Estate Administration Process - The Tax Practitioner's Guide (Currently Unavailable)
Author: Arthur Joseph Werner
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Estate and trust administration is a growing part of a CPA's practice. The CPA should understand the process and implications of estate and trust administration.
This course focuses on the CPA's role as a key member of the administration team.
Publication Date: December 2015
Designed For
CPAs, EAs, attorneys, financial planners, insurance agents, and bankers
Topics Covered
- Estate settlement issues
- Collection and accounting of assets
- Determining the legitimacy of debts and creditors
- Payment of creditors
- Distribution issues
- Probate issues
- Will contests
- Inventory of assets
- Fiduciary duties
- Rights of creditors, third parties, and beneficiaries
- Federal estate tax issues
- State death tax issues
- Ancillary estate administration issues
- Fiduciary accounting issues
- Special issues regarding trusts
Learning Objectives
- Define the CPA's role in estate administration
- Identify course of action when a person dies without a will
- Recognize the person appointed by the course system to be responsible for the administration of an estate
- Define a bequest and beneficiary bequest
- Identify proper statements regarding clauses on wills
- Recognize administration duties of an estate
- Differentiate statements regarding personal and estate liabilities
- Identify which individuals are responsible for drafting a last will and testament and filing the document to the probate court
- Identify the legal paperwork the court provides an Executor of an estate which allows him to perform the estate's administration duties
- Evaluate the requests an executor can proceed with
- Recognize the definition of the clause in a will that directs the inheritance benefits of an estate that remain after all taxes, bequests, debts, claims, and expenses are paid
- Differentiate the legal tasks best left for the attorney of the estate to complete
- Identify the functions that a tax practitioner might undertake
- Recognize the federal form which names the personal representative of an estate or trust and defines the period of time the individual has the liability
- Define the expenses that is not a deductible administration cost
- Illustrate a checklist of final steps involved in an estate administration
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
