Estate Administration Process: A Practitioner's Guide

Author: Klaralee R. Charlton

Learn what to expect when you or a client loses a loved one and takes on the responsibility of administering the estate. We will review the types of estates, typical deadlines, and common assets you will encounter during the administration process with a specific focus on tax elections and forms related to the taxpayer’s death.

Publication Date: October 2019

Designed For
Attorneys, CPAs, and Enrolled Agents.

Topics Covered

• Types of Estates and Typical Deadlines
• Common Assets and Issues Related to Claiming Assets
• Final Income Tax Return Preparation
• Estate and Trust Income Tax Filing Obligations
• Tax Forms, Basic Elections, and Potential Personal Liability to the Executor

Learning Objectives

• Recognize how to advise clients on tax reporting obligations for a decedent and the estate and how to correspond with the IRS on behalf of a decedent
• Differentiate between the types of estates and common deadlines associated with a decedent's estate
• Recognize how to analyze the assets of the estate and identify proper techniques for claiming assets depending on titling and tax consequences
• Identify the importance of properly administering an estate in light of potential transferred tax liability to the executor
• Describe what is necessary in order to ensure the client's estate does not require probate
• Recognize who inherits a client's asset if a client dies without a Will
• Identify the taxable gain on a sale
• Recognize under which circumstances may a Trust file Form 1041 on a fiscal year
• Describe what a nominated personal representative must do before he/she can begin their duties
• Describe which deductions are not allowed on Form 1041
• Recognize when a trust can claim an income distribution deduction

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None