Your Comprehensive Probate Guide - with an Eye on the Assets
Probate practice is becoming an increasingly marketable skill due to the aging population and clients' reliance on competent attorneys and other professionals who can smoothly guide them through the procedures. In this seminar, our esteemed faculty will provide you with not only an understanding of the step-by-step probate process, but also with a hard-won knowledge for managing issues regarding executors, creditor claims, inventory/accounting, beneficiary distributions and closing the estate. Enhance your practice - register today!
- Navigate the probate process with ease in our practical, step-by-step walkthrough.
- Accurately identify, value, prepare and distribute probate assets.
- Pick up best practices for handling creditor notices and claims.
- Understand the nuts and bolts of Medicaid estate recovery and remedies available to clients.
- Find out how to deal with non-cooperative executors, beneficiary disputes, assets in the possession of others and other sticky issues.
- Gain tips for navigating through tax forms so you can make strategic, money-saving decisions quickly.
- Learn how to successfully balance the final account and close the estate.
- The Probate Process Explained
8:30 - 9:20, Allison R. Barger and Kathie Brown Roberts
- Initial Considerations and Steps
- Roles and Responsibilities
- Situs and Ancillary Probate
- Forms of Administering an Estate
- Laws of Intestacy and Heirship
- Exceptions to Succession: Blended Families and More
- Executor Appointment and Taxpayer ID Number
- Filing Petition to Admit Will to Probate
- Notice to Interested Parties
- Waivers and Consents Rejections
- How to Manage the Non-Professional Executor
- Lost Wills, Partial Revocations, and Trends in Will and Trust Contests
- Distinguishing Between Probate and Non-Probate Assets
9:20 - 10:05, Allison R. Barger and Kathie Brown Roberts
- Medicaid Estate Recovery Rules, Remedies and Appeals
10:20 - 11:05, Landon J. Sandberg
- State and Federal Estate Recovery Regulatory Update
- Estate Hearings and Undue Hardship Waivers
- Exemptions, Judicial Review and Additional Appeals
- Maintaining the Estate and Preparing Assets for Distribution
11:05 - 11:55, Gregory H. Taggart
- Recordkeeping for the Duration of Probate
- Handling Non-Divisible/Joint Assets
- Rules Regarding Probate Sales of Real Property
- Tax Implications for Sales of Property
- Tax Deadlines and Preparing, Coordinating and Filing Returns
12:55 - 1:45, Peter K. Smyth
- Selection of the Tax Year
- When to File Form 1041/Estate Income Tax Return
- Portability: Should You File Form 706?
- Allocating Items That are Deductible on the 1041/Final 1040/706
- Passive Activity Losses and Basis Adjustments
- Reporting of Transfers on Schedule G and Life Interests
- Beneficiary Distributions, Final Account and Closing of the Estate
1:45 - 2:35, Allen D. McNeil
- Partial Distributions, Disclaimers and Divestment Traps
- Mitigating Distribution-Related Tax Consequences
- Recovering Assets in the Hands of Others
- Settling Disputes with Beneficiaries
- Covering Your Assets: Getting Receipts Signed
- Classification of Expenses on the Final Account
- Balancing the Final Account: Common Mistakes
- Extending, Closing and Re-Opening an Estate
- Inventory and Satisfying Creditor Claims
2:50 - 3:40, Randy M. Lish
- Strategies for Discovering Assets in the Modern Age, Digital Assets
- Dealing with Digital Accounts and Assets
- Exempt Property Set-Asides and Family Allowance
- Identifying and Valuing Assets
- Reporting of Annuities on Inventories
- Inventory Issues: Marital Property, Loaned Items and More
- Identifying Possible Creditors and Giving Actual Notice
- Creditor Priorities and Claims You Should Reject
- Insufficient Assets and Abatement
- Ethical Practice Considerations and Concerns in Probate
3:40 - 4:40, Randy M. Lish
- Who is Your Client?
- Rules of Professional Conduct
- Establishing Reasonable Attorney and Paralegal Fees
- Attorneys' Obligations to Executor and Opposing Parties
- Ethical Risks of Attorneys Serving as Executors
- Attorneys or Attorneys' Relatives Named as Beneficiaries
- Mock Ethical Scenarios and Recommended Solutions
This basic-to-intermediate level probate program is for:
- Enrolled Agents
- Trust Officers
- Financial Planners
- Tax Managers/Consultants