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Final Steps: Closing the Estate and Filing the Final Tax Return

Learn methods of closing the estate and how to reduce income tax liability in the final year of the estate.Many lawyers who settle estates do not know how to protect the executor from liability – they might not even know what liability the executor remains subject to after the estate is closed. In addition, some assets create distribution problems that must be solved in order to close the estate and make the best use of allocation powers and fiduciary income tax planning. This topic will help practitioners protect the executor from liability, deal with beneficiaries in distributing hard to value and difficult to distribute assets, learn alternative means of closing the estate and learn how to reduce income tax liability in the estate’s final year.


Runtime: 85 minutes
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Why Lorman?

Over 30 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

Closing the Estate

  • Distributions to Minor or Incapacitated Beneficiaries
  • Distributions in Kind
  • Real Estate
  • Qualified Plan and IRA Issues
  • Apportionment of Taxes

Protecting the Personal Representative From Liability

  • What Liabilities Will Remain Open
  • What Protections Can Be Provided

Dealing With Beneficiaries

Accountings and Family Settlement Agreements

Income Tax Planning for the Final Year

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More Program Information

Why Lorman?

Over 30 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 program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

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

MP3 Download

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

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More Program Information

Why Lorman?

Over 30 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

Patti S. Spencer, Esq.

Patti S. Spencer, Esq.

Spencer Law Firm

  • Founder of Spencer Law firm practicing law for 35 years
  • Practice focuses on estate planning, probate, trusts, taxation, and closely-held business issues
  • Prior head of the Personal Patti S. Spencer, Esq.
  • Founder of Spencer Law firm practicing law for 35 years
  • Practice focuses on estate planning, probate, trusts, taxation, and closely-held business issues
  • Prior head of the Personal Trust Department at a regional bank in Pennsylvania
  • Named a Top 50 Business Women in 2000 and elected as a fellow to the American College of Probate and Trust Counsel
  • J.D. and LL.M degrees, Boston University School of Law; graduate, summa cum laude, Dickinson CollegeTrust Department at a regional bank in Pennsylvania
  • Named a Top 50 Business Women in 2000 and elected as a fellow to the American College of Probate and Trust Counsel
  • J.D. and LL.M degrees, Boston University School of Law; graduate, summa cum laude, Dickinson College
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Why Lorman?

Over 30 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: 399521
Published 2016
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