The Probate Process from Start to Finish
Monday, June 04, 2018
8:30 AM - 4:40 PM
Four Points Hotel North Saginaw
4960 Towne Centre Road
Saginaw, MI 48604
$339 / Each Additional
$329 / New Professional
Registration Includes Course Book
CPE for Accountants
- CPE for Accountants/NASBA - 8.00
- Financial Planners - 8.00
- IACET - 0.70
- PACE - 8.00
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.
- 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.
- 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:
- CPAs and Accountants
- Financial Planners and Wealth Managers
- Tax Professionals
- Trust Officers
- Initial Filing in Probate Court and Estate Timeline
- Law of Intestate Succession
- Inventory and Appraisement
- Probate Property vs. Non-Probate Assets
- Handling Claims Against the Estate
- Tax Reporting and Post-Mortem Tax Matters
- Sale of Property and Distributions
- Final Accounting and Closing the Estate
- Probate Disputes and Litigation
Continuing Education Credit
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
- INITIAL FILING IN PROBATE COURT AND ESTATE TIMELINE
8:30 - 9:05, Kelli King-Penner
- Small Estate Administration
- Probate Court Procedure
- Estate Timetable/Checklist
- Formal vs. Informal Probate Administration
- Opening the Estate
- Petition for Probate and Administration and Notice of Hearing
- Required Notices (to Creditors, Heirs, DHS, IRS)
- Sample Forms
- What the Personal Representative Needs to Know and Do
- When is Ancillary Administration Necessary?
- LAW OF INTESTATE SUCCESSION
9:05 - 9:40, Rose Scheid
- Who Can Inherit - Degrees of Kinship and Order of Inheritance
- Determining the Share Size
- Exceptions and Bars to Inheritance
- INVENTORY AND APPRAISEMENT
9:40 - 10:20, Kelli King-Penner
- Locating Insurance Policies, Deeds and Other Ownership Documents
- Obtaining a Tax ID and Marshaling Property
- Preparing the Inventory and Appraisal Forms
- Dealing with the Probate Referee
- Managing Decedent's Assets During Probate
- Handling Common Valuation Issues
- When to Hire a Valuation Specialist or Appraiser
- PROBATE PROPERTY VS. NON-PROBATE ASSETS
10:35 - 11:05, Clayton J. Johnson
- HANDLING CLAIMS AGAINST THE ESTATE
11:05 - 11:40, Clayton J. Johnson
- Required Creditor Notice
- Determining Priority of Claims
- Allowing and Rejecting Claims, and Paying Them
- Handling Lawsuits Against the Estate and the Decedent
- Insolvency Issues
- TAX REPORTING AND POST-MORTEM TAX MATTERS
12:40 - 1:25, Michael J. Kitson
- Final Tax Returns Timeline, Forms and Filing Procedure
- Requesting Deadline Extensions
- Income Tax Considerations in Probate
- Selecting a Tax Year: Calendar or Fiscal?
- Decedent's Final Income Tax Return
- Estate Income Tax Return
- Tax on Income Earned by Estate after Decedent's Death
- Beneficiary Income Tax Considerations
- Proper Use of Disclaimers and Valuation Discounts
- Claiming Estate Tax Portability
- Estate and Gift Tax Considerations - When Do You Need to File Form 706?
- Coordinating with Decedent's Accounting or Investment Advisors
- GST Tax Implications
- Handling Common Property Tax Issues
1:25 - 2:25, Rose Scheid
- Who is Your Client? Avoiding Conflicts of Interest
- Protecting Client Confidentiality
- Attorney Fees
- Malpractice Liability Risks
- Breach of Fiduciary Duty
- SALE OF PROPERTY AND DISTRIBUTIONS
2:40 - 3:20, Michael J. Kitson
- Disposition of Real Estate - Title Issues in Probate
- Retirement Plans and IRA Distributions
- Life Insurance and Other Beneficiary Designations and Accounts
- Preliminary and Final Distributions
- Calculating Augmented Estate and Spousal Elective Share
- Dealing with the Surviving Family Members and Other Beneficiaries
- Solving the Problem of Liquidity
- Distributions to Trusts
- FINAL ACCOUNTING AND CLOSING THE ESTATE
3:20 - 4:00, Kelli King-Penner
- Estate Accounting Procedure
- Closing Certificate for Fiduciaries
- Closing Decedent's Remaining Accounts
- Personal Representative and Attorney Compensation
- Extraordinary Services Compensation
- When Reopening the Estate is Warranted
- PROBATE DISPUTES AND LITIGATION
4:00 - 4:40, Michael V. Krempa
- Beneficiary Liability
- Fiduciary Liability
- Interpreting Testamentary Intent - Burdens of Proof, Presumptions, Evidence Rules
- Revoked, Multiple, Contested Wills
- Common Will Construction Problems
- Objections to Accounts and Petitions
CLAYTON J. JOHNSON serves as chairman of Braun Kendrick’s Business Department. Mr. Johnson works extensively with closely held businesses regarding issues such as entity formation, tax planning, mergers and acquisitions, and corporate governance. He also advises successful families and business owners regarding real estate, business succession, and estate planning matters. He is a member of the State Bar of Michigan. He received his B. S. degree, cum laude, from Saginaw Valley State University and his J.D. degree from the University of Connecticut School of Law.
KELLI KING-PENNER is an attorney with Mannor Law Group PLLC, where she practices in the areas of estate planning, probate and trust administration. She is a member of the Michigan State Bar Probate and Estate Planning Section and recipient of the Michigan Institute of Continuing Education’s Probate & Estate Planning Certificate Program. Ms. King-Penner graduated from Central Michigan University and received her J.D. degree from Michigan State University College of Law.
MICHAEL J. KITSON is a member of Braun Kendrick where he focuses his practice on complex tax matters, nonprofit and tax-exempt organizations, as well as closely held business owners, their families, and other individuals in matters involving business, estate, and tax planning; asset protection; and probate and trust administration. He also represents clients in IRS and state of Michigan tax disputes. Mr. Kitson prepares estate plans, including trusts, wills, durable powers of attorney, and healthcare directives; utilizing techniques to protect the client’s assets; gifting techniques; “estate freeze” strategies; and for business owners and their families, transitioning the business to the next generation. He works with clients who own cottages with succession and tax planning using vehicles like family limited partnerships and limited liability companies to assist with a smooth transition to the next generation. Mr. Kitson is a member of the State Bar of Michigan. He received his J.D. degree, cum laude, from Thomas M. Cooley Law School.
MICHAEL V. KREMPA is an attorney with Braun Kendrick, where he practices primarily civil litigation, with an emphasis on probate litigation, commercial litigation and employment litigation. Mr. Krempa represents individuals and entities in a variety of contested probate matters, including matters of trust interpretation, trust administration, allegations against trustees and claims of creditors in decedents’ estates. He also handles guardianship and conservatorship proceedings. He also has experience handling pretrial matters in employment litigation matters and has litigated claims regarding commercial transactions and business torts. Mr. Krempa is a member of the State Bar of Michigan. He received his B.A. degree, cum laude, from Wayne State University and his J.D. degree, cum laude, from Wayne State University Law School.
ROSE SCHEID is an attorney with Buhl, Little, Lynwood & Harris, PLC, where she practices in the areas of estate planning, estate and trust administration, probate litigation, long term care planning and guardianships and conservatorships. Ms. Scheid is a member of the State Bar of Michigan, the Ingham County Bar Association and the Greater Lansing Estate Planning Council. Ms. Scheid received her B.S. degree, summa cum laude, from Lake Superior State University and her J.D. degree, cum laude, from Michigan State University 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:
International Association for Continuing Education Training
National Association of State Boards of Accountancy
Professional Achievement in Continuing Education