The ability of FN to meet the needs of individual clients should be obvious to any FN user. What is unique about FN and therefore the reason for this and future submissions to the forum, is the ability to use one software system to meet the accounting needs of the individual, the estate and related trusts.

Many of the tasks required to set up a new account on FN (interviewing clients, reviewing prior tax returns, bank and brokerage statements, insurance documents, trust documents, wills, retirement plans, etc.) are more appropriately covered in other forums. Future installments to this forum will include references to:

• Designing the Chart of Accounts in anticipation of the final tax year of the decedent.
  
• Defining and addressing matters regarding day-to-day accounting.
  
• Creating accounts for items of special tax significance, such as medical expenses of the decedent.
  
• Recording at cost the assets and liabilities at the date of death for use in preparation of Form 706.
  
• Valuing and recording assets at FMV as of the date of death and alternative valuation date for use in tax planning and preparation of Form 706.
  
• Adjusting the original Chart of Accounts to satisfy the accounting requirements during the administration of the estate.
  
• Accounting for the estate and/or trusts subsequent to the date of death, including possible selection of new estate yearend.
  
• Projecting cash flow of the estate during the period of administration.
  
• Preparing reports for use in connection with preparation of tax filings (Forms 1040, 1041, 706).
  
• Using qualifiers to prepare estate accountings for interested parties, beneficiaries and filing with the probate court.