Everything You Need to Know about Effectively Administering an Estate
Are you fully confident in your knowledge of the latest court and tax rules and the most effective transfer tools to ensure each client's estate is laid to rest according to the decedent's wishes, with minimal tax burden? This comprehensive 2-day instruction will give you all the skills you need to administer estates that include trusts and/or business interests without a hitch. Register today!
- Don't miss any crucial notice and filing requirements when opening the estate - learn what must be done right away.
- Get helpful forms and checklists that will help you in administration.
- Understand how income and estate tax deductions interact and find the most advantageous way to structure the tax returns
- Learn how to use disclaimers more effectively.
- Clarify what must be done when the trust becomes irrevocable.
- Protect your professional reputation with a practical legal ethics guide focused on trusts and estates practice.
- Prevent mistakes in final petition and ensure each estate is closed quickly and without disputes.
- Forms of Administration and When They are Used
9:00 - 9:45, Written by Gregory D. Cotton. Presented by Gregory D. Cotton in Memphis and Julie F. Travis Moss in Nashville.
- First Steps and Notices, Executor Duties, Opening the Estate
9:45 - 10:45, Written by Gregory D. Cotton. Presented by Gregory D. Cotton in Memphis and Julie F. Travis Moss in Nashville.
- Executor Duties and Powers Prior to and After Qualification
- Filing the Petition; Notice to Beneficiaries and Heirs
- Initial Notices to Creditors and State Agencies
- The Estate Timeline
- Other Estate Opening Tasks and Procedures
- Marshalling the Assets
11:00 - 12:00, Written by Karl D. Warden. Presented by Robert D. Malin in Memphis and Karl D. Warden in Nashville.
- Key Assets to Account for
- Survivorship vs. Beneficiary Designation
- Helpful Checklists and Sample Forms
- Valuation Considerations
- Filing the Inventory and Appraisal with the Court
- Handling Antiques, Heirlooms and Unusual Items
- Digital Assets
- Key Intestacy Laws You Must Know
1:00 - 1:45, Written by Joyce H. Sealand. Presented by Joyce H. Sealand in Memphis and Peter T. Dirksen in Nashville.
- Handling Debts and Claims Against the Estate
1:45 - 2:30, Written by Karl D. Warden. Presented by Lynn W. Thompson in Memphis and Karl D. Warden in Nashville.
- Secured vs. Unsecured Claims
- Interest on Claims
- Debts Left Over from Improperly Executed Joint Tenancies
- Medicaid Estate Recovery and Other Liens
- Insolvent Estates
- Spouse Elective Share and Disclaimers
2:30 - 3:15, Written by Joyce H. Sealand. Presented by Joyce H. Sealand in Memphis and Peter T. Dirksen in Nashville.
- Making the Election
- Disclaiming an Interest: Who Can Disclaim, Statutory Requirements, Procedure, Consequences
- Trusts that Affect Estate Administration
3:30 - 4:30, Written by Ralph Z. Levy Jr. Presented by Chasity S. Grice in Memphis and Ralph Z. Levy Jr. in Nashville.
- When Trusts are Included in the Estate
- What Must be Done when the Trust Becomes Irrevocable
- Post-Mortem Trust Funding (Credit Shelter, Marital and Beneficiary Trusts)
- Designated Beneficiary Trusts
- Income Tax Returns
9:00 - 10:00, Written by Paul S. Parker. Presented by J. Vincent Perryman in Memphis and Paul S. Parker in Nashville.
- Final Individual Income Tax Return - Federal and State
- Fiduciary Income Tax Return - Federal and State
- Tax Consequences of Fiduciary Decisions and Actions
- The Interaction of Tax Deductions between the Estate Tax and fiduciary Income Tax Returns
- Portability and Estate, Gift, GST Taxes
10:15 - 11:15, Written by Paul S. Parker. Presented by J. Vincent Perryman in Memphis and Paul S. Parker in Nashville.
- Determining DSUE and Claiming Portability
- State and Federal Estate, Gift and GST Taxes - Planning and Reporting
- Streamlined, Partial-Streamlined and Complete Estate Tax Returns
- Handling Distributions
11:15 - 12:15, Written by Grayson Smith Cannon. Presented by J. Vincent Perryman in Memphis and Grayson Smith Cannon in Nashville.
- Discretionary Distributions
- Mandatory Distributions
- Refunding Agreements
- Spendthrift Trusts and Creditor Attachments
- Business Interests in Estate Administration
1:15 - 2:15, Written by Paul S. Parker. Presented by J. Vincent Perryman in Memphis and Paul S. Parker in Nashville.
- Valuation Considerations
- Business Continuation and Non-Family Business Interests
- Succession Issues - Who Controls the Company (Corporations vs. LLCs)
- Tax Planning and Reporting
- Legal Ethics in Estate Administration
2:15 - 3:15, Written by Mitchell I. Lansky. Presented by Mitchell I. Lansky in Memphis and Grayson Smith Cannon in Nashville.
- Who is Your Client? Avoiding Conflicts of Interest
- Attorney Fees
- Protecting Confidentiality
- Are you a Fiduciary? New Fiduciary Liability Rules and FINRA Enforcement Efforts
- Client Competence Issues
- Closing the Estate and Final Accounting
3:30 - 4:30, Written by Grayson Smith Cannon. Presented by Mitchell I. Lansky in Memphis and Grayson Smith Cannon in Nashville.
- Final Accounting Step-by-Step
- Filing the Final Petition; Contents
- Final Expenses, Debts, Taxes, Fees and Distributions
- Discharge of Fiduciary
This two-day, basic level seminar is designed for:
- Enrolled Agents
- Certified Financial Planners
- Trust Officers/Administrators/Managers