Live Seminar

The Probate Process from Start to Finish

Seminar

Date:

Monday, April 30, 2018

Time:

8:30 AM - 4:40 PM

Product ID#:

78782ER

Location:

MCM Elegante Hotel & Suites

801 Avenue Q

Lubbock, TX 79401

$349.00

$339 / Each Additional

$329 / New Professional

Registration Includes Course Book

Credit Information

Continuing Legal Education

  • TX CLE - 6.75

CPE for Accountants

  • CPE for Accountants/NASBA - 8.00

Other

  • Financial Planners - 8.00
  • IACET - 0.70
  • PACE - 8.00

Program Description

Handling Probate from Initial Notices through the Estate Closing

This "a through z" guide to probate is designed to take you from the first days of the estate timeline through all the steps of marshaling and valuing estate assets, locating and paying the creditors, paying the beneficiaries, and laying the estate to rest. You will receive the latest updates on the probate court procedure and tax laws, practical guidance from experienced probate attorneys on using spousal elective share, and sample forms and checklists to speed up the administration process. Build a solid foundation for your probate practice - register today!

  • Learn the procedure, rules and practical steps to effectively administer a probate.
  • Determine what form of administration is appropriate for a specific probate case.
  • Clarify the order of inheritance for an estate when there is no will.
  • Locate assets and obtain ownership documents more easily with a list of local and online resources.
  • Get a complete view of the sequence of events that must happen before the estate can be closed.
  • Find new ways to resolve liquidity issues that delay estate closing and final distributions and payments.
  • Learn what common closing mistakes can allow the estate to be re-opened, and how to avoid them.

Who Should Attend

This basic level seminar is designed for professionals who want to be more effective in handling the probate process, including:

  • Attorneys
  • Paralegals
  • CPAs and Accountants
  • Financial Planners and Wealth Managers
  • Tax Professionals
  • Trust Officers

Course Content

  1. Initial Filing in Probate Court and Estate Timeline
  2. Law of Intestate Succession
  3. Inventory and Appraisement
  4. Probate Property vs. Non-Probate Assets
  5. Handling Claims Against the Estate
  6. Tax Reporting and Post-Mortem Tax Matters
  7. Sale of Property and Distributions
  8. Final Accounting and Closing the Estate

Continuing Education Credit

Continuing Legal Education – CLE: 6.75 *

Financial Planners – Financial Planners: 8.00

International Association for Continuing Education Training – IACET: 0.70

National Association of State Boards of Accountancy – CPE for Accountants/NASBA: 8.00 *

Professional Achievement in Continuing Education – PACE: 8.00


* denotes specialty credits

Agenda / Content Covered

  1. INITIAL FILING IN PROBATE COURT AND ESTATE TIMELINE
    8:30 - 9:15, Christina L. Woods-Duffy
    1. Small Estate Administration
    2. Probate Court Procedure
    3. Estate Timetable/Checklist
    4. Formal vs. Informal Probate Administration
    5. Opening the Estate
      1. Petition for Probate and Administration and Notice of Hearing
      2. Required Notices (to Creditors, Heirs, DHS, IRS)
      3. Sample Forms
    6. What the Personal Representative Needs to Know and Do
    7. When is Ancillary Administration Necessary?
  2. LAW OF INTESTATE SUCCESSION
    9:15 - 10:00, Kayla R. Wimberley
    1. Who Can Inherit - Degrees of Kinship and Order of Inheritance
    2. Determining the Share Size
    3. Exceptions and Bars to Inheritance
  3. INVENTORY AND APPRAISEMENT
    10:00 - 10:45, Frederic Wolfram
    1. Locating Insurance Policies, Deeds and Other Ownership Documents
    2. Obtaining a Tax ID and Marshaling Property
    3. Preparing the Inventory and Appraisal Forms
    4. Dealing with the Probate Referee
    5. Managing Decedent's Assets During Probate
    6. Handling Common Valuation Issues
    7. When to Hire a Valuation Specialist or Appraiser
  4. PROBATE PROPERTY VS. NON-PROBATE ASSETS
    11:00 - 12:00, Frederic Wolfram
  5. HANDLING CLAIMS AGAINST THE ESTATE
    1:00 - 1:45, Frederic Wolfram
    1. Required Creditor Notice
    2. Determining Priority of Claims
    3. Allowing and Rejecting Claims, and Paying Them
    4. Handling Lawsuits Against the Estate and the Decedent
    5. Insolvency Issues
  6. TAX REPORTING AND POST-MORTEM TAX MATTERS
    1:45 - 2:30, Kayla R. Wimberley
    1. Final Tax Returns Timeline, Forms and Filing Procedure
    2. Requesting Deadline Extensions
    3. Income Tax Considerations in Probate
      1. Selecting a Tax Year: Calendar or Fiscal?
      2. Decedent's Final Income Tax Return
      3. Estate Income Tax Return
      4. Tax on Income Earned by Estate after Decedent's Death
      5. Beneficiary Income Tax Considerations
    4. Proper Use of Disclaimers and Valuation Discounts
    5. Claiming Estate Tax Portability
    6. Estate and Gift Tax Considerations - When Do You Need to File Form 706?
    7. Coordinating with Decedent's Accounting or Investment Advisors
    8. GST Tax Implications
    9. Handling Common Property Tax Issues
  7. SALE OF PROPERTY AND DISTRIBUTIONS
    2:45 - 3:45, Christina L. Woods-Duffy
    1. Disposition of Real Estate - Title Issues in Probate
    2. Retirement Plans and IRA Distributions
    3. Life Insurance and Other Beneficiary Designations and Accounts
    4. Preliminary and Final Distributions
    5. Calculating Augmented Estate and Spousal Elective Share
    6. Dealing with the Surviving Family Members and Other Beneficiaries
    7. Solving the Problem of Liquidity
    8. Distributions to Trusts
  8. FINAL ACCOUNTING AND CLOSING THE ESTATE
    3:45 - 4:40, Kayla R. Wimberley
    1. Estate Accounting Procedure
    2. Closing Certificate for Fiduciaries
    3. Closing Decedent's Remaining Accounts
    4. Personal Representative and Attorney Compensation
    5. Extraordinary Services Compensation
    6. When Reopening the Estate is Warranted

KAYLA R. WIMBERLEY is an attorney with Matthew Harris Law, PLLC, where she focuses on those clients with needs in the areas of probate, estate planning, and guardianship law. Ms. Wimberley had the honor of serving as intern for the LCU General Counsel, as well as the late Honorable Larry B. “Rusty” Ladd. Ms. Wimberley solidified her passion for the area of estate planning through her time as a staff editor and executive symposium editor for the Estate Planning and Property Law Journal while in law school. She currently serves on the Board of Directors for the Texas Women Lawyer’s Association, and she is the treasurer for the Lubbock County Young Lawyers Association. Ms. Wimberley was raised in Lubbock, is a graduate of Coronado High School and Lubbock Christian University. She received her J.D. degree from the Texas Tech University School of Law.

FREDERIC WOLFRAM is a shareholder in the Wolfram Law Firm, P.C., where his practice areas include commercial litigation, deceptive trade practice litigation, and probate and guardianship litigation. Mr. Wolfram is board certified in civil trial law by the Texas Board of Legal Specialization. He earned his B.A. degree from the University of North Texas and his J.D. degree, with honors, from the University of Texas at Austin. Mr. Wolfram is a member of the Amarillo Bar Association and the State Bar of Texas, and is licensed to practice in both Texas and Colorado.

CHRISTINA L WOODS-DUFFY is a sole practitioner at her firm, Christina L. Woods, Attorney at Law, where she practices primarily in family, criminal, probate, real estate and civil law matters. She earned her B.S.W. degree, summa cum laude, from Lubbock Christian University, her M.P.A. degree from Texas Tech University, and her J.D. degree from Texas Tech University School of Law. During law school, Ms. Woods-Duffy was a member of Texas Tech Law Review and practiced with a third year bar card in the Family Law Clinic Program. Ms. Woods-Duffy is a member of the Texas Family Lawyers Association; Board of Directors of the Legal Aid Society of Lubbock, Inc.; treasurer of the Hockley-Cochran County Bar Association; and former associate member of Texas Tech University School of Law American Inns of Courts.

Please refer to Continuing Education Credit FAQ for general information about seeking credit for your participation in one of our continuing education programs.

Additionally, our team of credit specialists are here to answer your specific credit-related questions weekdays 7am - 5pm Central:

Phone: 866-240-1890

Email: credit@nbi-sems.com

Accreditation Details:

Continuing Legal Education

TX CLE: 6.75 Includes - Estate Planning and Probate: 6.75
This course is accredited for Minimum Continuing Legal Education credit by the State Bar of Texas Committee on MCLE in the amount of 6.75 credit hours, of which 0.0 credit hour will apply to legal ethics/professional responsibility credit. Hours in attendance at National Business Institute CLE seminars may be applied to the minimum Judicial Education requirement. This course has been approved by the Texas Board of Legal Specialization for certification and recertification continuing legal education requirements for attorneys and legal assistants.


Financial Planners

N CF: 8.00
This program has been accepted by the Certified Financial Planner Board of Standards Inc. and qualifies for 8.0 hours of CE credit for CFP® Certificants. The Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP® (with plaque design) and CFP® (with flame design) in the US, which it awards to individuals who successfully complete initial and ongoing certification requirements.

Upon completion of this course, attendee will be able to: 1. Restate from recall the timeline for the estate in probate court. 2. Recall the order of succession in an intestate estate. 3. List key steps of inventory process. 4. Distinguish probate from non-probate assets. 5. Restate when and how notices to creditors are to be sent/posted. 6. State when estate income tax return is due and how to request a deadline extension. 7. Provide one example of solution to liquidity problem. 8. List at least two instances in which one can re-open the estate after the closing.

International Association for Continuing Education Training

N IACET: 0.70
NBI, Inc. is accredited by the International Association for Continuing Education and Training (IACET) and is authorized to issue the IACET CEU. NBI, Inc. is authorized by IACET to offer 0.7 CEUs for this program. At the end of the program, participants must complete a self-assessment in order to receive credit. 100% attendance is required. (Provider #1004558)

Upon completion of this course, attendee will be able to: 1. Restate from recall the timeline for the estate in probate court. 2. Recall the order of succession in an intestate estate. 3. List key steps of inventory process. 4. Distinguish probate from non-probate assets. 5. Restate when and how notices to creditors are to be sent/posted. 6. State when estate income tax return is due and how to request a deadline extension. 7. Provide one example of solution to liquidity problem. 8. List at least two instances in which one can re-open the estate after the closing.

National Association of State Boards of Accountancy

N NAS: 8.00 Includes - Behavioral Ethics: 1.00, Specialized Knowledge: 3.00, Taxes: 4.00
NBI, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. This program is designed to qualify for 8.0 hours (based on 50 minute credit hour) of continuing professional education credit for accountants. For more information regarding administrative policies such as complaint and refund, please contact our offices at (800) 930-6182.

This is a basic level program presented in a group live setting. Accountants should have a basic understanding of probate court procedure and tax laws. This course will: 1. Present ways to determine what form of administration best fits a particular estate. 2. Identify the order of succession in an intestate estate. 3. Examine ways to distinguish probate from non-probate assets. 4. Discuss when and how notices to creditors are to be sent/posted. 5. Examine when estate income tax return is due and how to request a deadline extension. 6. Identify impermissible behavior that violates ethical rules. 7. Explain how augmented estate is calculated. 8. Present at least 2 (two) instances in which one can re-open the estate after the closing. 9. Examine causes of action for probate litigation. No advanced preparation or prerequisites are required. Field(s) of Study -- Specialized Knowledge; Behavioral Ethics; Taxes.

Professional Achievement in Continuing Education

N PACE: 8.00
This seminar qualifies for 8.0 PACE (Professional Achievement in Continuing Education) credit hours for ChFC.


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Call: 800.930.6182
Fax: 715.835.1405
Mail: NBI
P.O. Box 3067
Eau Claire, WI 54702