On 4/24/2023 4:24 PM, R Losey wrote:
If you have a trust (I assume that it is for someone else), a business,
and personal accounts, why not just have three separate books?
Not necessarily.
From the description, probably only one tax ID. I am guessing the trust
might be a revocable trust (we have one for estate planning). As long as
you are still alive, it isn't that separate from yourself (because
revocable) and only used so the property in it at time of death ISN'T
considered part of your estate for will/probate purposes (and will
follow its own rules**). Because in this state, the amount of an estate
that can use simple, not formal probate is small, almost all of our
property (including all but small bank accounts) is technically owned by
the trust.
However -- even when a business is really just yourself, I would be
inclined for it to have its own books. Especially if it is a business
you might sell << you would be showing a potential buyer its books, but
why show them your personal books >>
Michael D Novack
** Probably dumping whatever is in it to a second trust that will
distribute to heirs and other beneficiaries. But that second trust needs
no books now (it is currently empty) and things like getting a tax ID,
keeping books, filing reports, etc. will be whoever you have designated
as trustee(s).
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