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Rebroadcast – January 26, 2021
- 8:00-10:15am PT / 9:00-11:15am MT / 10:00-12:15pm CT / 11:00-1:15pm ET
This program was recorded on November 30, 2020
Main Course Summary:
This course will provide a detailed guide to an estate administration from the time the law office is contacted about a death to the filing of the final federal income tax return for the estate and the closing of the estate with the court. The course will cover inventory, accounting, tax returns, and even insolvency issues that could arise during the administration of the estate.
This course will examine different real scenarios that have arisen during 20 years of estate administration and the ethical concerns that have arisen. Who is the client? What happens when the beneficiary and the personal representative have conflicting motives? What happens when conflict arises and the PR and the beneficiary are the same person? What happens when the surviving spouse is not the named PR in the will? Who do you truly represent in the administration? What duty due you owe to unrepresented beneficiaries? From whom do you collect your legal fees? We will discuss and navigate these situations to help avoid problems and reporting to the board.
Tab is dual licensed by the State of Tennessee as an Attorney and CPA. Since 2002, Tab has concentrated his area of work in Tax, Trusts, Wills and Estates. Tab is the managing partner of Burkhalter and Burkhalter (Law Firm) and Burkhalter & Associates (CPA Firm). He has served as special master for Chancery Court for Accounting and Estate Administration issues, as well as court appointed personal representative and conservator. Tab has been selected as an expert witness on appellate cases for Accounting and Valuation issues. Alongside his extensive career history, he has also been invited as a guest speaker on National Syndicated Podcasts, as well as being interviewed by local and national media in regard to the effects on the 2017 Tax Law changes and the impact it had on the business and non-profit communities.
1 General + 1 Ethics Credit
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List of Main Topics:
1) Immediate Concerns After Death
2) Who is your client?
3) What is the importance of having an engagement letter
4) Probate of Will (types of probate – common aspects of all probate procedures)
5) Differences Between Common and Solemn Form
6) Is probate administration necessary
7) Small Estate Administration in Tennessee
8) Qualification as a Small Estate
9) Probate Process
10) Opening of Estate Administration
11) Administering the Estate – the First Sixty Days
12) Administering the Estate – Taxes, Valuation and Assets
13) Closing the Estate Administration
14) Handling Personal Property of Decedent
15) Handling Real Estate in the Estate
16) Administration of non-probate assets
17) IRS Filing Requirements
18) Federal Form 1040 – Final Personal Income Tax Return
19) Federal Form 1041 – Yearly Income Tax Return for the Estate
20) Federal – Form 706 – Federal Inheritance Tax Return
21) Federal – Form 709 – Federal Gift Tax Return
22) State – Inc -250 – Hall Income Tax, Final for Decedent
23) State – Inc – 250 – Hall Income Tax, Yearly for Estate
24) State – Tennessee Inheritance Tax Return
25) State – INH-300 – Tennessee Gift Tax Return
26) Handling Claims and Creditors
1) Rules of Professional and Ethical Conduct with Estate Planning and Estate Administration
2) Profession Conduct and recognition of responsibilities to the client, the public and colleagues.