Learn what to expect when you or a client loses a loved one and takes on the responsibility of administering the estate. We will review the types of estates, typical deadlines, and common assets clients will encounter during the administration process. This course will specifically focus on tax elections and IRS forms related to the taxpayer’s death.
Publication Date: October 2021
Designed For
Attorneys, CPAs, and Enrolled Agents.
Topics Covered
- Types of Estates
- Trusts vs. Wills
- Typical Administration Deadlines
- Common Assets and Issues Related to Claiming Assets
- Basis of Inherited Assets
- Final Income Tax Return Preparation
- Estate and Trust Income Tax Filing Obligations
- Tax Forms, Basic Elections, and Potential Personal Liability to the Executor
Learning Objectives
- Recognize how to advise clients on tax reporting obligations for a decedent and the estate and how to correspond with the IRS on behalf of a decedent
- Differentiate between the types of estates and common deadlines associated with a decedent's estate
- Recognize how to analyze the assets of the estate and identify proper techniques for claiming assets depending on titling and tax consequences
- Identify the importance of properly administering an estate in light of potential transferred tax liability to the executor
- Identify a "Mini Probate" in a state other than the decedent's state of residence necessary to transfer real estate located in that state
- Recognize a common term in a will
- Recognize another term for a family bypass trust
- Identify the lowest priority of creditors
- Identify the due date of a decedent's final income tax return
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Klaralee R. Charlton
Klaralee Charlton is a Partner at 3i Law in Denver, Colorado. She practices fiduciary tax, estate administration, and business transactional law. As part of her practice, she guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. Klaralee also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.
Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She is an active member of the Colorado Bar Association, Tax Section and Adjunct Profession at the University of Denver, Graduate Tax Program.
She earned her J.D. in 2011 from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver in 2013, and her B.A. in political science in 2009 from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.