In New York State alone there are well over 10,000 attorneys that are involved in trust drafting, tax planning, estate planning, trust accounting, trust litigation and elder law planning, but very few local bar associations in New York State offer practical material on trust accounting income.

Here's the user manual on the trust accounting income and principal rules that New York attorneys have been looking for, written from a practical application standpoint. It's doubly applicable to any lawyers who draft trust documents. If you're a New York State lawyer involved in drafting trusts you need to be aware of the trust accounting rules that are applicable to a trust subject to New York State trust laws. This knowledge is especially important if you act as trust counsel to the trust that you created.

In addition, many trustees submit trust accountings to the trust beneficiaries. The failure of a lawyer to know the trust accounting rules for the trust they created could result in liability issues. In addition, the New York trust laws regarding accounting income and principal have been completely revamped. The initial effective date of the revised laws was January 1, 2002 and is retroactive to all trusts that were in existence on that date and/or any date thereafter. Significant changes to these rules were made in August 2008 as well. The revamped New York State trust laws have three elements: the Uniform Principal and Income Act (UPAIA), the power to adjust (PTA) and the unitrust conversion.

Any practitioner who is involved in trust drafting or trust litigation, or who prepares fiduciary income tax returns or trust accountings, must become aware of these revised trust rules in order to avoid potential malpractice and/or ethics issues. Fundamentals of Trust Accounting Income and Principal Rules under the Revised New York State Laws provides practitioners with all the important New York State-specific trust information they need. If you're involved in trust drafting in New York State, this is an essential addition to your library.