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The Probate Process: In 7 Simple Steps LIVE Virtual Training

presented by NBI, Inc.

The Probate Process: In 7 Simple Steps

Full Description

Learn how to Handle Assets, Taxes, Personal Representatives, and More!

This step-by-step practical instruction offers essential knowledge of probate processes and best practices for handling each unique case effectively. Learn how to tackle crucial first steps; handle the personal executive; gather, value and distribute all assets; and successfully complete the final accounting and tax returns. Arm yourself with the foundational knowledge and best practices you need to ensure a smooth administration from start to finish. Register today!

  • Don't overlook anything important: confidently navigate critical first steps.
  • Understand executor powers, duties, responsibilities and compensation guidelines.
  • Learn how to effectively marshal and inventory all assets.
  • Pick up tips for validating, prioritizing and satisfying creditor claims.
  • Get practical guidance for post-mortem planning, trust administration and tax hurdles.
  • Put the decedent's affairs to rest by making distributions, filing the final tax return and completing the final accounting.
  • Discover how to litigate deed contests, lost or contested wills, fiduciary misconduct and more.

This is a rebroadcast of the original webcast delivered by T. James Lee, George S. Peek & Louis A. Silverman on November 20, 2020. Faculty will be available to answer your questions after the program.

Agenda

10:00 am to 5:00 pm - All times are shown in Eastern time

  1. STEP 1: OPENING THE ESTATE
    10:00 - 11:00, George S. Peek
    1. What to Do in the First 48 Hours
    2. Obtaining the Will and Getting it Admitted
    3. Locating and Notifying the Beneficiaries
    4. Determining if the Estate Qualifies for a Small Estate Administration
    5. The Estate Timeline - What Must be Done When
    6. Filing the Initial Petition with the Probate Court: Forms and Procedures
    7. Sending Initial Notices to Creditors and State Agencies
    8. Closing the Decedent's Accounts
    9. Obtaining the Estate Tax ID
    10. Laws of Intestacy
  2. STEP 2: PREPARING THE PERSONAL REPRESENTATIVE FOR THE JOB
    11:00 - 11:30, George S. Peek
    1. Educating PRs on Their Duties, Powers, and Responsibilities
    2. Compiling Personal Representative Guide/Instructions
    3. Clarifying Executor Compensation
    4. Advising PRs on Potential Problems and Liability
  3. STEP 3: MANAGING THE ESTATE: VALUATIONS, SPOUSAL SHARE, AND MORE
    11:45 - 12:15, T. James Lee
    1. Marshalling and Valuing Decedent's Assets
      1. Initial Inventory
      2. Maintenance and Management
    2. Determining Elective Share and Homestead Allowance
      1. Spousal Rights: electing vs. Disclaiming the Share
      2. Claiming Homestead Allowance
    3. Portability Rules; Claiming Unused Lifetime Exclusion
    4. Estate Expenses: Payment and Record-Keeping
    5. What to Do with the Income the Estate is Producing
  4. STEP 4: ADDRESSING CREDITOR CLAIMS
    12:15 - 1:15, Louis A. Silverman
    1. Issuing Notices to Creditors: What Works Best
    2. Validating Claims
    3. Determining the Priority of Creditor Rights
    4. Selling Property to Satisfy Claims: What to Sell, How to Do it, and How to Properly Record it
    5. Satisfying Tax Claims and Liens
  5. STEP 5: POST-MORTEM TAX PLANNING, DISTRIBUTIONS, AND TRUST ADMINISTRATION
    1:45 - 2:15, Louis A. Silverman
    1. Managing the Tax Consequences of Elections and Receipt of Non-Probate Assets (e.g. IRA Distributions)
    2. Creating Trusts and Subtrusts for Multiple Beneficiaries to Receive Their Shares of the Estate
    3. What to do with Bequests and Trust Distributions to Minors
    4. Post-Mortem Tax Planning Approaches: How Much Maneuver Room is Left?
    5. How to Calculate the Omitted Spouse Share or Omitted Child Share
    6. Guarding Disabled Adult Beneficiaries' Benefits Eligibility
  6. MAINTAINING AN ETHICAL PRACTICE
    2:15 - 3:15, Louis A. Silverman
    1. Whom do You Represent? Conflicts of Interest
    2. Protecting Client Confidentiality
    3. Attorney Fees
    4. Practicing Law in More Than One State
  7. STEP 6: HANDLING ESTATE CLOSING, FINAL ACCOUNTING, AND TAX RETURNS
    3:30 - 4:30, T. James Lee
    1. Tax Returns and Deadlines - Estate and Income, State and Federal, Decedent's and the Estate's
    2. Informal Closing by Statement of Personal Representative
    3. Compiling and Balancing the Final Account
    4. Final Distributions to Beneficiaries and Liability of Distributees
    5. Closing the Estate and Discharging the Fiduciary
  8. STEP 7: RESOLVING DISPUTES AND NAVIGATING PROBATE LITIGATION
    4:30 - 5:00, Louis A. Silverman
    1. Will Contests, Deed Contests, Allegations of Undue Influence and Other Causes of Action
    2. Obtaining Court Guidance for Proposed Actions Regarding the Estate Administration
    3. Probate Litigation Rules, Procedures, and Evidentiary Provisions
    4. Fiduciary Misconduct, Liability, Disputes with Beneficiaries
    5. Effective Approaches to Resolving Disputes Without Going to Court

Who Should Attend

This program is designed for attorneys. Accountants, trust administrators, estate planners, tax professionals, and paralegals may also benefit.

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