Live Seminar

The Probate Process from Start to Finish

Seminar

Date:

Monday, May 21, 2018

Time:

8:30 AM - 4:40 PM

Product ID#:

78876ER

Location:

Holiday Inn Rochester Downtown

220 South Broadway Avenue

Rochester, MN 55904

$349.00

$339 / Each Additional

$329 / New Professional

Registration Includes Course Book

Credit Information

Continuing Legal Education

  • MN CLE - 6.50

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 resolving estate disputes, 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.
  • 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.
  • Identify common actions that trigger malpractice liability and get tips for staying in the clear.
  • Get practical advice for honoring or contesting all claims against the estate.
  • 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. Inventory and Appraisement
  3. Tax Reporting and Post-Mortem Tax Matters
  4. Probate Property vs. Non-Probate Assets
  5. Handling Claims Against the Estate
  6. Ethics
  7. Final Accounting and Closing the Estate
  8. Probate Disputes and Litigation

Continuing Education Credit

Continuing Legal Education – CLE: 6.50 *

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 - 9:45, Marty G. Helle
    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. INVENTORY AND APPRAISEMENT
    9:45 - 10:15, Melissa A. Saunders
    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
  3. TAX REPORTING AND POST-MORTEM TAX MATTERS
    10:30 - 11:30, James T. McNary
    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
  4. PROBATE PROPERTY VS. NON-PROBATE ASSETS
    11:30 - 12:00, Marty G. Helle
  5. HANDLING CLAIMS AGAINST THE ESTATE
    1:00 - 1:45, Marty G. Helle
    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. ETHICS
    1:45 - 2:45, James T. McNary
    1. Who is Your Client? Avoiding Conflicts of Interest
    2. Protecting Client Confidentiality
    3. Attorney Fees
    4. Malpractice Liability Risks
      1. Negligence
      2. Breach of Fiduciary Duty
      3. Fraud
  7. FINAL ACCOUNTING AND CLOSING THE ESTATE
    3:00 - 3:30, Melissa A. Saunders
    1. Preliminary and Final Distributions
    2. Estate Accounting Procedure
    3. Closing Certificate for Fiduciaries
    4. Closing Decedent's Remaining Accounts
    5. Personal Representative and Attorney Compensation
    6. Extraordinary Services Compensation
    7. When Reopening the Estate is Warranted
  8. PROBATE DISPUTES AND LITIGATION
    3:30 - 4:40, B. Steven Messick
    1. Beneficiary Liability
    2. Fiduciary Liability
    3. Interpreting Testamentary Intent - Burdens of Proof, Presumptions, Evidence Rules
    4. Revoked, Multiple, Contested Wills
    5. Common Will Construction Problems
    6. Objections to Accounts and Petitions

MARTY G. HELLE is a partner with the law firm of Hoversten, Johnson, Beckmann & Hovey, LLP, in Austin, Minnesota. Mr. Helle primarily practices in real estate, probate, and litigation. He also practices in the area of medical assistance and nursing home planning. Mr. Helle received two bachelor’s degrees from Iowa State University; and graduated, with honors, from Drake University Law School. He is licensed to practice in Minnesota, Iowa, and Wisconsin.

JAMES T. McNARY has practiced law for more than 29 years, concentrating on estate planning, probate, and trust administration. He is a respected voice in the legal profession, as evidenced by his frequent lectures on various topics related to estate planning. Mr. McNary has presented numerous times at the Minnesota CLE Probate and Trust Law Institute and his lectures have enlightened audiences on such topics as drafting under the new Minnesota Trust Code, the administration of family trusts, the selection of fiduciaries, disclaimers, and business succession planning for farm families. He also serves as the moderator of the Institute's Small Estates Panel and been a member of the Institute Planning Committee since 2007. Mr. McNary is a graduate of William Mitchell College of Law and the University of Wisconsin - River Falls.

B. STEVEN MESSICK is an attorney with J. Scott Braden Attorneys at Law, in Faribault, Minnesota, who takes great pride in finding practical solutions for difficult problems faced by his clients. He advocates for clients in family, probate, and civil litigation cases, including related matters such as trust and estate litigation, guardianship and conservatorship implementation, and actions involving real property. Mr. Messick's professional affiliations/memberships include being a member and outgoing president of the Rice County Bar Association, a Minnesota State Bar Association (MSBA) delegate to the American Bar Association House of Delegates, member of the MSBA Judiciary Committee, member of the MSBA Out-State-Practice Section and Family Law Section, member of the Richard T. Oakes American Inn of Court; and a member of the Board of Governors for Five Oaks Community Church. He also serves as a volunteer attorney for Southern Minnesota Regional Legal Services. Mr. Messick earned his B.A. degree from Hamline University, Saint Paul, Minnesota; his J.D. degree, magna cum laude, from Hamline University School of Law, Saint Paul, Minnesota; and a certificate in dispute resolution from Hamline University School of Law - Dispute Resolution Institute. He is admitted to the Supreme Court of Minnesota and the Supreme Court of North Dakota.

MELISSA A. SAUNDERS is an attorney with Dunlap & Seeger, where she practices in the areas of estate planning, probate, wills, revocable trusts, gifting, taxation, medical assistance planning, estate and trust administration, guardianships, conservatorships and special needs trusts. Ms. Saunders is a member of the Olmsted County Bar Association, Rochester Estate Planning Council, Minnesota State Bar Association and the Olmsted County Bar Association. She is admitted to practice in Minnesota. Ms. Saunders earned her B.A. degree from Carleton College and her J.D. degree from William Mitchell College of Law.

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

MN CLE: 6.50 Includes - Ethics: 1.00
This course has been approved by the Minnesota Board of Continuing Legal Education for 6.5 hours of credit, including 1.0 hour of ethics.


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. List key steps of inventory process. 3. State when estate income tax return is due and how to request a deadline extension. 4. Distinguish probate from non-probate assets. 5. Restate when and how notices to creditors are to be sent/posted. 6. Identify impermissible behavior that violates ethical rules. 7. List at least two instances in which one can re-open the estate after the closing. 8. List at least three causes of action for probate litigation.

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. List key steps of inventory process. 3. State when estate income tax return is due and how to request a deadline extension. 4. Distinguish probate from non-probate assets. 5. Restate when and how notices to creditors are to be sent/posted. 6. Identify impermissible behavior that violates ethical rules. 7. List at least two instances in which one can re-open the estate after the closing. 8. List at least three causes of action for probate litigation.

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 -- Taxes; Specialized Knowledge; Behavioral Ethics.

Professional Achievement in Continuing Education

N PACE: 8.00 Includes - Chartered Financial Consultant: 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