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Final Accounting in Estate Administration

presented by NBI, Inc.
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Summary

Final Accounting in Estate Administration

Workshop Description/Agenda

Wrap Up Your Client's Estate Administration Quickly and Effectively

Once all the vital documentation is compiled and the creditors appeased, it's time to lay the decedent's affairs to rest. Do you have the knowledge and skill to distribute assets and file the final tax return to close the door on any future disputes and litigation? Our straightforward instruction will help you ensure thorough accounting and settlement of the estate and fair final distribution to heirs. Register today!

  • Find out how to speed up final accounting by getting started early in estate administration.
  • Learn how to properly record all receipts in the final accounting.
  • Gain confidence in handling the most common problems related to disbursements.

Agenda

1:00 pm to 2:30 pm Eastern Standard Time
Presenter: Tudor Goldsmith

  1. Starting the Accounting at the Outset
    1. Counseling the Personal Representative as to Duties, Responsibilities and Possible Liability
    2. Appropriateness of Expenditures
    3. Gathering of Receipts and Other Documentation
    4. Accounting Period for Final Account and Filing Fees
  2. Closing the Estate - The Options
    1. Discharging Liability of Personal Representative
    2. Assents of Beneficiaries/Heirs - Are They Worth Obtaining?
    3. Objections to Final Accounting by Beneficiaries/Heirs
    4. Releasing Surety Bond on Personal Representative
  3. Final Accounting: What is Included
    1. Receipts
      1. Personal Property (Per Inventory)
      2. Real Property (Per Inventory)
      3. Gain on Assets
      4. Income, Rents and Other Receivables and Recovered Assets
    2. Disbursements
      1. Expenses and Fees
      2. Taxes
      3. Loss on Sale of Assets
      4. Debts Paid
      5. Paid Legacies, Bequests, and Devises
    3. Final Distribution of Remaining Assets
  4. Service Requirements
  5. Final Tax Returns
    1. Estate Tax Return (Federal and/or State)
    2. Fiduciary Income Tax Returns (Federal and/or State)
  6. Mishaps to Avoid
    1. Account Does Not Balance
    2. Asset Left Off Inventory
    3. Checks Not Cleared
    4. Miscellaneous Issues

Who Should Attend

This course is designed for attorneys. Accountants, trust officers, estate planners and financial planners may also benefit from attending.

Additional Information

Training Provider: NBI, Inc.

Course Topics: Law Training > Probate

Training Course Summary: Final Accounting in Estate Administration


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Live Teleseminar Dates

APR 24   13:00:00 TO 14:30:00 ET