I'm using a quicken account for an Irrevocable Life Insurance Trust

lau
lau Quicken Windows Subscription Member ✭✭
edited May 2022 in Registers & Transactions (Windows)
The trust has life insurance and other investments. Trust pays annual tax but then Trustee makes annual beneficiary distributions, how should those be shown in a net worth statement?

Answers

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Well, for starters, I'm not sure how you'd hold life insurance and investments in the same Q account.
    And, since it's irrevocable, I'd suggest that this be done in a separate Q data file ... since you don't really own it anymore.  At least not in the sense that you own your car or owe ON  your credit cards.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • lau
    lau Quicken Windows Subscription Member ✭✭
    Showing the life insurance as cash value only.
  • lau
    lau Quicken Windows Subscription Member ✭✭
    so I thought maybe set up and expense category for each beneficiary, mostly just to have a paper trail.
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