June 27, 2023


Live Webcast


8 Total CPE Credits

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How to Settle a Client’s Estate (in collaboration with the FICPA)

Learning Objectives

<span style="color: black"
<li<span style="font-size: 16px; font-family: Times New Roman"Understand how creditors’ claims impact a beneficiary’s claims</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Understand the key provisions in a will or trust</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Understand the duties of an executor or trustee in relation to beneficiaries and other third parties</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Identify trusts, wills, and other documents encountered, & their uses</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Understand the stages of an estate administration including costs, collections, payment of debts/taxes, & distribution to beneficiaries</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Be aware of the duties a fiduciary and members of the estate planning team owe to creditors, beneficiaries, and the courts</span </li</span</ul</ul
 </div

Major Topics

<li<span style="font-size: 16px; font-family: Times New Roman"Issues involved when settling an estate – marshaling of assets, payment of creditors, & distribution and accounting to beneficiaries</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Explaining the needs and limitations of durable powers of attorney, health care directives, and living wills</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Why a will is probated, and on what grounds it may be challenged</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Comprehensive checklists on how to read a will, duties of an executor and trustee, and much more</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Identification and report of estate assets</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"What to do and what not to do as a fiduciary, executor, or trustee – duty of care, investment, informing, payment of debts and taxes, & defending a will contest</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"How executors and trustees interact with beneficiaries</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Elective shares, and when a spouse might make that choice</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"What a trustee needs to know about incompetents and minors</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Rights of creditors, third parties, and beneficiaries</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Key issues in transferring property to a trust and from a trust or estate to a beneficiary</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Identifying income, estate, and inheritance taxes</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Fiduciary accounting – principal and income concepts</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"An introduction to drafting an account, and why it is relevant</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Administration of revocable trusts</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Estate basis reporting</span </li</span</ul</ul
 </div

CPE Credits Available

8
Total CPE
8
Taxes

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Tax
  • Taxation

Prerequisites

None

Intended Audience

Accounting and Financial Professionals who wish to assist in settlement of an estate, regardless of size

Provider

Maryland Association of CPAs

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