Fiduciary Accounting Assist?

Discussion in 'Fiduciary questions' started by DorisMae, Sep 4, 2015.

  1. DorisMae

    DorisMae Newbie

    I am just finding out that I need to do an accounting for my father's account. (Since I lived in a different area from him, there was confusion about which office should attach itself to my accounting). Anyway - I am having to go back from April 2013 to April 2014. I have the form and all of my statements for his VA monies, but many of his bills were paid from a different account which my sister-in-law manages for him (she lives in the same city and takes checks over for him to sign when needed). He receives his military retirement pay and SS in that account, and his assisted living is directly debited. I arranged for an auto deduction every month toward his assisted living (from the fiduciary account). SO - my fiduciary account is very simple - almost always 1 amount in and 1 amount out. However - the accounting form talks about "total assets" and all monies received. Am I expected to have to go through all the auditing of his non-fiduciary account? Any guidance would be appreciated. Thank you.
     
  2. vetadmin

    vetadmin Administrator Staff Member

    You are only responsible for the Fiduciary account.
     
  3. DorisMae

    DorisMae Newbie

    Thank you - so on the form I need to fill out, when it asks for the amount of monthly SS (etc.) - I simply leave that blank? I will use the "beginning assets" as the beginning balance of the checking account statement? This was due to his back payment check of about $15,000, putting him over the $10K limit.

    This year his balance is under $10K. Will I still need to do an accounting next year since falling under 10K didn't happen in the 2nd year accounting I need to do? (Apr 2014 - Apr 2015 still has the higher balance; balance didn't go below until July this year).

    This has really been a year of hassle with the VA - trying to get his new amount since my mother died, being told he owes almost $10,000 in overages (and applying for a waiver) and now this!! (It wasn't until a few months ago that I even heard about the accounting requirement--I believe in the fiduciary appointment meeting I was told I may have an audit in a year, but nothing about what paperwork I should be saving).

    Thank you for all your support.
     
  4. vetadmin

    vetadmin Administrator Staff Member

    Doris,

    I don't believe you can leave anything blank, and have to disclose his monthly income, but the accounting should only be for the Fiduciary account, as the VA is looking for an accounting of that. Generally speaking you do want to keep that account under 10k.
     
  5. vetadmin

    vetadmin Administrator Staff Member

    Doris,

    I highly recommend that you contact the Fiduciary Agent that you spoke with initially. There are several factors going on here, and we feel that you need a proper authority to guide as to what needs/should be done to clear the situation with the VA.
     

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