Fiduciary Services
Specialized accounting and tax services tailored for fiduciary duties and elder care financial management.
“We have duties to others, and duties to ourselves, and we cannot shirk either.”
Comprehensive Fiduciary and Elder Care Services Tailored to Your Needs
At Somerset Tax Partners, LLC, we offer specialized fiduciary and elder care accounting services designed to meet the unique needs of our clients. Our comprehensive services ensure meticulous financial management and compliance, providing peace of mind for fiduciaries and families managing elder care.
With our guidance, you can navigate complex financial responsibilities with confidence, knowing that all aspects of accounting, reporting, and compliance are handled with the utmost care and professionalism.
Service Overview
Fiduciary and elder care responsibilities involve legal, financial, and ethical obligations that require accurate accounting and careful oversight. Our fiduciary services support trustees, executors, guardians, agents under power of attorney, and their legal advisors by providing structured accounting, tax preparation, and third-party review to reduce risk, improve transparency, and support compliance.
Legal Support
With more than 20 years of experience preparing fiduciary accountings, we provide support to attorneys and fiduciaries handling trusts, estates, and guardianships. Each engagement is tailored to meet the specific requirements of the fiduciary or legal counsel.
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Preparation of fiduciary accountings required by law
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Experience with multi-million dollar estates and trusts
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Proper allocation of transactions between income and principal
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Support for court-required guardianship accountings
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Assistance with estate accountings required to conclude probate
Because fiduciary accountings may expose the fiduciary to litigation, we recommend attorney review before releasing documents to beneficiaries or interested parties.
Tax Return Preparation
With more than 20 years of experience preparing fiduciary accountings, we provide support to attorneys and fiduciaries handling trusts, estates, and guardianships. Each engagement is tailored to meet the specific requirements of the fiduciary or legal counsel.
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Preparation of fiduciary accountings required by law
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Experience with multi-million dollar estates and trusts
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Proper allocation of transactions between income and principal
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Support for court-required guardianship accountings
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Assistance with estate accountings required to conclude probate
Because fiduciary accountings may expose the fiduciary to litigation, we recommend attorney review before releasing documents to beneficiaries or interested parties.
Elder Care Accounting
Elder care accounting provides structured oversight when a loved one is no longer able to manage personal finances independently. Often, a child or trusted individual acts as an agent under a power of attorney, handling bills, deposits, investments, and tax matters.
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Third-party review of financial activity
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Oversight of agents acting under power of attorney
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Support for agents unfamiliar with financial accounting
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Assistance with transparency and documentation
While agents are not legally required to report to family members, lack of transparency can lead to mistrust, conflict, and accusations of mismanagement. Elder care accounting helps prevent these issues.
Transparency & Family Harmony
Elder care accounting promotes transparency among family members, even when disclosure is not legally required.
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Reduces mistrust and family conflict
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Provides accountability when principals are incapacitated
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Encourages clear communication and documentation
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Supports agreements that promote financial transparency
We believe the greatest value of elder care accounting is preserving family harmony by eliminating uncertainty and friction surrounding a loved one’s personal finances.
Service benefits
When you work with Somerset Tax Partners, LLC for fiduciary and elder care services, you gain:
Experienced fiduciary accounting support for trusts, estates, and guardianships
Accurate tax preparation for complex trust and estate filings
Guidance on step-up in basis and asset valuation
Independent oversight that promotes transparency and accountability
Reduced risk of disputes, mismanagement, and litigation
Professional support that prioritizes compliance, clarity, and family harmony
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FAQ’s
Q&A With R. Joseph Ritter, Jr. CFP® EA
Q: What are the responsibilities of a fiduciary?
The fiduciary duty can simply be defined as acting in the best interest of another person and acting as a prudent person in the shoes of another. Fiduciaries include trustees, executors, agents under powers of attorney, and any other type of relationship in which trust and care over an individual’s assets is given to another. Fiduciaries can have responsibilities to the family members, unrelated third-parties, and the courts. Any breach of fiduciary duties may bring the potential for legal damages.
Q: What does fiduciary accounting involve?
Fiduciary accountings are required under state law to be provided periodically. Fiduciary accountings involve more than just listing transactions in a report. Each transaction is identified as income, expense, or capital, and further divided between income and principal. Income represents current beneficiaries who are to receive periodic distributions of the income. Principal represents the beneficiaries who are to receive the remaining assets. Certain accountings may be waived, however, waivers are traditionally only given when there is full knowledge and understanding of the financial transactions. Guardianship accountings traditionally cannot be waived because of court-imposed requirements.
Q: How do you handle conflicts of interest in fiduciary accounting?
Resolving conflicts of interest held by a fiduciary is generally a legal matter which requires the involvement of a knowledgeable attorney to address. Any conflict of interest held by a fiduciary may need to be disclosed, and in some instances, a neutral person may need to be appointed to negotiate the interests of the principal. If we become aware of a conflict of interest held by our client who is a fiduciary, we will defer to your attorney for any disclosure of the transaction on the accounting.
Q: Who can engage your fiduciary services?
We are often engaged either by the fiduciary or by the attorney representing the fiduciary. Attorneys often prefer to retain our services because our services may, by direct engagement, be subject to the attorney-client privilege. However, where no attorney is involved, our direct client is the fiduciary.