Live Stream: How to Settle a Client's Estate
331 | Livestream | Basic | Scheduled
Description
Federal estate and gift taxes currently affect few clients, but there are many other issues involved in settling an estate or administering a trust. Clients who are beneficiaries of a trust or estate often turn to their financial advisors to understand the administrative process and its effect on their interests. This course enables the accountant to cut through the jargon to understand the legal concepts, communicate a real-world explanation to clients, and serve, in some instances, as an advisor to them. After taking this course, practitioners will feel more confident to serve in a fiduciary capacity. Updated for developments relative to estate taxation.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 8.00 | Taxes |
| 8.00 | CFP |
| 6.75 | CLE |
Designed For
Accounting and Financial Professionals who wish to assist in settlement of an estate, regardless of size
Highlights
- Issues involved when settling an estate - marshaling of assets, payment of creditors, and distribution and accounting to beneficiaries
- Explaining the needs and limitations of durable powers of attorney, health care directives and living wills
- Why a will is probated, and on what grounds it may be challenged
- Comprehensive checklists on how to read a will, duties of an executor and trustee, and much more
- Identification and report of estate assets
- What to do and what not to do as a fiduciary, executor, or trustee - duty of care, investment, informing, payment of debts and taxes, and defending a will contest
- How executors and trustees interact with beneficiaries
- Elective shares, and when a spouse might make that choice
- What a trustee needs to know about incompetents and minors
- Rights of creditors, third parties and beneficiaries
- Key issues in transferring property to a trust and from a trust or estate to a beneficiary
- Identifying income, estate and inheritance taxes
- Fiduciary accounting - principal and income concepts
- An introduction to drafting an account, and why it is relevant
- Administration of revocable trusts
- Estate basis reporting
Objectives
- Understand how creditors' claims impact a beneficiary's claims
- Understand the key provisions in a will or trust
- Understand the duties of an executor or trustee in relation to beneficiaries and other third parties
- Identify trusts, wills, and other documents encountered, and their uses
- Understand the stages of an estate administration including costs, collections, payment of debts/taxes, and distribution to beneficiaries
- Be aware of the duties a fiduciary and members of the estate planning team owe to creditors, beneficiaries, and the courts
Prices
- Member (Early Bird)
- $299.00
- Non-Member (Early Bird)
- $399.00
- Member
- $299.00
- Non-Member
- $399.00
Instructors
Dennis Riley, CPA, MBA
Dennis Riley has more than 35 years of experience in accounting, consulting, tax preparation, and government representation. He specializes in the tax and business needs of individuals, families, and entrepreneurial small businesses.
He is a frequent lecturer on topics related to taxation and closely held businesses. He has received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills.
Riley's experience includes a range of services including negotiations with federal and state government tax authorities, offers in compromise, closing agreements, strategic business plans, litigation support, record reconstruction, business formation and dissolution, problem solving, and tax preparation. He has resolved multiple-year filing issues, organization issues, and business transition problems.
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