IN Specific

Trusts, Estates & Probate

Indiana Probate and Trust Administration

Credits Available

There is no credit available on this course.
OnDemand
6 hours 31 minutes
Bret Clement
Andrew Sumerford
Arlene Kline
Carla Pyle
DeAnn Farthing
With Bret S. Clement from Ayres Carr & Sullivan, P.C. + 4 others
Recorded December 09, 2024
Product ID 99311

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

Related Topics

Product ID 99311

Credit Details

Credits Available

There is no credit available on this course.
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Agenda

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  1. 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

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  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 and paralegals.

Speakers

Bret S Clement
Bret S.
Clement
Ayres Carr & Sullivan, P.C.
Andrew M Sumerford
Andrew M.
Sumerford
Davis Sumerford Dietz
Arlene Kline
Arlene
Kline
Law Office of Arlene Kline
Carla K Pyle
Carla K.
Pyle
Rubino Ruman Crosmer & Polen
DeAnn L Farthing
DeAnn L.
Farthing
Robinson Farthing Spandau Williams LLC
Speaker bio
Bret S Clement

Bret S. Clement

Ayres Carr & Sullivan, P.C.
Bret Clement

is a shareholder of the Indianapolis law firm of Ayres Carr & Sullivan, P.C., where his practice focuses on estate and business planning, taxation, and commercial litigation. As an adjunct professor of law, Mr. Clement previously taught the estate and gift tax course at Indiana University School of Law. He wrote the sales and use tax, gross income tax, inheritance tax, and property tax explanations for the Indiana Section of Research Institute of America's State and Local Tax Service. Mr. Clement earned his B.B.A. degree, with high honors, from the University of Notre Dame; and his J.D. degree, cum laude, from the University of Michigan. He is a member of the Indiana State Bar Association and is admitted to practice law in Indiana.

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Speaker bio
Andrew M Sumerford

Andrew M. Sumerford

Davis Sumerford Dietz
Andrew Sumerford

is an attorney with Davis Sumerford Dietz, where he practices in the areas of insurance defense, estate planning, probate, family law, construction law, and general civil practice. Mr. Sumerford earned his B.S. degree from Indiana University and his J.D. degree from Indiana University School of Law - Indianapolis.

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Speaker bio
Arlene Kline

Arlene Kline

Law Office of Arlene Kline
Arlene Kline

is the principal of the Law Office of Arlene Kline in Indianapolis. She focuses her practice in the areas of estate planning and estate administration, and probate. Ms. Kline is a member of the Indianapolis Bar Association and the Indiana State Bar Association. She earned her undergraduate degree from Indiana University and her J.D. degree from Indiana University School of Law.

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Speaker bio
Carla K Pyle

Carla K. Pyle

Rubino Ruman Crosmer & Polen
Carla Pyle

is an attorney with the law firm of Rubino Ruman Crosmer & Polen. She concentrates her practice in business law, representing business clients in employment matters, contracts, and the in's and outs of business operations. She also devotes a significant part of her practice to probate and estate planning. Ms. Pyle earned her B.A. degree, summa cum laude, from East Texas Baptist University; and her J.D. degree, magna cum laude, from Valparaiso University School of Law.

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Speaker bio
DeAnn L Farthing

DeAnn L. Farthing

Robinson Farthing Spandau Williams LLC
DeAnn Farthing

is a partner with the law firm of Robinson Farthing Spandau Williams LLC in Indianapolis. She dedicates herself to addressing the diverse needs of both corporate entities and individuals. Ms. Farthing has provided legal representation across numerous Indiana counties, and her extensive experience encompasses over 200 business clients all over the State of Indiana. This breadth of experience allows her to remain attuned to legal developments that may impact business operations, all while endeavoring to deliver cost-effective and efficient legal solutions to small and medium-sized enterprises. Beyond her role as a legal advisor to business owners, Ms. Farthing passionately advocates for educating individuals at every life stage about the significance of prudent and strategic estate planning. On a daily basis, she equips clients with insightful responses to "what if" scenarios. Furthermore, her seasoned experience enables her to guide individuals through the often emotionally charged probate and trust administration processes following the loss of a loved one, with a goal to simplify the process. Ms. Farthing earned her J.D. degree from the McKinney School of Law at Indiana University - Indianapolis.

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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.
What is included with my course purchase?
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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Can multiple people watch courses and request credit?
While only paid registrants can receive continuing education credit for attending, there are no limitations to the number of viewers at each connection.

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