Kansas Administrative Regulations
Agency 74 - BOARD OF ACCOUNTANCY
Article 7 - FIRM REGISTRATION
Section 74-7-3 - Revocable living trusts
Current through Register Vol. 43, No. 12, March 20, 2024
An owner of a firm may include a partner, shareholder, member, or a trustee of a revocable living trust established by a licensed CPA or other natural person permitted to own an interest in a firm pursuant to K.S.A. 1-308 and amendments thereto, if the terms of the trust include all of the following provisions:
(a) The CPA or other natural person is the principal beneficiary and a trustee of the trust.
(b) The CPA or other natural person has the unrestricted right to revoke the trust.
(c) The trust does not continue to hold an ownership interest in the firm following the death of the CPA or other natural person for more than a reasonable period of time necessary to dispose of the stock or ownership interest.