Agenda

1. Complex Probate and Multi-Jurisdictional Administration

   1. Independent vs. Court-Supervised Administration: Strategic Election and Liability Trade-Offs
   2. Ancillary Probate: Coordinating Assets and Obligations Across State Lines
   3. Domicile Disputes and Jurisdictional Conflicts: Litigation Strategies and Risk Management

2. Fiduciary Duties, Powers, and Liability Management

   1. When Fiduciary Duties Collide: Impartiality, Loyalty, and Prudent Investor Tensions in Complex and Contested Estates
   2. Delegation Authority and Investment Management Under the UPIA
   3. Identifying and Managing Conflicts of Interest in Complex Estates
   4. Surcharge Claims and Breach of Fiduciary Duty: Defense Strategies and Risk Reduction
   5. Contested Executor Compensation: Defending Fee Claims Against Beneficiary Challenges and Court Scrutiny

3. Valuing and Administering Complex Estate Assets

   1. Closely Held Business Interests: Valuation Approaches and IRS Defense
   2. Minority and Marketability Discounts: Appraisal Requirements and Strategy
   3. Inherited IRAs Under SECURE 2.0: The 10-Year Rule and Trust Beneficiary Traps
   4. Unique Asset Valuation: Digital Assets, Mineral Rights, Art, and IP
   5. Improperly Transferred Assets: Reclamation Claims and Executor Risk

4. Tax Administration: Federal Estate Tax, Income Tax, and Generation-Skipping Transfer Tax

   1. Federal Estate Tax Under OBBBA: The $15 Million Exemption, State Exposure, and Filing Obligations
   2. Portability Elections: Timing, Late Election Rules, and the Formula Clause Trap
   3. Income Tax as the New Priority: Basis Step-Up, Form 8971, and Post-OBBBA Strategy
   4. Form 1041: Fiduciary Income Tax, DNI, and Charitable Deduction Strategy
   5. GST Tax Under OBBBA: Exemptions, Non-Portability, and Multi-Generational Planning

5. Trust Administration and Coordination With Probate

   1. Funding and Administering Testamentary Trusts After the Decedent's Death
   2. Coordinating Revocable Trust Administration With the Probate Estate
   3. OBBBA's Impact on Credit Shelter Trust Formula Clauses: Recognizing and Correcting Outdated Documents
   4. Decanting, Modification, and Termination Options Under the Uniform Trust Code

6. Creditor Claims and Contested Estates

   1. Contesting Creditor Claims: Disputing Invalid Claims, Navigating Priority Conflicts, and Managing Executor Liability
   2. Insolvent Estates: Administration Strategy, Priority Rules, and Common Pitfalls
   3. Will Contests, Undue Influence, and Testamentary Capacity Challenges
   4. Family Settlement Agreements: Binding Effect on All Parties and Risk Management

7. Final Accounting, Distributions, and Closing the Estate

   1. Final Accounting Under Challenge: Defending Against Beneficiary Objections and Surcharge Exposure
   2. In-Kind vs. Cash Distributions and the Tax Consequences of Each
   3. Receipts, Releases, and Protecting the Executor From Post-Closing Claims
   4. Formal Discharge: Court Approval Procedures and Record Retention Requirements

8. Complex Client Scenarios: Applying the Framework

   1. Domicile Dispute, Ancillary Probate, and a Closely Held Business Interest: A decedent splits time between two states, leaving a contested domicile determination, real property in a third state, and a minority interest in a family LLC requiring valuation. What are the administration priorities and risks?
   2. The SECURE 2.0 Trust Trap: A trust is named as beneficiary of a $1.2 million IRA. The trust was drafted pre-SECURE Act and does not satisfy see-through requirements. The account reverts to a non-designated beneficiary. What are the tax consequences and what options remain?
   3. Pre-Death Asset Transfers and Insolvent Estate: The decedent transferred a vacation home to an adult child 18 months before death while insolvent. Creditors are now asserting fraudulent transfer claims. How does the executor evaluate the claim, and what are the fiduciary obligations in a contested insolvency?
   4. The Formula Clause That Backfired: A credit shelter trust funded under a pre-OBBBA formula clause now captures assets that would have passed to the surviving spouse, denying a basis step-up on appreciated assets worth $4 million. What are the options for the surviving spouse and the estate's counsel?