Cost: $75 PFAC Member – $100 Non-Member
Speaker: Francine Lee, LL.M
CEU Awarded: 1.5 CE/MCLE Practice Management
Presented Date: 05/03/2019
Acting as a fiduciary isn’t always easy. A fiduciary owes many duties to the beneficiaries and a breach of a duty can result in liability. One of these duties is the duty to account. In our litigious society, having an accounting is one of the best ways a fiduciary can protect itself from liability. From the beneficiary’s perspective, an accounting protects the beneficiary because it forces the fiduciary to either: (1) Admit that he or she can’t account due to a failure of recordkeeping; (2) Truthfully account, providing the beneficiaries with evidence of any potential wrongdoings; or (3) Falsify the accounts, which the beneficiaries can then disprove.
Francine Lee is a Senior Manager in EY’s Fiduciary/Trust Tax Services group and the Business Leader for EY’s Fiduciary/Trust & Estate Accounting Services (“FTEAS”) practice. FTEAS prepares fiduciary/court accountings for trusts and estates serving banks, law firms, family offices, and professional and individual fiduciaries. FTEAS is a national practice with a deep bench of professionals with extensive experience preparing complicated fiduciary/court accountings spanning decades of transactions, using multiple state formats to satisfy local jurisdiction filing requirements across the country. Francine brings over 25 years of experience creating income tax and estate planning solutions for High Net Worth clients and building platforms and products at industry leading organizations including BMO’s multi-family office CTC/myCFO, HSBC Private Bank, Goldman Sachs Family Office, Prudential Securities and Lehman Brothers. Francine began her career as a tax attorney in private practice focusing on income and estate tax planning, closely-held businesses, executive compensation and international taxation.