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Arizona Rules on Closing the Estate and Filing the Final Tax Return

Learn methods of closing the estate in Arizona and how to reduce income tax liability in the final year of the estate.

You will gain familiarity with the Arizona statutes and rules governing the closing of a probate estate. It is important to understand how to minimize friction among beneficiaries to close an estate swiftly and inexpensively. We will cover practical techniques to avoid conflict between the Personal Representative and beneficiaries and how to deal with difficult beneficiaries and other interested parties. You will also learn techniques to minimize liability of the Personal Representative. Common income tax issues that occur in the closing process of an estate will also be discussed. These techniques will be taught from one of the most experienced and prominent probate attorneys in Arizona.

Runtime: 89 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Various Statutory Options as to How to Close an Estate

  • Keeping Beneficiaries Adequately Informed
  • Preparing Accounting
  • Advising Beneficiaries on Waiver of Accounting
  • Preparing Fee Statements for Personal Representative and Attorney

Addressing Difficult Issues in Estate Administration

  • When to File Petition for Instructions
  • Formal vs. Informal Closing
  • Depositing Funds With Court for a Missing Beneficiary
  • Distributions to Minors
  • Creating "Holdback" Reserve

Income Tax Considerations

  • When an Income Tax Return Is Required to Be Filed by Decedent or Estate
  • Choice of Fiscal Year
  • Passing Through Estate Losses to Beneficiaries
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on September 12, 2017.

Call 1-866-352-9540 for further credit information.

  • Arizona CLE 1.5
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Thomas J. Murphy

Thomas J. Murphy

Murphy Law Firm, Inc.

  • Founder of Murphy Law Firm, Inc.
  • Practice emphasizes estate planning, elder law (including nursing home issues), all probate matters (including contested matters and guardianships) and tax controversies
  • One of the most experienced trial attorneys in the Southwest, having been the sole or lead counsel in more than 100 jury trials
  • Published in many national, state and local professional journals, writing on a wide variety of legal and tax matters
  • J.D. degree, Suffolk University Law School; honors graduate, Tufts University
  • Can be contacted at 480-838-4838 or [email protected]
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Product ID: 400643
Published 2017
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