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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 33 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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More Program Information

Why Lorman?

Over 33 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.

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

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Why Lorman?

Over 33 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.

  • Has been an attorney since 1982 and has been practicing law in Phoenix, Arizona since 1989
  • Practice focuses on probate law, which deals with administering the estates of deceased or incapacitated persons; estate planning, which deals with wills, trusts, powers of attorney and related documents; elder law, which deals with protecting the interests of the elderly when dealing with nursing home and other health care issue as well as end-of-life issues; tax law and planning for the disabled and those with special needs
  • Written nearly 100 articles that have been published in many national and state professional journals writing on a wide variety of legal and tax matters
  • Has spoken to thousands of attorneys, accountants and financial advisors and has appeared on several local television and radio stations to discuss tax and legal issues affecting the elderly and their families
  • A sought-after panelist for numerous nationally broadcasted seminars and webcasts for elder law attorneys; was recently selected to speak at the 2018 Aging in America conference, the largest conference of its kind in the country with over 3,000 attendees
  • Served on numerous state and county bar association committees and was selected to be the State Bar representative to the Arizona Supreme Court’s Committee on Reform of Lower Jurisdiction Courts
  • One of the most experienced trial attorneys in the Southwest, having been the sole or lead counsel in over 100 jury trials; has successfully litigated cases in the United States Tax Court, the Arizona Tax Court and the Arizona Board of Tax Appeals and has represented clients before all levels of the Internal Revenue Service and Arizona Department of Revenue
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Why Lorman?

Over 33 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: 400643
Published 2017
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