Each year, an estimated 3 million 1041 tax returns are filed. Of these returns, 2 million are filed by individual trustees, while the rest are filed by corporate or institutional trust companies. Therefore, it is likely that most CPAs will at some point serve as trustees or have clients that serve as trustees.

CPAs are in a unique position to help trustees develop and follow a deliberate governance process, which saves time, reduces personal risk, and ensures compliance with duties of care.

This course will help fiduciaries reduce their personal risk by showing them how to create a compliance library that demonstrates they have fulfilled each of their duties of care under the Prudent Investor Act. Developing this library demonstrates the trustee has acted prudently and in good faith.

This library will include the following documents:

• Duty to have a plan
• Duty to balance risk and return
• Duty to diversify
• Duty to pay only reasonable fees
• Duty to prudently delegate