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Friday, November 13, 2020 Webcast

How to Settle a Client's Estate (E2011161)

9:00 AM - 4:30 PM EST

Registration: 8:30 AM EST

webcast

Webcast

8.0 CPE Credits in TX

OVERVIEW

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.

DESIGNED FOR

CPAs who wish to assist in settlement of an estate, regardless of size.

BENEFITS

  • 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

HIGHLIGHTS

  • 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

COURSE LEVEL

Basic

PREREQUISITES

None

ADVANCE PREPARATION

None

ADDITIONAL NOTES

  • 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.

INSTRUCTOR

John Kilroy

John Kilroy, CPA, CFP

John Kilroy is a managing member of iValue Financial Planning LLC, located in the Philadelphia, Pennsylvania area. John engages clients in financial and tax planning, as well as preparing tax returns for individuals, corporations, partnerships, estates, and trusts. John is a CPA and a CFP® practitioner. He is a 1979 graduate of Villanova University with a BS in Accounting. John is a member of the Pennsylvania Institute of Certified Public Accountants and the Financial Planning Association (FPA). Within the FPA, John has served as a board member of the Philadelphia Tri-State chapter and on its education and finance committees. John is an adjunct faculty member for the Temple University Certificate of Financial Planning Program. He is a frequent speaker and facilitator on tax and financial planning topics. John has been quoted in the Wall Street Journal, MarketWatch.com, and USATODAY.com. He has written for the Journal of Financial Planning, and is a contributor to Retirement Weekly. John has also discussed financial and tax planning issues on various radio outlets.

PRICING

$389.00 - Non Member

$289.00 - Member

Register Today


Note: Online pre-registration will close 24 hours prior to this event.

ADDITIONAL OPTIONS

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COURSE DEVELOPER

Surgent

AREAS OF INTEREST

Qualifies For

  • CFP