Anonymous fuck chat - Liquidating trust and
Put into perspective, what is shown are two income statements: the principal-income statement and income-income statement, one could say, and the distributions from each account to arrive at the year-end balance for these two equity accounts.
Overall, the illustration shows how the income/principal determinations (in conjunction with the distribution provisions of the trust agreement) affect what each beneficiary is to receive. UPIA 1931 as well as RUPIA 1962 and RUPIA 1997 provide similar definitions of principal and income.
Let us look at the financial information of a trust, and by doing so, examine how UPIA's income/principal classification rules affect the rights of beneficiaries.
Specifically, let us look at how these rules play an important role in answering the "who gets what" question. In order to focus the attention on the UPIA issues in this example, the presentation has been streamlined.
RUPIA 1997 maintained many of the basic rules and principles of RUPIA 1962, though some significant changes were incorporated in the newer uniform law.
Understanding how these changes may affect trust and estate client's situations will be valuable to advisors.
There are characteristics all three have in common, as well as differences.