Surgent's How to Settle a Client's Estate

Available Anytime

Location: Online

10Credits

Technical Business

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FICPA Members

~~$189.00 Regular Price~~

Nonmembers

$265.00 Regular Price

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Product Code: SU24-SEAZ-SSDL

Level: Basic

Vendor: Surgent

Field of Study: Taxes

Overview:

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.

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, & their uses
Understand the stages of an estate administration including costs, collections, payment of debts/taxes, & distribution to beneficiaries
Be aware of the duties a fiduciary and members of the estate planning team owe to creditors, beneficiaries, and the courts

Major Topics:

Issues involved when settling an estate – marshaling of assets, payment of creditors, & 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, & 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

Designed For:

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

Prerequisite:

None

Additional Info:

You will receive an email from info@surgent.com with instructions on how to log onto your course shortly. If you do not receive the email within the hour, please check your spam filter.

For technical support, registration questions or other customer service-related inquiries, please call (800) 778-7436 or email info@surgent.com. Phones are staffed from 8:30 a.m. to 5:00 p.m. Eastern Time, Monday through Thursday, and 8:30 a.m. to 4:00 p.m. Eastern Time on Friday.