When an Accountant Acts as a Trustee of a Split-Interest

question 19

Multiple Choice

When an accountant acts as a trustee of a split-interest trust,which of the following fiduciary duties applies to the accountant?

• A) Only the duty of impartiality
• B) Only the duty of care
• C) Only the duty of loyalty
• D) All of the above

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Definitions:

Parent-Child Transactions

Interactions between parents and children that can influence the child's development and behaviors, including communication and emotional exchanges.

Parental Coalitions

The formation of an alliance between one parent and a child or children within a family, often excluding the other parent and potentially leading to family dysfunction.

United Front

a strategy or alliance formed by groups with a common goal, despite differences, to face a common enemy or challenge.

On-The-Spot Interventions

Immediate actions taken to address an issue or crisis as it occurs, often requiring quick thinking and responsiveness.