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New York Rules on Closing the Estate and Filing the Final Tax Return

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

Many practitioners who handle the administration of an estate do not understand the income and estate tax consequences of many decisions they make regarding which return on which to claim deductions, choosing a fiscal year and the closing date for an estate. In addition, there are two ways to close an estate in New York State, by Formal Accounting before the Surrogate's Court and by Informal Accounting to the beneficiaries and which should be used for closing the estate they are working on. This topic will help you identify the issues you should be thinking of when representing a fiduciary including, but not limited to, choice of fiscal year, the effect of various decisions on the decedent's final income tax returns, the fiduciary's income tax returns, estate tax return and when closing the estate. It will also assist the practitioner in understanding how to close an estate and the prerequisites to doing so.

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

Decedent's Final Income Tax Return

  • Allocation of Income Between Pre-Death and Post Death
  • Choose Whether to Use Certain Deductions on the Final Income Tax Return or the Federal or State Estate Tax Return
  • Final Opportunity for Joint Income Tax Return With Spouse
  • Recognize Taxes Owed or Refund Due as Estate Asset or Debt

Fiduciary Income Tax Return

  • Select Fiscal Year to Get the Most Bang for Your Buck
  • Recognize Post Death Income Including Income in Respect of Decedent
  • Final Year Deduction Carryover

Closing the Estate

  • Pay All Debts and Expenses
  • Federal and NY State Estate Tax Closing Letters and Fiduciary Liability for Estate Tax
  • Estate Tax vs. Income Tax Consequences of Commissions
  • Formal Surrogate's Court Accounting and Closing of Estate
  • Informal Accounting and Closing of Estate
  • Distribution of Estate Assets
  • Receipts and Releases
  • Final Fiduciary Income Tax Return
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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

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on July 31, 2017.

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

  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

MP3 Download

  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

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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.

Faculty

Judith A. Flory, Esq.

Judith A. Flory, Esq.

The Law Offices of Judith A. Flory, PLLC

  • Attorney with The Law Firm of Judith A. Flory, PLLC
  • Practices in the areas of estate planning, estate administration, taxation; corporate law, qualified retirement plans, pension and benefit planning; and buying and selling businesses
  • Frequently lectures on estate planning, estate taxation, closely held businesses and complex issues concerning the establishment of retirement plans and tax issues related thereto
  • J.D. degree, cum laude, Albany Law School; B.A. degree in political science, cum laude, Siena College
  • Can be contacted at 518-449-1421 or [email protected]
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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.

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Product ID: 400642
Published 2017
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