NM Specific

Trusts, Estates & Probate

New Mexico Probate and Trust Administration

Credits Available
Credit Status Total
New Mexico CLE Approved 6.6 Total
Texas CLE Approved 6.75 Total
New Mexico Paralegal Division, State Bar of Approved 6.75 Total
OnDemand
6 hours 28 minutes
B. Cullen Hallmark
Lori Gibson Willard
John Caraway
Gregory Martin
Don Ford
With B. Cullen Hallmark Jr. from Sommer, Udall Law Firm, PA + 4 others
Recorded June 21, 2024
Product ID 98382

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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

  1. Accounting/Distributions in Trust Administration
  2. Probate Process and Overview
  3. Assets, Creditor Claims and Debt Considerations
  4. Distributions, Final Accounting and Closing the Estate
  5. Tax Issues in Probate Administration
  6. Trust Taxation Issues
  7. What You Need to Know About Trusts
  8. Ethics and Estate Administration

Related Topics

Product ID 98382

Credit Details

Credits Available
Credit Status Total
New Mexico CLE Approved 6.6 Total
Texas CLE Approved 6.75 Total
New Mexico Paralegal Division, State Bar of Approved 6.75 Total
Select Jurisdiction
CLE
Paralegal

Agenda

All times are shown in

  1. Accounting/Distributions in Trust Administration

    1. Notices of Proposed Actions
    2. Uniform Principal and Income Act
    3. Trust Provisions Concerning Distributions
    4. Managing, Selling and Distributing Property and Assets
    5. Investing Assets
    6. Distinctions Between Trust Fiduciary Accounting and Income Tax Accounting
    7. Determining Trustee Fees
    8. Communication with Creditors
    9. Distribution to Beneficiaries
    10. Trust Termination

  2. Probate Process and Overview

    1. Review of the Probate Timeline
    2. Forms of Administration
    3. Deadlines to be Aware of
    4. Documents Used in the Probate Process
    5. Information Gathering
    6. Laws of Intestacy
    7. Initial Petition and Notices
    8. Sample Forms, Letters and Documents

  3. Assets, Creditor Claims and Debt Considerations

    1. Marshalling Probate and Non-Probate Assets: Key Procedures
    2. Properly Ensure ALL Debt is Located and Handled
    3. Required Public Notices to Creditors
    4. Priority and Payment Determinations for Claims
    5. Contested Claims and Prescribed Claims
    6. Appropriately Dealing with Creditors
    7. Insolvent Estates
    8. Sale of Assets to Satisfy Creditors

  4. Distributions, Final Accounting and Closing the Estate

    1. Documents Needed to Close the Estate
    2. Proper Transfer and Timing of Distributions - Probate and Non-Probate Assets
    3. Distributions in Kind
    4. Distribution to Minors, Surviving Spouse and Trusts
    5. Disposition of Unclaimed Assets
    6. Fees for Personal Representatives and Attorneys
    7. Annual Accounting Requirements and Format
    8. Final Accounting Checklist
    9. Estate Closing Procedures

  5. Tax Issues in Probate Administration

    1. State and Federal Tax Considerations
    2. Tax Deadlines and Extensions
    3. Essential Tax Forms and Returns
    4. Deductions and Exemptions
    5. Income Tax and Basis Adjustment for Decedent's Assets
    6. Real Property Tax Considerations

  6. Trust Taxation Issues

    1. Tax Returns: Annual and Final
    2. Tax Consequences of Trustee's Actions
    3. Real Property Taxes
    4. Income Taxation
    5. Estate and Generation-Skipping Transfer Taxes
    6. Tax Consequences of Paying Retirement Benefits to Trusts
    7. Tax Basis in the Assets

  7. What You Need to Know About Trusts

    1. Types of Trusts and Their Purpose
    2. Jurisdiction
    3. Duties and Powers of the Trustee
    4. Valuation of Assets
    5. Funding a Trust
    6. Communication with Beneficiaries
    7. Amending and Modifying the Trust
    8. Trust Administration Checklist
    9. Sample Forms and Documents

  8. Ethics and Estate Administration

    1. Breach of Fiduciary Responsibility
    2. Avoiding Conflicts of Interest
    3. Confidentiality
    4. 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

B. Cullen Hallmark Jr.
B. Cullen
Hallmark, Jr.
Sommer, Udall Law Firm, PA
Lori Gibson Willard
Lori
Gibson Willard
Lori Gibson PC
John M Caraway
John M.
Caraway
John Caraway, Attorney at Law
Gregory E Martin
Gregory E.
Martin
Stubbeman, McRae, Sealy, Laughlin & Browder, Inc.
Don D Ford III
Don D.
Ford, III
Ford + Bergner LLP
Speaker bio
B. Cullen Hallmark Jr.

B. Cullen Hallmark, Jr.

Sommer, Udall Law Firm, PA
B. Cullen Hallmark

is a partner with the Santa Fe law firm of Sommer, Udall Law Firm, PA, where he has a general civil practice; including estate planning and administration, real estate, and litigation. Mr. Hallmark has lectured on estate planning and administration to various professional groups. He earned his B.A. degree from St. John's College and his J.D. degree from the University of Texas at Austin. Mr. Hallmark is a member of the State Bar of New Mexico, State Bar of Texas and the First Judicial District Bar Association (former Board of Directors and president).

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Speaker bio
Lori Gibson Willard

Lori Gibson Willard

Lori Gibson PC
Lori Gibson Willard

is a solo practitioner at Lori Gibson PC, where she focuses her practice on adoptions, GAL appointments, guardianships, kinship guardianships, probates, estate planning, property issues, and business entity formations. She received her bachelor's degree from New Mexico State University and her J.D. from Oklahoma City University School of Law. Ms. Gibson is admitted to practice law in New Mexico.

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Speaker bio
John M Caraway

John M. Caraway

John Caraway, Attorney at Law
John Caraway

is a solo practitioner at his practice, John Caraway, Attorney at Law. He focuses his practice on estate planning and administration, as well as oil & gas law. Mr. Caraway earned his B.A. degree from Texas Tech University and his J.D. degree from St. Mary's University of San Antonio. He is a member of the Supreme Court of New Mexico Disciplinary Board. Mr. Caraway is admitted to practice law in New Mexico and before the U.S. District Court, District of New Mexico; U.S. Court of Appeals, Tenth Circuit; U.S. District Court, Western District of Texas; and U.S. Court of Appeals, Fifth Circuit.

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Speaker bio
Gregory E Martin

Gregory E. Martin

Stubbeman, McRae, Sealy, Laughlin & Browder, Inc.
Gregory Martin

is a shareholder at Stubbeman, McRae, Sealy, Laughlin & Browder, Inc. and a member of the firm's estate planning and probate section. He is board-certified in estate planning and probate law by the Texas Board of Legal Specialization, and is licensed to practice law in Texas and New Mexico. Mr. Martin's practice focuses primarily on estate planning, probate and entity formation and governance (for-profit and non-profit). He earned his B.A. degree from Trinity University; his J.D. degree, magna cum laude, from Texas Tech University School of Law; and his LL.M. degree in taxation from Southern Methodist University School of Law.

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Speaker bio
Don D Ford III

Don D. Ford, III

Ford + Bergner LLP
Don Ford

is the managing partner with the law firm of Ford + Bergner LLP, and is board-certified in estate planning and probate. He has lectured to various professional groups on tax and estate planning, probate, and guardianships topics, and practices exclusively in these areas. In 2014, Mr. Ford was appointed by the chief justice of the Texas Supreme Court to serve as a commissioner on the Judicial Branch Certification Commission as a subject-matter expert in the area of guardianships. Additionally, he served from 2006 to 2014 on the Texas Guardianship Certification Board, where he served as the vice chair of the committee and chaired the Rules Committee. Mr. Ford has also served on the Editorial Board of the Houston Lawyer Magazine, and the Board of Trustees for the Houston Lawyer Referral Service. He is a member of the Probate, Trusts and Estates sections of both the Houston and Dallas bar associations. Mr. Ford earned his B.B.A. and J.D. degrees from Baylor University, and worked on his Masters in taxation while in law school.

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In the unlikely event that NBI cancels or reschedules an upcoming program, each registered attendee will be contacted via email by a representative of NBI. Outreach to attendees begins as soon as NBI is made aware that a program will not move forward at its originally scheduled date and time.
Are multiple attendee discounts available?
Yes, the more people you bring from your organization, the more you save. After the first registration, each additional attendee receives a special discount off of their total tuition.
When will the OnDemand be available and how long will I have access to the content?
The OnDemand Video will be available to stream within 14 days of live broadcast date. You will have access to the content for 6 months in your account. If you’re a subscriber, you’ll have access to your course recordings until 7 days after the expiration date of the subscription.
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When you enroll prior to the live event date you will receive access to the live-streaming webinar which will allow you to interact with faculty in real-time. With each course, you will receive access to the content via OnDemand Streaming and the Video Download. Course reference materials are included with each course purchase in a downloadable PDF format.
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