Advisors that represent fiduciaries must understand not only the tax laws but also the accounting rules that apply when a fiduciary accepts title to fiduciary assets. Because a trustee or personal representative exercises authority over the management and investments of fiduciary assets for the benefit of the named beneficiaries, the fiduciary is held to a very high standard of "fiduciary duty." In this webinar series, we will review the concept and requirements of fiduciary duty along with the duty to account to the beneficiaries. We will review important fiduciary accounting concepts that differ from financial accounting or tax law that include the distinction between principal and income. and state statutory accounting rules. We will also analyze the differences and similarities to fiduciary taxation.