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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Wednesday, May 10, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This course will provide an overview of the steps required when settling an estate. Our panel of estate tax experts will walk executors and advisers through initial considerations, including identifying assets and obligations and accumulating key documents required for tax filings and distribution of the estate's assets to its beneficiaries and trusts. They will provide advice to facilitate this generally lengthy and challenging process.

Faculty

Christopher C. Weeg
Partner
Comiter Singer Baseman & Braun, LLP

Mr. Weeg, partner with Comiter Singer, is Board Certified in both Tax Law and in Wills, Trusts and Estates and is also a licensed CPA. His law practice includes drafting wills and trusts; advising on income, gift, estate, and GST tax issues; forming business and nonprofit entities; and probating estates. Mr. Weeg is experienced in the preparation of gift and estate tax returns, representation of executors in all phases of estate administration, and creating comprehensive estate plans tailored to meet clients’ personal objectives in a tax efficient manner. He is licensed to practice law in Florida and Texas.

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Erin S. Fukuto
Partner
Eide Bailly

Ms. Fukuto is a Tax Partner and specializes in the Estate and Trust Tax Services for Eide Bailly, LLP, a certified public accounting firm. With over 40 years of experience, she provides tax compliance, planning and consulting services for high net worth individuals, business succession and perpetuation planning for closely-held businesses and non-profit organizations.  Ms. Fukuto's expertise includes estate and trust plan review and development, implementation and administration, tax compliance and strategic consulting services that allow her to work with complex estates and family wealth transfer issues. She obtained her Bachelor of Science in Accounting from the University of Southern California and her Masters degree in Taxation from Golden Gate University. Ms. Fukuto is a member of the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants. She is also the Former Chair for the Orange County Estate Planning Council and Former Chair of the State Estate Planning Interest Group for the California Society of Certified Public Accountants.

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Matthew D. Pineda
Attorney
Pineda Law, PLLC

Mr. Pineda practices in the areas of probate, estate planning, and entrepreneurship. He is licensed to practice in the State Courts of Florida, North Carolina, and Wyoming, United States Tax Court, Federal District Courts of the Middle District of Florida, Northern District of Florida, Southern District of Florida, Eastern District of North Carolina, and Middle District of North Carolina, and the Cherokee Supreme Court. Mr. Pineda received his B.A. degree from the University of Miami, his J.D. degree from Nova Southeastern University, Shepard Broad College of Law, his LL.M. degree in Taxation Law from the University of Miami School of Law and his LL.M. degree in Law & Entrepreneurship from Duke University School of Law. Matt has received Martindale-Hubbell's esteemed "AV Preeminent" rating, which recognizes lawyers with the highest ethical standards and professional ability. Matt has also been recognized as Premier Lawyers of America "Top 40 Under 40" Attorney and as a Legal Elite Up & Comer by Florida Trend Magazine.  

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Description

For trusted advisers, the death of a long-time client may require filing Forms 1041 and 706 but often necessitates the monumental task of settling their estate as well. Ideally, the process is facilitated with the help of a comprehensive checklist, and the spouse and/or executor. Initially, the death certificate must be obtained, financial institutions and Social Security should be notified, and claims for life insurance filed. Simply identifying (and unearthing) all assets and types of assets held at death can be a significant undertaking. Additionally, the executor must identify all debts and obligations.

Every estate is unique. Distributing assets according to the deceased's intentions is critical. Before the adviser can even begin the task of completing the necessary compliance (Form 1041 and 706), they must first obtain certain essential documents (such as all previously filed gift tax returns (Form 709)) and all financial information, a fact gathering mission that can take a great deal of time and should be pursued as early after death as possible. In addition to settling the estate and filing Forms 1041 and 706, the adviser may be called upon to file (or assist with the filing of) a final gift tax return (Form 709) and the decedent's final income tax return (Form 1040).

The adviser must also weigh myriad potential tax elections that may be reported on these forms and carry long-standing ramifications for the estate, such as a 645 election, generation-skipping transfer tax allocations, alternate valuation, the IRD (income in respect of decedent) deduction, the Clayton QTIP election, S corporation issues (if the estate includes S corporation holdings), and many other highly technical matters. The issue of portability must also be considered. Trust and estate advisers need to understand the extensive requirements and responsibilities imposed on the executor and other professionals to settle an estate.

Listen as our panel of trust and estate veteran attorneys reviews a comprehensive checklist of the steps to take when closing an estate.

Outline

  1. Settling a client's estate
  2. Immediate actions
  3. Identifying assets
  4. Expenses, debts, and cash flow considerations
  5. Distributions and accounting to beneficiaries
  6. Filing and reporting obligations
  7. Key documents

Benefits

The panel will review these and other critical issues:

  • The stages of estate administration and steps to take at each step
  • Crucial elections for the estate to consider
  • Essential documents to locate and obtain
  • Determining if probate is needed
  • Distributing assets and accounting to beneficiaries

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Understand the stages of estate administration
  • Identify the key documents that should be obtained immediately
  • Differentiate between probate and non-probate assets
  • Recognize the steps and timeline related to the probate process
  • Recognize the assets that can be distributed without probate
  • Identify crucial elections for the estate to make

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of estate, gift and trust taxation including various trusts types, the unified credit, and portability.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).