Questions and Issues for Tax Practitioners Administering a Client's Estate (QPCE)

Currently the transfer tax exemption is so high that it’s rare for a tax practitioner to focus on strategies to minimize transfer tax on a client’s estate, but estate planning is still important for most clients. Lack of preparation in these matters can cost the heirs money and time upon the decedent’s death. This program focuses on estate-related planning that helps clients transfer their property efficiently to their heirs. The program will also address planning strategies that may be helpful for the wealthiest clients, who could be subject to the transfer tax.

• Preparing a valid will that fulfills the testamentary expectations of the decedent
• Common trust vehicles used to safeguard assets from young or incompetent beneficiaries
• Methods of transferring property outside a will
• Legal treatment of marital property
• Consequences of intestacy
• Transfer of IRAs and retirement plans
• Probate generally and for property held outside the state of residence at death
• When should an estate tax return be filed?

• Recognize how creditors’ claims impact a beneficiary’s claims
• Be able to explain the key provisions in a will or trust
• Understand the duties of an executor or trustee in relation to beneficiaries and other third parties
• Identify trusts, wills, and other documents encountered, and their uses
• Understand the stages of an estate administration including costs, collections, payment of debts/taxes, and distribution to beneficiaries
• Be aware of the duties a fiduciary and members of the estate planning team owe to creditors, beneficiaries, and the courts