A Complete Guide to Administering an Estate in Probate

T. Jack Challis, Esq., William S. Colwell, Esq., James I. Dougherty, Esq., Michael J. Tucker, CPA, LL.M. (moderator)
  • 3
  • Intermediate
  • Taxes

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Overview

Administering and settling a decedent’s estate can be a difficult process, even for those with some general experience in probate and estate administration. A variety of challenges face the tax practitioner, attorney and financial advisor team when settling an estate, including safeguarding the decedent’s property during the administration process, paying debts and taxes, and distributing the assets of the estate. This program offers a non-state-specific review of action items for administering and settling an estate in probate.   

Major Topics:

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

Learning Objectives

  • Be able to effectively administer and settle a client’s estate
  • Understand the functions non-attorney tax practitioners perform in estate administration and settlement

Any tax practitioner or attorney who may be called upon to participate in the administration and settlement of a client’s estate

A basic understanding of the tax rules relating to the federal transfer tax

None

Yes

Yes

Varies by state. Click here for details