What You Need to Know About Crafting and Administering Estate Plans
Explore the underlying principles and essential tools of estate planning and administration. This legal guide will walk you through the process - from case intake through the closing of the estate - and show you how to choose the best trust instruments and ensure smooth estate administration process. Guard your clients' legacies - register today!
- Get an update on the current tax laws and regulatory framework.
- Identify key elements of a comprehensive estate plan and get sample forms of essential documents.
- Evaluate top trust structures and their uses to understand what best fits specific clients.
- Clarify duties and powers of fiduciaries, their limits and real-life application.
- Get a probate process overview and step-by-step timeline to prevent skipping any crucial tasks.
- Learn how to close the estate without leaving room for future disputes.
- Current Laws, Client Intake and Communication
9:00 - 9:45, Marva J. Davis
- Current Laws Governing Trusts and Estates
- State and Federal Tax Update and Tax Basis Adjustment Rules
- Entity Choice Issues and Opportunities under TCJA
- Handling Digital Assets under UFADA
- Client Intake
- Reviewing Clients’ Documents
- Effective Client Communication
- The Comprehensive Estate Plan: Wills, Transfers During Life, Sample Documents and Checklists
9:45 - 10:30, Marva J. Davis
- Definition of an Estate
- How Each Document Within a Plan Works
- What Should the Estate Plan Include?
- Instructions for Distribution
- Who Should be Included
- Naming Persons Who Should Have Authority
- Essential Will Provisions and Electronic Wills
- Beneficiary Designations: Transferring IRAs and Retirement Benefits
- Life Insurance (TCJA, Cahill, Morrissette and Other New Developments)
- Guardians of Minors and Effective Use of UTMA Accounts
- Creditor Issues
- Useful Checklists for Estate Planning Documentation
- Trusts Basics: Tax Consequences, Structures, Planning
10:45 -11:30, David Bingham
- Common Trusts Structures and Their Uses
- Tax Consequences and Benefits of Trusts
- Subtrusts and Separate Share Trusts
- Review of Trusts under the UTC and the New Tax Law
- Probate Process Overview (With a Sample Checklist)
11:30 - 12:15, Marva J. Davis
- Timeline and Deadlines (Master Checklist of the Administration)
- Duties, Powers and Liabilities of the Administrator
- Creditor Notices and Claims Against the Estate
- Asset Management (What Passes Outside Probate, Marshalling, Inventory, Sale of Assets, etc.)
- Using Private Fiduciaries vs. Bank/Trust Companies
- Trust Administration, Modification and Termination
1:15 - 1:50, Steven Michael McClelland
- Trust Accounting and Reporting
- Trust Modifications: Judicial and Non-Judicial
- Trusts in Estate Administration
- Tax Issues You Need to Know
1:50 - 2:40, Laurie M. Boyd
- Tax Returns and Filing Procedures, Deadlines
- Tax Basis: Maximizing and Reporting
- Disclaimer Rules and Strategic Tax Uses
- Obtaining Federal Closing Letter When You File 706 for Portability Only (No Tax Due)
- List of Useful Tax Forms, Instructional Materials and Calendaring Items
- Final Accounting, Distributions and Closing the Estate
2:55 - 3:30, Steven Michael McClelland
- Legal Ethics Dangers and Solutions
3:30 - 4:30, Meredith M. Wineland
- Who is the Client?
- Updating Your Engagement Letters to Include Current Issues (Use of Email, Digital Assets, etc.)
- Conflicts of Interest When Representing Spouses
- Conflicts of Interest When Representing Multiple Generations
- Attorney Duty to Report Suspicions of Money Laundering (FATF)
- Client Confidentiality Landmines
This basic level seminar on estate planning and administration is designed for:
- Accountants and CPAs
- Tax Managers
- Trust Officers
- Financial Planners
- Investment Advisers