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Decedent’s Final File: Actions/Steps After a Client Passes Away

Gain a deeper understanding of the necessary steps required both before and after the petition for administration and the issuance of letters.

Proactively creating an estate plan during life is a step taken to ensure a decedent's empire is protected and heirs are provided for, but this is only the starting point. When an individual passes and the estate tax planning documents are set into motion, the complexity begins. There are a slew of administrative steps, a multitude of planning decisions, and a litany of deadlines that will morph into pitfalls if not heeded. The need for a hero has emerged, and that hero should be you. Having a clear and concise understanding of the moving pieces will make all the difference in creating value for your clients and forging lasting relationships along the way.

97 minutes
Course Exam
Certificate of Completion
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Over 35 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

Prologue - Estate Planning During Life/Estate Cost Savings

Act 1 - Let the Administration Begin

  • Last Will/Trust Document
  • Federal Identification Numbers/Retitling Accounts
  • Asset List/Asset Titling/Asset Values
  • Appraisals
  • Probate vs. Non-Probate Estate
  • Step up in Basis
  • Understanding the Family Dynamics

Act 2 - Federal/State Estate Tax/Income Tax Considerations

  • Filings - 1040, 56, 706, 1041, Accountings
  • Alternate Valuation Date
  • Choosing a Fiscal Year
  • Expenses - 67(G)
  • Hubert Regulations
  • 645 Election - Election and Expiration
  • Charitable Deduction/Set Aside

Act 3 - Distribution of the Assets

  • Funding Provisions - Pecuniary, Fractional, per Stirpes, per Capita
  • Creating a Distribution Plan
  • Cash Versus In-Kind Distributions Considerations
  • Distributing the Assets - Income Tax Consequences

Epilogue - Follow Through With the Cast - Recognizing a Golden Opportunity

  • The Family
  • The Attorney
  • The Investment Advisor
  • The Executor
  • The Fiduciary
  • The Beneficiaries
  • Post-Death Trusts
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Why Lorman?

Over 35 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 Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, 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 June 24, 2022.

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

  • AIPB 1.5
     
  • This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • 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.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • GA CLE 1.5
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • MO CLE 2.0
     
  • This course qualifies for self-study CLE credit in Missouri.
     
  • MS CLE 1.6
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.6 credit hours.
     
  • NC CLE 1.5
     
  • This program has been approved by the North Carolina State Bar Board of Continuing Legal Education for 1.5 CLE hours.
     
  • NH MCLE 1.6
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 97 Minutes.
     
  • NJ CLE 2.0
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 2.0 hours of total CLE credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • OH CLE 1.5
     
  • This course has been approved by the Ohio Supreme Court Commission on Continuing Legal Education for 1.5 CLE credit hours. Please note: No more than twelve (12) hours of self-study CLE credit for any biennial reporting period may be earned by an Attorney or Judge under Regulation 409.2. To fulfill CLE requirements for self-study, web-based programs, you must complete 100% of the polling questions during the program. Your hours will be filed electronically within thirty (30) business days by Lorman Education Services provided you fulfilled 100% attendance and polling questions answered.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • TN CLE 1.62
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.62 hours of credit.
     
  • VT CLE 1.5
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WI CLE 2.0
     
  • This program qualifies for 2.0 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 2.0
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 2.0 MCLE hours.
     

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

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • MO CLE 2.0
     
  • NJ CLE 2.0
     
  • VT CLE 1.5
     
  • WV MCLE 2.0
     
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 does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 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

Christian Klaas

Christian Klaas

Friedman & Huey Associates LLP

  • Partner at Friedman & Huey Associates LLP and joined the firm’s fiduciary income tax group in 2004
  • Specializes in fiduciary, estate, and individual income taxation and working with large family groups
  • Taught undergraduate/graduate tax and accounting courses as an instructor at Purdue University Northwest
  • Wrote a course on the taxation of decedents, estates, and trusts and has spoken on various occasions on this topic
  • Serves as a 1041 subject matter expert for a national tax software development firm and has edited various professional publications
  • Leads the firmwide education initiative at Friedman + Huey
  • Certified Public Accountant
  • Member of American Institute of Certified Public Accountants, Illinois CPA Society, Chicago Estate Planning Council (CEPC), Illinois CPA Society Committee Member – Individual Taxation, Illinois CPA Society Committee Member – Trust, Estate, Gift Taxation
  • M.S. degree in taxation, DePaul University; B.S. degree with concentrations in accounting and finance, Purdue University Northwest
  • Can be contacted at [email protected] or 708-799-6800
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Why Lorman?

Over 35 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: 409749
Published 2022
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