Follow the Money, Uncover the Facts.
Navigate the complexities of trusts and estates with the help of our forensic accounting professionals.
Forensic Accounting Solutions to Identify Misuse of Trust and Estate Assets
Are you a concerned family member, beneficiary, personal representative, financial institution, or law firm looking for answers? As a top forensic accounting firm, we help our clients examine and investigate the use and source of funds for trusts and estates.
We’re dedicated to following the money and uncovering the truth. Utilizing forensic accounting skills, we will trace income, assets, and expenses and provide a comprehensive report of our findings that can be used for various purposes.
Why Hire A Forensic Accountant?
Forensic accounting is necessary in any situation that requires accounting knowledge, investigation skillsets, and an understanding of potential fraud schemes or damage theory and calculation. Forensic accountants can provide clarity in the following trust and estate situations:
- Lack of transparency from a guardian, trustee, power of attorney, or personal representative
- Depleted or dwindling assets and account balances without explanation
- Individuals who are vulnerable and may have been financially exploited
- Unexplained lavish lifestyle changes or benefits to the individual managing the money
Through our independent and experienced forensic accounting professionals, we efficiently and effectively provide evidence-based facts to resolve financial concerns or disputes.
How Does It Work?
Use of Funds
We conduct an analysis - including examining accounting and financial records - to investigate and document the Use of Funds. This analysis consists of examining bank accounts, credit card statements, and retirement/investment accounts to provide you with the details and a clear picture of how funds were spent. We also look over trust documents, tax returns, and other financial records to review and verify the individual's, trust's, or estate's assets.
Source of Funds
Then, we verify the individual’s, trust’s, or estate’s Source of Funds. This includes analyzing a variety of records, like bank deposits, dividend and interest statements, social security statements, tax returns, and other financial records. Through the identification of the sources of income, we verify corresponding bank deposits to ensure all funds were received.
Authorization and Identification to Obtain Financial Records
As forensic accountants, we are often contacted by individuals seeking to obtain various types of financial information to assist them in resolving a financial concern or dispute. We have no legal authority to obtain financial records ourselves. Instead, we frequently collaborate with law firms and/or government agencies to acquire the necessary financial records for us to render forensic accounting services.
We help identify the types of financial records needed based on the specific financial concern or dispute. The law firms and/or government agencies obtain these financial records on our behalf.
Eide Bailly's forensic services team is always professional, courteous, and provides information on a timely basis. Their expertise sets them apart from other firms.