How to Settle a Client's Estate - Connecticut Society of CPAs

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

Highlights

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

Prerequisites

None

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Fees

Credits

Specialized Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Dennis Riley

Leader Bios

Dennis Riley

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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