Estate Administration Final Accounting and Tax Returns: A Step-by-Step Guide

Agenda / Content Covered

1. Final Accounting Process Overview
   10:00 - 10:45, Dana A. Dwiggins
   1. Duties, Responsibilities, and Possible Liability of Representative
   2. Appropriateness of Expenditures
   3. Gathering of Receipts and Other Documentation
   4. Accounting Period for Final Account and Filing Fees
   5. Designing Initial Inventory Process for Better Final Accountings
2. IRS Filing Requirements and Timing Considerations
   10:45 - 11:45, Dana A. Dwiggins
   1. What Needs to Be Filed?
   2. FEIN - SS-4 Application
   3. Form 56 - Notice Concerning Fiduciary Relationship
   4. Withholding Agent for Non-Resident Beneficiaries
   5. Termination of Fiduciary Relationship
3. Estate Tax Return (Federal and/or State)
   12:00 - 12:45, Dana A. Dwiggins
4. Income Tax Returns: Decedent's and Fiduciary
   12:45 - 1:30, Dana A. Dwiggins
5. Completing the Final Accounting
   2:00 - 2:45, Dana A. Dwiggins
6. Troubleshooting and Final Steps
   2:45 - 3:45, Dana A. Dwiggins
   1. Final Distribution of Remaining Assets (w/Examples)
   2. Service Requirements
   3. What If the Account Does Not Balance?
   4. Are There Assets Left Off Inventory?
   5. Discharging Liability of Personal Representative
   6. Assents of Beneficiaries/Heirs - Are They Worth Obtaining?
   7. Objections to Final Accounting by Beneficiaries/Heirs
   8. Obtaining Discharge of the Personal Representative
7. Legal Ethics
   4:00 - 5:00, Dana A. Dwiggins
   1. Conflicts of Interest
   2. Data Security and Client Confidentiality
   3. Attorney Fees, Expenses, Engagement Agreements
   4. Representing Fiduciaries vs. Decedent vs. Beneficiaries

Accreditation Details:

Dana A Dwiggins is the managing partner in the law firm of Solomon Dwiggins Freer & Steadman, Ltd., where she focuses her practice primarily on probate and trust litigation, small business litigation, trust and estate administration, guardianships, and trusts and wills. She routinely represents heirs, beneficiaries, creditors, and private and professional fiduciaries in both contested and uncontested matters affecting all aspects of trusts and estates. She has substantial experience litigating matters involving complex claims of breach of fiduciary duty, including claims relating to allocation of investments, accounting discrepancies, valuation of businesses and other assets, sale of assets, estate and income taxes, distributions, and Nevada's Uniform Principal and Income Act. Ms. Dwiggins is a member of the State Bar of Nevada, where she serves as the president of the Probate and Trust Section and member of the Client Security Fund for the Nevada State Bar. She is also a member of the American Bar Association, Clark County Bar Association, and the Southern Nevada Association of Women Attorneys. Ms. Dwiggins received her B.A. degree from the University of Nevada Las Vegas and her J.D. degree from McGeorge School of Law, University of the Pacific.