Asset-Based Guide to Probate - Probate Law Seminar
Confidently Administer Decedents’ Assets in Probate
Administering an estate requires impeccable attention to detail, a firm grasp of probate court procedures and a deep understanding of how assets are held, moved and taxed. This detailed guide will help you prepare for any eventuality when probating an estate. Hone your craft - register today!
- Walk through the probate procedure and get a firm timeline of events.
- Learn what assets are excluded from probate and how to maximize the use of these exceptions.
- Get detailed instructions for handling all forms of real estate ownership in probate.
- Find new ways of maximizing spousal share deductions.
- Find out what to do with property that cannot be sold.
- Adapt new post-mortem planning techniques.
- Analyze each element of an effective final accounting to prevent reopening estates.
- Clearly identify your client with real-life scenarios, and stay firmly within legal ethics bounds.
- THE PROBATE PROCESS
9:00 -9:50, James Bart Leonardi
- Alternatives to Full Probate
- Small Estates Affidavit
- Simplified Administration
- Informal Probate
- Refusal of Letters
- Determination of Descent
- Formal Probate Procedure
- The Initial Filing
- Estate Timeline
- Notices to Beneficiaries and Creditors
- The Role of the Estate Representative
- Who Can Be an Executor?
- Duties, Powers and Liability
- Proving and Challenging the Will
- ESTATE ASSETS
9:50 - 10:50, Amy L. Papesh
- Locating Assets
- Determining Title to Assets
- Taking Possession of Assets and Accessing Decedent's Accounts
- Management for the Duration of Proceedings
- Business Interests: When are Business Interests NOT Part of the Estate?
- Post-Death Governance of Business Owned by Decedent
- Post-Mortem Transfer Planning
- Tax Options and Compliance
- Creditor Claims and Medicaid Estate Recovery
- NON-PROBATE ASSETS
11:05 - 12:00, Amy L. Papesh
- Determining the Spouse's Elective Share
- Assets Held Jointly or as Tenants in Common/TODs
- Beneficiary Designation Accounts
- Life Insurance
- Retirement Accounts (401(K), IRAs)
- What Happens if the Beneficiary Dies Before the Grantor, and There's No Secondary Beneficiary? TOD/POD Accounts
- How Non-Probate Assets Can End Up in Probate and What to Do About It
- Tax Planning and Reporting
- REAL ESTATE IN PROBATE
1:00 - 1:30, Mark C. Pirozzi
- Who Can Convey Title to Real Estate?
- Executing Simple Deed Transfers
- Sale of Real Property in Probate
- Valuation - Handling Drastic Changes in Value
- Management of Property during Probate Proceedings
- Real Property Held in a Trust (QPRT or Other)
- UNIQUE ASSETS
1:30 - 2:00, Mark C. Pirozzi
- Online Accounts
- Specific Valuation Considerations
- Taxation of Unique Assets
- Property that Cannot Be Sold
2:00 - 3:00, James Bart Leonardi
- Who is Your Client? Dealing with All Interested Parties
- Conflicts of Interest
- Attorney Fees
- Fiduciary Liability
- Privileged vs. Non-Privileged Communications
- PROPERTY IN OTHER STATES - ANCILLARY PROBATE
3:15 - 3:40, Michele K. Keith
- FINAL ACCOUNTING AND TAX RETURNS - CLOSING THE ESTATE
3:40 - 4:30, Michele K. Keith
- Final Accounting
- Failure to File Account
- Personal Representative Liability
- Notice and Hearing
- Distribution of Estate to Beneficiaries
- Notice and Hearing
- Order for Final Distribution
- Discharge of Fiduciary
- Reopening the Estate
- Tax Returns - What Needs to be Filed and When
- Income Tax
- Form 1040
- Form 1041
- Gift, Estate and Other Taxes - State and Federal