Audio CD + Course Book

Probate Inventory and Final Accounting

Audio CD + Course Book

Copyright Date:

January, 2018

Product ID#:

78154CDRA

Audio + Course Book

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  • National Association of Legal Assistants, Inc. - 6.50
  • National Federation of Paralegal Associations, Inc.
From Event: Probate Inventory and Final Accounting, held January 2018.

Program Description

The estate inventory is the beginning, and the fiduciary accounting is the grand finale when probating an estate. The two are indelibly linked, and to complete them correctly and thoroughly means to avoid needless delays, disputes and possible re-openings. This practical legal guide will help you uncover all estate assets, and record and distribute them efficiently, without error. Order today!

Course Content

  1. Probate Process and Timeline Overview
  2. Generating Estate Inventory: Starting the Final Accounting at the Outset
  3. Asset Valuation in Probate: Minimizing Tax and Ensuring Fair Distribution
  4. Preparing for the Final Accounting
  5. Final Accounting: Final Distributions and Petition for Discharge
  6. Final Accounting: What to Include and How to Organize it (w/ Sample Review)
  7. Legal Ethics in Probate Practice

Continuing Education Credit

Continuing Legal Education – CLE

National Association of Legal Assistants, Inc. – NALA: 6.50 N - Credit Approval Expiration 01/23/2020 *

National Federation of Paralegal Associations, Inc. – NFPA


* denotes specialty credits

Agenda / Content Covered

  1. PROBATE PROCESS AND TIMELINE OVERVIEW
    8:30 - 9:30, Jason A. Plotkin
    1. Estate Timetable/Checklist and Probate Court Procedure
    2. Small Estate vs. Formal Administration
    3. What the Personal Representative Needs to Know and Do
    4. Opening the Estate - Key Tasks
    5. How Estate Inventory and Final Accounting Fit in the Administration Process
  2. GENERATING THE ESTATE INVENTORY: STARTING THE FINAL ACCOUNTING AT THE OUTSET
    9:30 - 10:30, Elizabeth Forgotson Goldberg
    1. Steps to Obtaining an EIN
    2. Contacting Key People and Organizations to Give Notice, Close Accounts, Provide Instructions, Make Claims, etc.
    3. Obtaining and Reviewing Documents to Identify all Assets
    4. Securing Assets: Associated Challenges and Risks
    5. Key Asset Information to Include in the Inventory
    6. Determining and Collecting Debts Owed to the Decedent (Tax Refunds, Promissory Notes, Incomplete Purchases, etc.)
    7. Death Survivor Benefits
    8. Practical Tips for Structuring Inventory Data
    9. Filing the Inventory with the Court
    10. Who Gets a Copy of the Inventory?
    11. Supplemental Inventory: When is it Needed and What to do with it?
    12. Monthly Balancing of the Future Final Accounting
  3. ASSET VALUATION IN PROBATE: MINIMIZING TAX AND ENSURING FAIR DISTRIBUTION
    10:45 - 11:40, S. Micah Salb
    1. What Assets Should be Evaluated and How to Determine Their Value
    2. Using Valuations for Tax Purposes
    3. Factors That Increase/Decrease Asset Values
    4. Tackling Closely Held Business Valuations
    5. Types of Appraisals, Who Owns Them, and When/How to Use Them
    6. How to Critically Read the Appraisal to Spot Weaknesses or Holes
    7. When and How You Can Request an Appraiser Increase Valuation
    8. Unique Considerations in Real Estate Appraisals: Residential and Commercial
  4. PREPARING FOR THE FINAL ACCOUNTING
    11:40 - 12:30, S. Micah Salb
    1. Formal vs. Informal Accounting
    2. Documents Needed
    3. Matching the Inventory with the Final Accounting
  5. FINAL ACCOUNTING: FINAL DISTRIBUTIONS AND PETITION FOR DISCHARGE
    1:30 - 2:25, S. Micah Salb
    1. Should Proposed Distributions be Used?
    2. Final Disbursement of Estate Property
    3. Release of Liability and Consent to Discharge: What to Include, Who Needs to Sign Them, and Why
    4. Petition for Discharge: What to Include and How to File
  6. FINAL ACCOUNTING: WHAT TO INCLUDE AND HOW TO ORGANIZE IT (W/SAMPLE REVIEW)
    2:40 - 3:40, Cathleen C. Opel
    1. Overview of the Final Accounting Process
    2. Preparing for the Final Account: A Game Plan
    3. Contents of the Final Account: A Review of Account Schedules
    4. Compensation of Personal Representative and Attorney Fees
    5. Modified Administration: The Final Report
  7. LEGAL ETHICS IN PROBATE PRACTICE
    3:40 - 4:40, David A. Hall
    1. Who is Your Client? Preventing Conflicts of Interest at the Outset
    2. Attorney Fees in Excess of Statutory Limit
    3. Attorneys Acting as Fiduciaries
    4. Client Confidentiality and Data Security

ELIZABETH FORGOTSON GOLDBERG is a sole practitioner at the Law Offices of Elizabeth Forgotson Goldberg located in Bethesda, Maryland, where she practices in the areas of wills, trusts, estates, special needs trusts, elder law, probate, estate administration, family law, homeowners association law, and estate planning for the elderly. Ms. Forgotson Goldberg is a NELF certified attorney. She earned her B.A. degree and M.A. degree from Duke University and her J.D. degree from George Washington University Law School. Ms. Forgotson Goldberg is a member of the Montgomery County Bar Association, the District of Columbia Bar, the Maryland State Bar Association, the National Association of Elder Law Attorneys (NAELA) and the Women’s Bar Association of Maryland.

DAVID A. HALL is a member attorney with King|Hall LLC. He provides representation in fiduciary litigation, transactional matters, and estate planning. Mr. Hall has practiced law before the U.S. District Court, the U.S. Bankruptcy Court, and U.S. Tax Court. He is admitted to the Maryland bar, U.S. District Court for the District of Maryland, and the U.S. Tax Court. Mr. Hall is a member of the American Bar Association, Maryland State Bar Association and Howard County Bar Association. He earned his J.D. degree, cum laude, from the American University Washington College of Law; his M.A. degree from the American University School of International Service; and his B.A. degree, cum laude, from Salisbury University.

CATHLEEN C. OPEL is special counsel in the personal wealth, estates and trusts practice group in the Baltimore office of Saul Ewing LLP. Ms. Opel's practice encompasses all aspects of estate, gift, charitable, and special needs planning, as well as estate and trust administration. Her clients include individuals, family-owned businesses and fiduciaries. Ms. Opel provides counsel to individuals and families on how to avoid and resolve probate disputes; represents clients in probate litigation; and assists clients with family-owned businesses on business succession matters. She frequently speaks to professional organizations and business institutes, including National Business Institute, where she has been a contributing author and presenter for “Estate Planning Oddities and Challenges,” “The Probate Process from Start to Finish,” “Tax Planning for Trusts and Estates" and “Estate Administration Boot Camp.” Ms. Opel is a member of the Bar Association of Baltimore City, the Maryland State Bar Association, and the American Bar Association. She earned her B. A. degree from the University of Maryland and her J.D. degree, with honors, from the University of Maryland School of Law.

JASON A. PLOTKIN is a partner with The Pinder Plotkin Legal Team practicing in the areas of personal injury, workers' compensation, probate, estate planning, business, traffic and criminal law. Mr. Plotkin has been recognized as one of the named professionals listed on The Daily Record’s 2016 VIP List: Successful Under 40; named as a 2016 Baltimore SmartCEO Centers of Influence Award honoree; and has previously been an adjunct professor at Howard Community College. He earned his B.S. and M.B.A. degrees from University of Baltimore and his J.D. degree from Syracuse University College of Law.

S. MICAH SALB is the principal attorney of Lippman, Semsker & Salb, LLC. He litigates and provides counsel in estate planning and probate law matters. Mr. Salb also directs the firm's work in its employment law, business formation and disputes, and domestic relations practice areas. He works with middle-class and high net worth families for estate planning needs. Mr. Salb is admitted to practice before the federal and state courts in Maryland and the District of Columbia. He is a member of the bar of the United States Supreme Court; as well as the U.S. Court of Appeals for the Federal Circuit, the District of Columbia Circuit, and the Fourth Circuit. Mr. Salb earned his B.A. degree from the University of Connecticut and his J.D. degree from Emory University.

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Accreditation Details:

Continuing Legal Education

VA CLE:
This content has been approved for Virginia Mandatory Continuing Legal Education credit. Credit hours will be awarded based on the actual run time.


National Association of Legal Assistants, Inc.

N LA: 6.50 Credit Approval Exp
01/23/2020
Includes - Ethics: 1.00
This seminar meets the requirements of the Certifying Board for Legal Assistants of the National Association of Legal Assistants, Inc., for 6.5 hours, including 1.0 ethics, of continuing legal assistant education self-study credit required to maintain the CLA (Certified Legal Assistant) credential.


National Federation of Paralegal Associations, Inc.

N PAR: Credit Approval Exp
01/23/2019
NBI, Inc. is a NFPA approved CLE provider.


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