
Most people use one company for taxes, another for books and a third for insurance. With Ozfield, one team sees it all, so nothing gets lost between offices.
Trust income taxOur annual Form 1041 and K-1 work draws directly from the fiduciary ledger.Final personal returnsWe prepare the decedent’s final Form 1040 alongside the estate records.Property in the estateOur agency reviews home coverage while estate property sits vacant or is sold.Consulting for executorsHourly CPA guidance when an executor needs an answer before acting.
I have been working with Orkun and Zumrut for the past four years, and I couldn’t be more satisfied with their services. Every year, I trust them with my tax filings, and they have always handled everything with professionalism, accuracy, and great attention to detail.… They also helped me set up my company and managed all related processes smoothly from start to finish.
FAQs
Good questions.
Something else on your mind? Call 773-536-9272 and our office will walk you through it.
What is fiduciary accounting?
It is the record of everything an executor or trustee receives, spends and distributes. It shows beneficiaries, and the court when required, how the assets were handled.
Is this the same as the trust tax return?
The return is one annual filing. Fiduciary accounting is the ongoing record behind it, and it covers estates in probate as well as trusts.
Can an estate use a fiscal year?
Yes. An estate can choose a tax year ending on the last day of any month, as long as its first year is twelve months or less. That choice can help with timing income and distributions.
When is the estate or trust return due?
Form 1041 is due by the 15th day of the fourth month after the tax year ends. For a calendar year, that is April 15.
What is the 65-day election?
Estates and complex trusts can elect to treat distributions made within 65 days after year end as paid in the prior year. It is a useful tool for managing tax brackets.
Named executor or trustee?
Bring what you have. We will organize the records and set every deadline.