How to Settle an Estate When a Client Dies

Most estates are not taxable for federal estate tax purposes due to the large federal transfer tax exemption. However, administering and settling a decedent’s estate can be a trying, difficult process, even for those with experience in probate and estate administration. The tax practitioner/attorney team faces a variety of challenges when settling an estate, including safeguarding the decedent’s property during the administration process, paying debts and taxes, and distributing assets to beneficiaries. This program offers a non-state-specific review of action items associated with administering and settling an estate.

• Tax advisor/attorney team roles
• The probate process, including costs and time involved
• Practitioner steps to safeguard estate assets and start estate administration
• Federal and state tax issues, including selecting the estate’s tax year and preparing the decedent’s final Form 1040 and the estate’s Form 1041
• Safe interim and final distribution of estate assets to beneficiaries

• Be equipped with the skills and knowledge required  to administer and settle a client’s estate
• Understand the functions non-attorney tax practitioners perform in estate administration and settlement