Course Description
Everything You Need to Know About the Probate Process
Someone passed away recently, and you or your client is the executor of their estate. Where do you begin? Do you know all you need to properly marshal assets, handle creditors' claims, save on taxes, complete distributions and close the estate without a hitch? This information-packed, 2-day program will build your knowledge on all aspects of the probate process. Get a complete look at everything that must happen to wrap up a decedent's affairs, and be prepared for the common issues that can arise - register today!
- Walk through the overall probate process and know what must be done and when.
- Understand the steps and documents required to petition for probate and open the estate.
- Learn how property should be distributed when there is no will.
- Know what the inventory of assets should include and how assets are valued.
- Distinguish which assets will vs. will not need administration under probate court supervision.
- Examine how creditors' claims are handled and what happens if the decedent was a Medicaid recipient.
- Review income tax considerations for the decedent and the estate.
- Discover what you can do to minimize tax burdens post mortem.
- Find out how certain issues should be addressed on the final accounting and schedules.
Audience This two-day, basic level seminar is designed for professionals who want to build their knowledge of the probate process, including:
- Attorneys
- Paralegals
- CPAs and Accountants
- Financial Planners and Wealth Managers
- Tax Professionals
- Trust Officers
Agenda
DAY 1: PROCESS OVERVIEW, OPENING THE ESTATE, ASSETS, TAXES
- Probate Process, Timeline and Checklist
8:30 - 9:30, Nicholas A. Dupre
- Forms of Administration
- Probate Procedure
- Checklist and Filing Deadlines
- Ancillary Probate
- The First 48 Hours
- Probate vs. Non-Probate Assets
9:30 - 10:30, Nicholas A. Dupre
- Probate vs. Non-Probate Assets
- Differences in Distribution
- Is Probate Necessary?
- When Non-Probate Assets End Up in Probate
- The Petition and Appointment of the Personal Representative
10:45 - 12:00, Thais Amaral Tellawi
- Documents Necessary to Open the Estate
- The Hearing
- Duties and Powers of the Personal Representative
- Notice of Probate and Notice to Creditors
- Sample Scenarios and Forms
- Intestacy Laws and the Spousal Elective Share
1:00 - 1:45, Karen Akiens
- Inventory, Valuation and Management of Assets
1:45 - 2:45, Thais Amaral Tellawi
- Finding Asset Information
- EIN and Marshaling Assets
- Probate Inventory
- Safeguarding Assets
- Asset Valuation Issues and Answers
- Sample Scenarios and Forms
- Tax Deadlines, Forms and Returns
3:00 - 4:00, Don D. Ford III
- Tax Requirements, Deadlines and Filing Procedure
- The Final 1040
- Form 1041 - Income Tax Return for Estates and Trusts
- Estate, Gift and GST Tax Issues - Form 706
- Capital Gains Taxes
- Post-Mortem Tax Planning
4:00 - 4:40, Karen Akiens
- Tax Year Election
- Post-Mortem Tax Elections
- Qualified Disclaimers and Valuation Discounts
- Tax Basis and Other Planning Opportunities
DAY 2: CREDITORS, DISTRIBUTIONS, ACCOUNTING/CLOSING, COMMON ISSUES
- Creditor Claims and Medicaid Estate Recovery
8:30 - 9:30, Jason R. Hanna
- Homestead, Exemptions, Allowances and Priority of Claims
- Claim Assessment and Rejection
- Allowance and Payment
- Medicaid Estate Recovery
- Insufficient Assets
- Lawsuits Against the Estate and the Decedent
- Sample Scenarios and Forms
- Distributions: Asset Sales and Transfers
9:30 - 10:30, Mona L. Cohen
- Early and Final Distributions
- Transferring Assets
- Real Estate
- 401ks, IRAs, Pensions, Life Insurance Policies
- Miscellaneous Assets
- Distribution to Minors, Surviving Spouses and Trusts
- Unclaimed Assets
- Final Accounting and Estate Closing Checklist
10:45 - 12:00, Don D. Ford III
- Final Accounting: What's Included
- Receipts
- Disbursements
- Assets Remaining to be Distributed
- Sample Accounting
- Closing the Estate - Options, Forms and Procedures
- Attorney Fees and Executor's Commission
- Digital Assets in Probate
1:00 - 2:00, Jason R. Hanna
- Firearms in Probate
2:00 - 2:45, Susan Meek, M.D., J.D.
- Firearms Legal Designations
- Can the Beneficiary Legally Own the Firearm?
- In-State and Out-of-State Transfers
- Sales of Estate-Held Firearms
- Potential Penalties and Liabilities for Executors/Others
- Gun Trusts
- Ethics
3:00 - 4:00, Susan Meek, M.D., J.D.
- Who is Your Client? Avoiding Conflicts of Interest
- Client Confidentiality
- Attorney Fees
- Malpractice Liability Risks
- Will Contests, Fiduciary Litigation, Accounting Disputes and More
4:00 - 4:40, Joshua R. Flores
Audience
This two-day, basic level seminar is designed for professionals who want to build their knowledge of the probate process, including:
- Attorneys
- Paralegals
- CPAs and Accountants
- Financial Planners and Wealth Managers
- Tax Professionals
- Trust Officers
