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