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Overview
Creditor Claims, Distributions, Tax Issues, and More!
Working through issues that arise through probate and trust administration can be daunting. Are you well-equipped with the tools you need to succeed? This insightful course will take you through steps in probate administration, including information on creditor and debt issues, tax and more. You will also get valuable insight on trust administration, including the handling of accounting, distributions and taxes. Don't miss this opportunity to hone your probate and trust administration skills - register today!
- Take a closer look at the initial steps for filing the estate.
- Discuss what needs to be done to handle creditor claims and debts.
- Make sure everything is in order for the final distribution of the estate.
- Review what issues need to be addressed concerning taxes in probate administration.
- Get the latest information on taxation concerns associated with trusts.
- Explore the different types of trusts and how they are used.
- Learn ways to manage, sell and distribute property and assets in trust administration.
- Gain a better understanding of the distinctions between trust fiduciary accounting and income tax accounting.
Abbreviated Agenda
- Probate Process and Overview
- Assets, Creditor Claims and Debt Considerations
- Trust Taxation Issues
- Distributions, Final Accounting and Closing the Estate
- Tax Issues in Probate Administration
- What You Need to Know About Trusts
- Accounting/Distributions in Trust Administration
- Ethics and Estate Administration
Credit Details
Credits Available
There is no credit available on this course.
Select Jurisdiction
Agenda
-
Probate Process and Overview
- Review of the Probate Timeline
- Forms of Administration
- Deadlines to be Aware of
- Documents Used in the Probate Process
- Information Gathering
- Laws of Intestacy
- Initial Petition and Notices
- Sample Forms, Letters and Documents
-
Assets, Creditor Claims and Debt Considerations
- Marshalling Probate and Non-Probate Assets: Key Procedures
- Properly Ensure ALL Debt is Located and Handled
- Required Public Notices to Creditors
- Priority and Payment Determinations for Claims
- Contested Claims and Prescribed Claims
- Appropriately Dealing with Creditors
- Insolvent Estates
- Sale of Assets to Satisfy Creditors
-
Trust Taxation Issues
- Tax Returns: Annual and Final
- Tax Consequences of Trustee's Actions
- Real Property Taxes
- Income Taxation
- Estate and Generation-Skipping Transfer Taxes
- Tax Consequences of Paying Retirement Benefits to Trusts
- Tax Basis in the Assets
-
Distributions, Final Accounting and Closing the Estate
- Documents Needed to Close the Estate
- Proper Transfer and Timing of Distributions - Probate and Non-Probate Assets
- Distributions in Kind
- Distribution to Minors, Surviving Spouse and Trusts
- Disposition of Unclaimed Assets
- Fees for Personal Representatives and Attorneys
- Annual Accounting Requirements and Format
- Final Accounting Checklist
- Estate Closing Procedures
-
Tax Issues in Probate Administration
- State and Federal Tax Considerations
- Tax Deadlines and Extensions
- Essential Tax Forms and Returns
- Deductions and Exemptions
- Income Tax and Basis Adjustment for Decedent's Assets
- Real Property Tax Considerations
-
What You Need to Know About Trusts
- Types of Trusts and Their Purpose
- Jurisdiction
- Duties and Powers of the Trustee
- Valuation of Assets
- Funding a Trust
- Communication with Beneficiaries
- Amending and Modifying the Trust
- Trust Administration Checklist
- Sample Forms and Documents
-
Accounting/Distributions in Trust Administration
- Notices of Proposed Actions
- Uniform Principal and Income Act
- Trust Provisions Concerning Distributions
- Managing, Selling and Distributing Property and Assets
- Investing Assets
- Distinctions Between Trust Fiduciary Accounting and Income Tax Accounting
- Determining Trustee Fees
- Communication with Creditors
- Distribution to Beneficiaries
- Trust Termination
-
Ethics and Estate Administration
- Breach of Fiduciary Responsibility
- Avoiding Conflicts of Interest
- Confidentiality
- Fee Agreements
Who Should Attend
This intermediate level online seminar is designed for professionals who want to be more effective in the probate and trust administration process, such as:
- Attorneys
- CPAs and Accountants
- Tax Professionals
- Financial Planners and Wealth Managers
- Trust Officers
- Paralegals
Speakers
Speaker bio
Joseph M. Schnitzer
is a managing member of the Baltimore firm of Schnitzer & Hymer, L.L.C., where he practices in the areas of business entities, taxation, estates, trusts and healthcare law. He has lectured for the MICPEL, Maryland Association of CPAs and other business groups on the topics of limited liability companies, the representation of healthcare providers and choice of business entities, and various estate planning topics. Mr. Schnitzer is a contributing writer and editor of Maryland Limited Liability Company Forms and Practice Manual, Data Trace Legal Publishing. He is a certified public accountant in Maryland. Mr. Schnitzer is a member of the Bar Association of Baltimore County, Maryland State Bar Association (member, Special Joint Committee on Maryland Limited Liability Company Act and Tax Section) and the Baltimore Estate Planning Council. He earned his B.S. degree from Towson State University and his J.D. degree from the University of Baltimore School of Law.
Speaker bio
Marie Yves N. Jean-Baptiste
is the managing owner of The Saint Yves Law Firm, where she focuses her practice on the areas of estates and trusts, and taxation. Ms. Jean-Baptiste earned her J.D. degree, her Masters of Law in taxation (LL.M.) and an Estate Planning Certificate from the University of Baltimore School of Law. She has extensive experience in the areas of litigation, family law, estate planning, estate administration and probate, income tax preparation, and tax controversy matters. Ms. Jean-Baptiste makes it a part of her practice to assist individuals of the LGBTQIA+ community in the areas of family law, and estates and trusts when confronted with unique challenges, considerations, and issues when exercising legal rights. She is licensed to practice law in Maryland state and federal courts, United States Tax Court, and United States Supreme Court. Ms. Jean-Baptiste prioritizes pro bono activities, lending her services to organizations and individuals across Maryland that are in need. She is the former chairperson for the Baltimore County Bar Association Estates & Trusts Committee, where she coordinated meetings, events and educational programs for her estates and trusts peers. Ms. Jean-Baptiste is a member of the Executive Board for the Harford County Bar Foundation, an organization dedicated to serving members of Harford and Cecil counties.
Speaker bio
Krista N. Robertson
is an attorney with WardChisholm, LLP, where she focuses her practice in estate planning, probate, and estate and trust administration, primarily in the District of Columbia and Maryland. Ms. Robertson is a member of the Maryland and New York State bar associations and the District of Columbia Bar. She earned her B.A. degree from Georgetown University, her LL.M. degree from UNH Franklin Pierce School of Law and her J.D. degree from The University of New Mexico School of Law.
Speaker bio
Elizabeth H. Johnson
is a senior associate with SPENCE | BRIERLEY, PC, where she focuses on the areas of estate, trust, and fiduciary litigation, as well as estate administration, and probate law. Ms. Johnson is a member of Baltimore County Bar Association, Anne Arundel Bar Association, Maryland State Bar Association, as well as Association of Certified Fraud Examiners, International Association of Document Examiners, Anne Arundel Estate Planning Counsel, and Baltimore County Provider Council (professional community dedicated to improving lives of older adults). She earned both her B.A. and J.D. degrees from the University of Illinois. She is admitted to practice in the state of Maryland.
Speaker bio
Patti S. Spencer
is an attorney with Metzger and Spencer, LLP and Spencer Law Firm LLC in Lancaster, Pennsylvania, where she provides experience and depth in estate planning, trust and estate administration, complex tax consulting, charitable gift planning, wealth transfer vehicles and retirement plan consulting, and expert witness testimony. Ms. Spencer taught estate and gift tax for eight years as an adjunct professor at Boston University in the LL.M. program, and also was a former professor of trusts and estates at Boston University School of Law. In addition, she has spoken numerous times on topics related to her areas of expertise. Ms. Spencer is the author of a weekly column Taxing Matters, which appeared in the Lancaster Intelligencer Journal's Business Monday Section for 14 years. She also has written Pennsylvania Estate Planning, Wills and Trusts Library: Forms and Practice Manual, Data Trace, which is updated annually. Ms. Spencer earned her B.A. degree from Dickinson College, her J.D. degree from Boston University and her LL.M. degree from Boston University. She is a fellow of the American College of Trust and Estate Counsel.
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