Audio CD + Course Book
Probate Inventory and Final Accounting
|Audio CD + Course Book||
Continuing Legal Education
- NC CLE - 6.50
- NALA - 6.50
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!
- Probate Process and Timeline Overview
- Generating Estate Inventory: Starting the Final Accounting at the Outset
- Asset Valuation in Probate: Minimizing Tax and Ensuring Fair Distribution
- Preparing for the Final Accounting
- Final Accounting: What to Include and How to Organize It (w/ Sample Review)
- Final Accounting: Final Distributions and Petition for Discharge
- Legal Ethics in Probate Practice
Continuing Education Credit
Continuing Legal Education – CLE: 6.50 NC - Credit Approval Expiration 12/31/2019 *
National Association of Legal Assistants, Inc. – NALA: 6.50 N - Credit Approval Expiration 02/15/2020 *
National Federation of Paralegal Associations, Inc. – NFPA
* denotes specialty credits
Agenda / Content Covered
- PROBATE PROCESS AND TIMELINE OVERVIEW
8:30 - 9:30, Ashley Kevitt
- Estate Timetable/Checklist and Probate Court Procedure
- Small Estate vs. Formal Administration
- What the Personal Representative Needs to Know and do
- Opening the Estate - Key Tasks
- How Estate Inventory and Final Accounting Fit in the Administration Process
- GENERATING THE ESTATE INVENTORY: STARTING THE FINAL ACCOUNTING AT THE OUTSET
9:30 - 10:30, James M. Snow
- Steps to Obtaining an EIN
- Contacting Key People and Organizations to Give Notice, Close Accounts, Provide Instructions, Make Claims, etc.
- Obtaining and Reviewing Documents to Identify all Assets
- Securing Assets: Associated Challenges and Risks
- Key Asset Information to Include in the Inventory
- Determining and Collecting Debts Owed to the Decedent (Tax Refunds, Promissory Notes, Incomplete Purchases, etc.)
- Death Survivor Benefits
- Practical Tips for Structuring Inventory Data
- Filing the Inventory with the Court
- Who Gets a Copy of the Inventory?
- Supplemental Inventory: When is it Needed and What to do with it?
- Monthly Balancing of the Future Final Accounting
- ASSET VALUATION IN PROBATE: MINIMIZING TAX AND ENSURING FAIR DISTRIBUTION
10:45 - 11:30, James M. Snow
- What Assets Should be Evaluated and How to Determine Their Value
- Using Valuations for Tax Purposes
- Factors That Increase/Decrease Asset Values
- Tackling Closely Held Business Valuations
- Types of Appraisals, Who Owns Them, and When/How to Use Them
- How to Critically Read the Appraisal to Spot Weaknesses or Holes
- When and How You Can Request an Appraiser Increase Valuation
- Unique Considerations in Real Estate Appraisals: Residential and Commercial
- PREPARING FOR THE FINAL ACCOUNTING
11:30 - 12:15, John B. Crotts
- Formal vs. Informal Accounting
- Documents Needed
- Matching the Inventory with the Final Accounting
- FINAL ACCOUNTING: WHAT TO INCLUDE AND HOW TO ORGANIZE IT (W/ SAMPLE REVIEW)
1:15 - 2:25, Sharon H. Lowe
- Recording the Assets at the Time of Death (a.k.a. Initial Inventory)
- Income Received and Expenses Paid: What to Record as Income and What Counts as Principal in the Estate?
- What to do with Profit/Loss on Investments or Sale of Assets
- Recording Estate's Income for Final Accounting vs. Taxable Income
- Identifying and Structuring Assets for Distribution
- Balancing the Accounting (Common Oversights and Remedies)
- Handling Discrepancies and Disputes
- Compensation of Personal Representative Under Will vs. Statutory vs. by Agreement - What's Fair?
- Obtaining Approval for Compensation
- How to Handle Objections to Compensation
- Extraordinary Services Compensation
- FINAL ACCOUNTING: FINAL DISTRIBUTIONS AND PETITION FOR DISCHARGE
2:40 - 3:40, Kimberly A. Herrick
- Should Proposed Distributions be Used?
- Final Disbursement of Estate Property
- Release of Liability and Consent to Discharge: What to Include, Who Needs to Sign Them, and Why
- Petition for Discharge: What to Include and How to File
- LEGAL ETHICS IN PROBATE PRACTICE
3:40 - 4:40, Kimberly A. Herrick and Fredrick Kraus
- Who is Your Client? Preventing Conflicts of Interest at the Outset
- Attorney Fees in Excess of Statutory Limit
- Attorneys Acting as Fiduciaries
- Client Confidentiality and Data Security
JOHN B. CROTTS is a partner with the firm of King Law Offices PLLC, located in Rutherfordton, North Carolina. Mr. Crotts practices primarily in the areas of wills and estates, elder law, business law, municipal law, civil litigation, and criminal law. In addition to many other individual and corporate clients, Mr. Crotts currently represents several municipal and local government entities, including the town of Spindale, town of Bostic, Chimney Rock village, Broad River Water Authority, town of Ruth and Forest City Housing Authority. He serves on the Board of Directors for the Rutherford County Juvenile Crime Prevention Council and previously served on the Board of Directors for Foothills Credit Counseling, Inc. Mr. Crotts earned his J.D. degree from the Appalachian School of Law in Grundy, Virginia. He is a member of the North Carolina State Bar, the South Carolina Bar and the North Carolina Bar Association.
KIMBERLY A. HERRICK practices in Cabarrus County as an attorney for Mills Law, P.A., in the areas of estate planning, estate administration and, taxation. She is also a CPA and a frequent lecturer for National Business Institute, as well as teaches wills, trusts and estates in Central Piedmont Community College's Paralegal Technology program. Ms. Herrick is a member of the North Carolina Board of Law Examiners, and a former professor of basic and advanced taxation at North Carolina Central University School of Law, where she earned her J.D. degree. She earned her LL.M. degree in taxation from Georgetown University Law Center.
ASHLEY KEVITT is an attorney with the Daly Family Law Firm located in Statesville, North Carolina. Ms. Kevitt focuses her practice on estate planning and estate administration. She earned her B.A. degree from the University of North Carolina at Wilmington and her J.D. degree from the New England School of Law in Boston. While in law school, Ms. Kevitt participated in the Women’s Law Caucus and the Student Government Association, as well as gaining pertinent experience working at the Massachusetts Appellate Tax Board. She is a North Carolina licensed attorney and a member of the North Carolina Bar Association.
SHARON H. LOWE is a partner at the law firm of Lowe & Williams, PLLC. She is a board certified estate planning specialist. Ms. Lowe has 33 years of experience in estate planning, estate administration, and real estate. She is a member of the North Carolina Bar Association and the Surry County Bar Association. Ms. Lowe earned her B.A. degree from the University of North Carolina at Chapel Hill, and her J.D. and M.B.A. degrees from Wake Forest University.
JAMES M. SNOW is a sole practitioner in High Point, where his areas of practice include personal injury, workers' compensation, elder law and federal employee claims. He was first licensed to practice law in 1976 after graduating from the University of North Carolina School of Law and has practiced continuously in private practice in High Point since that time. Mr. Snow is a member of several professional organizations, including the North Carolina Bar Association and North Carolina Academy of Justice, and has published and lectured on various topics involving personal injury, workers’ compensation and elder law.
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