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 executor or trustee or as an advisor to them.
This course features a live instructor and has been specifically designed for the NJCPA.
CPAs who wish to assist in settlement of an estate, regardless of size.
- Understand how the claims of creditors 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 the trust or will and other documents encountered, and their uses
- Understand the stages of an estate administration including collections, costs, payment of debts and taxes, and the distribution to beneficiaries
- Be aware of the duties a fiduciary and members of the estate planning team owe to creditors, beneficiaries,and courts
- The SECURE Act, including IRA and RMD changes
- Issues involved when settling an estate
- 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 required
- Administration of revocable trusts
- Estate basis reporting
- This seminar qualifies for CFP credit.
Course materials are distributed electronically. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.