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Overview
Learn How to Handle Assets, Taxes, Personal Representatives, and More!
This step-by-step practical instruction offers essential knowledge of probate processes and best practices for handling each unique case effectively. Learn how to tackle crucial first steps; handle the personal executive; gather, value, and distribute all assets; and successfully complete the final accounting and tax returns. Arm yourself with the foundational knowledge and best practices you need to ensure a smooth administration from start to finish. Register today!
- Don't overlook anything important: confidently navigate critical first steps.
- Understand executor powers, duties, responsibilities, and compensation guidelines.
- Learn how to effectively marshal and inventory all assets.
- Pick up tips for validating, prioritizing, and satisfying creditor claims.
- Get practical guidance for post-mortem planning, trust administration, and tax hurdles.
- Put the decedent's affairs to rest by making distributions, filing the final tax return, and completing the final accounting.
- Discover how to litigate deed contests, lost or contested wills, fiduciary misconduct, and more.
Abbreviated Agenda
- Opening the Estate
- Preparing the Personal Representatives for the Job
- Managing the Estate: Valuations, Spousal Share, and More
- Post-Mortem Tax Planning, Distributions, and Trust Administration
- Handling Estate Closing, Final Accounting, and Tax Returns
- Addressing Creditor Claims
- Maintaining an Ethical Practice
- Resolving Disputes and Navigating Probate Litigation
Credit Details
Credits Available
There is no credit available on this course.
Select Jurisdiction
Agenda
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Opening the Estate
- What to Do in the First 48 Hours
- Obtaining the Will and Getting it Admitted
- Locating and Notifying the Beneficiaries
- Determining if the Estate Qualifies for a Small Estate Administration
- The Estate Timeline - What Must be Done When
- Filing the Initial Petition With the Probate Court: Forms and Procedures
- Sending Initial Notices to the Public and to State Agencies
- Closing the Decedent's Accounts
- Obtaining the Estate Tax ID
- Laws of Intestacy
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Preparing the Personal Representatives for the Job
- Educating PRs on Their Duties, Powers, and Responsibilities
- Compiling Personal Representative Guide/Instructions
- Clarifying Executor Compensation
- Advising PRs on Potential Problems and Liability
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Managing the Estate: Valuations, Spousal Share, and More
- Marshalling and Valuing Decedent's Assets
- Initial Inventory
- Maintenance and Management
- Determining Elective Share and Homestead Allowance
- Spousal Rights: Electing vs. Disclaiming the Share
- Claiming Homestead Allowance
- Portability Rules; Claiming Unused Lifetime Exclusion
- Estate Expenses: Payment and Record-Keeping
- What to Do With the Income the Estate is Producing
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Post-Mortem Tax Planning, Distributions, and Trust Administration
- Managing the Tax Consequences of Elections and Receipt of Non-Probate Assets (e.g. IRA Distributions)
- Tax Implications of Transfers
- Creating Trusts and Subtrusts for Multiple Beneficiaries to Receive Their Shares of the Estate
- What to Do With Bequests and Trust Distributions to Minors
- Post-Mortem Tax Planning Approaches: How Much Maneuver Room is Left?
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Handling Estate Closing, Final Accounting, and Tax Returns
- Tax Returns and Deadlines - Estate and Income, State and Federal, Decedent's and the Estate's
- Compiling and Balancing the Final Account
- Final Distributions to Beneficiaries and Liability of Distributees
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Addressing Creditor Claims
- Issuing Notices to Creditors: What Works Best
- Validating Claims
- Determining the Priority of Creditor Rights
- Selling Property to Satisfy Claims: What to Sell, How to Do it, and How to Properly Record it
- Satisfying Tax Claims and Liens
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Maintaining an Ethical Practice
- Whom do You Represent? Conflicts of Interest
- Protecting Client Confidentiality
- Attorney Fees
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Resolving Disputes and Navigating Probate Litigation
- Will Contests, Deed Contests, Allegations of Undue Influence and Other Causes of Action
- Obtaining Court Guidance for Proposed Actions Regarding the Estate Administration
- Probate Litigation Rules, Procedures, and Evidentiary Provisions
- Fiduciary Misconduct, Liability, Disputes with Beneficiaries
- Effective Approaches to Resolving Disputes Without Going to Court
Who Should Attend
This basic level online seminar is designed for:
- Attorneys
- Accountants
- Tax Professionals
- Trust Officers
- Executors and Other Fiduciaries
- Paralegals
Speakers
Speaker bio
Morgan Maul
is managing partner of The Maul Law Group PLLC in Grand Rapids, Michigan. He focuses his practice in probate and estate planning (wills, trusts, etc.), and business law. Mr. Maul taught criminal and business law classes as an adjunct professor with Park University. He is a Veteran's Administration accredited attorney, as well as a member of the State Bar of Michigan and American Bar Association. Mr. Maul is a trained mediator in Texas and Michigan. He earned his J.D. degree from St. Mary's University School of Law.
Speaker bio
Brianna R. Keller
is an attorney with Rhoades McKee. She is an estate planning and probate litigation attorney. Ms. Keller prepares wills, navigates tax issues, establishes guardianships and conservatorship, and implements powers of attorney. She earned her B.A. degree, cum laude, from Loyola University Chicago and her J.D. degree, cum laude, from Michigan State University College of Law.
Speaker bio
James A. Carolan
is an attorney, mediator, certified wealth strategist, and certified trust and financial advisor at EWM Legal Services. He focuses his practice on estate planning, learning about his clients and their family to design their personal estate plan. Mr. Carolan earned his B.S. degree from Central Michigan University and his J.D. degree, cum laude, from Thomas M. Cooley Law School. He is admitted to practice law in Michigan and is a member of Wealth Counsel.
Speaker bio
Jessica L. Myers
is a CPA and senior manager at Rehmann Robson & Co, where she provides accounting, compliance and planning services to estate, trust, high net worth individual and related business clients. She assists families and fiduciaries in estate administration. Ms. Myers is an active member of both the American Institute of Certified Public Accountants and the Michigan Association of Certified Public Accountants. She earned her B.S. degree from Oakland University and is licensed to practice in Michigan. Ms. Myers began her public accounting career in 2005 and has 19 years of experience in the field of taxation, accounting and consulting. She has a strong focus on trust and estate administration, accounting, and tax.
Speaker bio
Theresa K. Cottrell
is an attorney at Phelps Law Office, PLC, in Rockford, Michigan, where she concentrates her private practice in the areas of estate planning, trust and estate administration, probate litigation, elder law and asset protection planning. She is active with the State and local bar associations; Ms. Cottrell is a member of the Probate, Estate Planning and Elder Law Sections of the State Bar of Michigan and is a former chairperson of the steering committee of the Grand Rapids Bar Association Probate Section. She earned her B.A. degree from Michigan State University and her J.D. degree from Thomas M. Cooley Law School. Ms. Cottrell is admitted to practice in All Michigan State Courts, U.S. District Court for the Western District of Michigan and the U.S. Bankruptcy Court for the Western District of Michigan.
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