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What an Accountant or Lawyer Should Know about Serving as a Trustee

WHAT AN ACCOUNTANT OR LAWYER SHOULD KNOW ABOUT SERVING AS A TRUSTEE

Available Date(s)
Friday, November 27, 2020: 1:00PM EST

Cost $20.00
CPE Credits 1.0 hour
CE Credits 0.0 hours
Subject Area Specialized Knowledge
Course Level Basic
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Course Description

In this course, we will discuss the duties and responsibilities of a trustee, with the added emphasis on when an accountant or attorney serves as the trustee. Many times, accountants and attorneys are asked to serve as a trustee as an accommodation or for the clients' convenience. Other times they are chosen since they are the clients' most trusted advisors. Either way, they assume a serious role that can have dire consequences if not performed appropriately or adequately. This program will review many of the situations that trustees will need to navigate and make you aware of some potentially dangerous areas.

Learning Objectives:


  • Identify definitions and types of trusts

  • Recognize how a trustee is determined and the duties of a trustee

  • Identify differences between a trustee and executor

  • Determine the trustee's investment responsibilities

  • Determine how to deal with contention among beneficiaries

  • Identify when the trustee should be engaging an accounting or law firm to perform services for the trust

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Ed is a partner in Withum’s East Brunswick, NJ, office and has over 40 years of public accounting experience. He is a licensed, certified public accountant in New Jersey and New York. He is accredited by the American Institute of Certified Public Accountants (AICPA) in business valuation and as a personal financial specialist (PFS). Ed is also admitted to practice before the United States Tax Court and has testified as an expert witness in federal and state court regarding business valuations.

A graduate of City College of New York, Ed earned his bachelor of business administration degree. He is a member of the AICPA, the New Jersey Society of Certified Public Accountants (NJSCPA), and the New York State Society of Certified Public Accountants (NYSSCPA). Ed was a founding partner of Mendlowitz Weitsen, LLP, CPAs, which joined Withum in 2005. Currently, he serves on the NYSSCPA Estate Planning Committee and was chairman of the committee that planned the NYSSCPA’s 100th Anniversary. The author of 16 books, Ed has also written hundreds of articles for business and professional journals and newsletters. He is the contributing editor to the Practitioners Publishing Company’s 1998/1999 706/709 Deskbook, and the AICPA 2004 edition of The Management of an Accounting Practice Handbook. He is on the editorial board of Bottom Line/Personal and Tax Hotline financial newsletters. Appearing regularly on television news programs, Ed has also been quoted in numerous major newspapers and periodicals in the United States. He is the Lawler Award recipient for the best article published during 2001 in the Journal of Accountancy.

Ed is a frequent speaker to many professional and business groups, including the AICPA, NJSCPA, NYSSCPA, American Management Association, the National Committee for Monetary Reform, University of Medicine and Dentistry in NJ, and many more. For 11 years, he taught financial analysis courses, corporate financial policy and theory, monetary and fiscal policy, and managerial accounting in the MBA program at Fairleigh Dickinson University.

Frequently Asked Questions
  • To receive CPE credit, you must register for the webinar before it starts.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • To receive CPE for multiple attendees, at least one person must sign up for the webinar. The post-webinar email contains a link to instructions for the proctor letter. Alternatively, you may log in to your account following the webinar and click on the MY ACCOUNT button to find a link to instructions. For paid courses, payment needs to be made for each attendee before credit will be issued.
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CPAacademy.org (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

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About Our Presenter

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Withum is a forward-thinking, technology-driven advisory and accounting firm, committed to helping clients be more profitable, efficient and productive in the modern business landscape. With office locations in major cities and financial centers across the country, and as an independent member of HLB, the global advisory and accounting network, Withum serves businesses and individuals on a local-to-global scale. Our professionals provide the expert advice and innovation solutions you need to Be in a Position of StrengthSM in today’s fast-paced, tech-driven world.