Learn how to Handle Assets, Taxes, Personal Representatives, and More!
This step-by-step practical instruction offers essential knowledge of probate processes and best practices for handling each unique case effectively. Learn how to tackle crucial first steps; handle the personal executive; gather, value and distribute all assets; and successfully complete the final accounting and tax returns. Arm yourself with the foundational knowledge and best practices you need to ensure a smooth administration from start to finish. Order today!
- Don't overlook anything important: confidently navigate critical first steps.
- Understand executor powers, duties, responsibilities and compensation guidelines.
- Learn how to effectively marshal and inventory all assets.
- Pick up tips for validating, prioritizing and satisfying creditor claims.
- Get practical guidance for post-mortem planning, trust administration and tax hurdles.
- Put the decedent's affairs to rest by making distributions, filing the final tax return and completing the final accounting.
- Discover how to litigate deed contests, lost or contested wills, fiduciary misconduct and more.
10:00 am to 5:00 pm - All times are shown in Eastern time
- STEP 1: OPENING THE ESTATE
10:00 - 11:00, George S. Peek
- What to Do in the First 48 Hours
- Obtaining the Will and Getting it Admitted
- Locating and Notifying the Beneficiaries
- Determining if the Estate Qualifies for a Small Estate Administration
- The Estate Timeline - What Must be Done When
- Filing the Initial Petition with the Probate Court: Forms and Procedures
- Sending Initial Notices to Creditors and State Agencies
- Closing the Decedent's Accounts
- Obtaining the Estate Tax ID
- Laws of Intestacy
- STEP 2: PREPARING THE PERSONAL REPRESENTATIVE FOR THE JOB
11:00 - 11:30, George S. Peek
- Educating PRs on Their Duties, Powers, and Responsibilities
- Compiling Personal Representative Guide/Instructions
- Clarifying Executor Compensation
- Advising PRs on Potential Problems and Liability
- STEP 3: MANAGING THE ESTATE: VALUATIONS, SPOUSAL SHARE, AND MORE
11:45 - 12:15, T. James Lee
- Marshalling and Valuing Decedent's Assets
- Initial Inventory
- Maintenance and Management
- Determining Elective Share and Homestead Allowance
- Spousal Rights: electing vs. Disclaiming the Share
- Claiming Homestead Allowance
- Portability Rules; Claiming Unused Lifetime Exclusion
- Estate Expenses: Payment and Record-Keeping
- What to Do with the Income the Estate is Producing
- STEP 4: ADDRESSING CREDITOR CLAIMS
12:15 - 1:15, Louis A. Silverman
- Issuing Notices to Creditors: What Works Best
- Validating Claims
- Determining the Priority of Creditor Rights
- Selling Property to Satisfy Claims: What to Sell, How to Do it, and How to Properly Record it
- Satisfying Tax Claims and Liens
- STEP 5: POST-MORTEM TAX PLANNING, DISTRIBUTIONS, AND TRUST ADMINISTRATION
1:45 - 2:15, Louis A. Silverman
- Managing the Tax Consequences of Elections and Receipt of Non-Probate Assets (e.g. IRA Distributions)
- Creating Trusts and Subtrusts for Multiple Beneficiaries to Receive Their Shares of the Estate
- What to do with Bequests and Trust Distributions to Minors
- Post-Mortem Tax Planning Approaches: How Much Maneuver Room is Left?
- How to Calculate the Omitted Spouse Share or Omitted Child Share
- Guarding Disabled Adult Beneficiaries' Benefits Eligibility
- MAINTAINING AN ETHICAL PRACTICE
2:15 - 3:15, Louis A. Silverman
- Whom do You Represent? Conflicts of Interest
- Protecting Client Confidentiality
- Attorney Fees
- Practicing Law in More Than One State
- STEP 6: HANDLING ESTATE CLOSING, FINAL ACCOUNTING, AND TAX RETURNS
3:30 - 4:30, T. James Lee
- Tax Returns and Deadlines - Estate and Income, State and Federal, Decedent's and the Estate's
- Informal Closing by Statement of Personal Representative
- Compiling and Balancing the Final Account
- Final Distributions to Beneficiaries and Liability of Distributees
- Closing the Estate and Discharging the Fiduciary
- STEP 7: RESOLVING DISPUTES AND NAVIGATING PROBATE LITIGATION
4:30 - 5:00, Louis A. Silverman
- Will Contests, Deed Contests, Allegations of Undue Influence and Other Causes of Action
- Obtaining Court Guidance for Proposed Actions Regarding the Estate Administration
- Probate Litigation Rules, Procedures, and Evidentiary Provisions
- Fiduciary Misconduct, Liability, Disputes with Beneficiaries
- Effective Approaches to Resolving Disputes Without Going to Court
This program is designed for attorneys. Accountants, trust administrators, estate planners, tax professionals, and paralegals may also benefit.