Estate Administration Steps and How to Avoid Problems

Agenda / Content Covered

1. PROBATE PROCESS OVERVIEW AND CASE INTAKE
   11:00 — 11:45, Louis Silverman
   1. Types of Probate Procedures
      1. Full Probate Administration
      2. Summary Administration
   2. First Meeting With Family or Designated Personal Representative
   3. Fee Agreements
   4. Online and Government Resources for Locating Information
   5. Ancillary Administration
2. INITIAL STEPS OF THE ESTATE ADMINISTRATION PROCESS
   11:45 — 12:15, Roxanna Hammett
   1. The Laws of Intestacy
   2. Determination of Heirs
   3. Key Provisions and Terms of Art Found in Wills
   4. Use of Disclaimers
3. ASSETS MARSHALLING, VALUATION, INVENTORY
   12:30 — 1:00, Louis Silverman
   1. Safe Deposit Boxes and Bank Accounts
   2. Real Estate
   3. Brokerage Accounts, 401Ks, IRAs, Pensions, and Life Insurance Policies
   4. Sample Forms and Documents Needed
   5. Appraisers and Valuation of Property
4. CREDITOR CLAIMS AND DEBT REPAYMENT
   1:00 — 1:45, Jared Hoover
   1. Understanding the Claims Period
   2. Presentation of Claims Against the Estate
   3. Assets Subject to Claims
   4. Priority and Payment of Claims
   5. Contested Claims
   6. Insolvency and Foreclosure
   7. Sale of Assets to Satisfy Creditors
5. COMMON ISSUES IN ESTATE ADMINISTRATION
   2:15 — 3:00, Eric Feldhake
   1. Jointly Held Assets
   2. Spousal Claims
      1. Allowances and Elections Against the Will
   3. Unmarried Couples and Stepchildren: Unique Issues
   4. Will Contests, Trust, and Estate Disputes
   5. Business Ownership
   6. Agency Problems Involving Guardianships, Conservatorships, Powers of Attorney, or Other Agency Relationships
6. ESTATE ADMINISTRATION TAX ISSUES
   3:00 — 4:00, Jared Hoover
   1. Examples of Forms Needed
   2. Overview of Estate Tax Valuation
   3. Properly Filing and Payment of Federal Estate Tax Returns
   4. Federal Income Tax Issues for the Descendent and the Estate
   5. Disputes With Taxing Authorities
   6. Deductions and Exemptions
   7. The Effect of Generation-Skipping Transfer Tax on Clients
   8. Tax Deadlines and Extensions
   9. Sales of Real Property
7. DISTRIBUTION AND ESTATE CLOSING
   4:15 — 5:00, Roxanna Hammett
   1. Sample Forms, Agreements, and Documents Needed
   2. Proper Transfer and Distribution of Probate and Non-Probate Assets
      1. Real Estate
      2. 401Ks, IRAs, Pensions, and Life Insurance Policies
      3. Distribution of Miscellaneous Assets (Automobiles, Jewelry, Etc.)
   3. Distributions in Kind
   4. Distribution to Minors, Surviving Spouse, and Trusts
   5. Disposition of Unclaimed Assets
   6. Proper Settlement of the Estate
      1. Formal and Informal Estate Accountings
      2. Types of Closing Procedures
      3. Compensation and Discharge of the Personal Representative
8. ETHICS AND ESTATE ADMINISTRATION
   5:00 — 6:00, Louis Silverman
   1. Breach of Fiduciary Responsibility
   2. Conflicts of Interest
   3. Attorney-Client Privilege
   4. Fee Agreements

Accreditation Details:

Eric A Feldhake is a shareholder with the law firm of Kulzer & DiPadova, P.C., where his areas of practice include estate and tax planning, administration, litigation, real estate, and business transactions. He is a member of the bars of the state of New Jersey and the Commonwealth of Pennsylvania. Mr. Feldhake is also a member of the American, New Jersey State and the Camden County bar associations. He is an adjunct instructor of law and entrepreneurial studies at Burlington County College and an instructor of taxation at the Judge Advocate General Corps' LL.M. Graduate Program, where he serves as a Major in the U.S. Army Reserves. Mr. Feldhake earned his B.S. degree from Indiana University, his M.B.A. degree from the Temple University Fox School of Business, and his J.D. degree and LL.M. degree in taxation from Temple University School of Law.

Roxanna E Hammett is a member of the firm of Chiesa Shahinian & Giantomasi PC, where her practice focuses on all aspects of estate planning and administration, including the drafting of wills, trust agreements, powers of attorney, living wills, and all other estate planning documents. Ms. Hammett is admitted to practice in New Jersey and before the U.S. District Court for the District of New Jersey. She is a member of the American, New Jersey State and Essex County bar associations; Estate Planning Council of Northern New Jersey; Essex County Estate Planning Council; and the New Jersey Women Lawyers Association. Ms. Hammett earned her B.A. degree, summa cum laude, from Drew University; and her J.D. degree, cum laude, from Cornell Law School.

 

Jared Hoover is a member of the law firm of David J Simmons & Associates, LLC, a trusts and estates law firm with offices in Northeast Ohio and Naples, Florida. He is certified as a specialist in estate planning, trust & probate law by the Ohio State Bar Association. His practice is concentrated on estate planning and trust matters. Mr. Hoover is licensed to practice law in Ohio and Florida; and is a certified public accountant. He earned his B.S. degree in electrical engineering from Case Western University and his J.D. degree, cum laude, from Case Western University School of Law.

Louis A Silverman is an attorney at Silverman Law Offices, where he practices in the areas of estate planning, estate administration, probate law, and related tax matters. Mr. Silverman became board certified in estate and trust law by the State Bar of Arizona. His practice emphasizes estate planning, which includes wills and trusts and other estate planning devices; and trust administration and probate, which includes death probate, guardianship, and conservatorship. Mr. Silverman has served as judge pro tem on the Maricopa County Superior Court. He is a member of WealthCounsel and is a past member of the Elder Law, Mental Health and Special Needs Planning sections of the State Bar of Arizona. Mr. Silverman is on the Board of Trustees of Southwest College of Naturopathic Medicine and past president of the Board of Directors of Tempe Leadership. Mr. Silverman earned his B.S. degree in business from Arizona State University and his J.D. degree from South Texas College of Law in Houston. He is admitted to practice in the state courts of Arizona and Texas, the U.S. District Court for Arizona, and the Western District of Texas.