Live Seminar

The Probate Process from Start to Finish

Seminar

Date:

Monday, June 04, 2018

Time:

8:30 AM - 4:40 PM

Product ID#:

79102ER

Location:

Four Points Hotel North Saginaw

4960 Towne Centre Road

Saginaw, MI 48604

$349.00

$339 / Each Additional

$329 / New Professional

Registration Includes Course Book

Credit Information

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.
  • 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:

  • 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. Ethics
  8. Sale of Property and Distributions
  9. Final Accounting and Closing the Estate
  10. 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

  1. INITIAL FILING IN PROBATE COURT AND ESTATE TIMELINE
    8:30 - 9:05, Kelli King-Penner
    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
    9:05 - 9:40, Rose Scheid
    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
    9:40 - 10:20, Kelli King-Penner
    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
    10:35 - 11:05, Clayton J. Johnson
  5. HANDLING CLAIMS AGAINST THE ESTATE
    11:05 - 11:40, Clayton J. Johnson
    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
    12:40 - 1:25, Michael J. Kitson
    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. ETHICS
    1:25 - 2:25, Rose Scheid
    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
  8. SALE OF PROPERTY AND DISTRIBUTIONS
    2:40 - 3:20, Michael J. Kitson
    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
  9. FINAL ACCOUNTING AND CLOSING THE ESTATE
    3:20 - 4:00, Kelli King-Penner
    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
  10. PROBATE DISPUTES AND LITIGATION
    4:00 - 4:40, Michael V. Krempa
    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

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:

Phone: 866-240-1890

Email: credit@nbi-sems.com

Accreditation Details:

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. Identify impermissible behavior that violates ethical rules. 8. Provide one example of solution to liquidity problem. 9. List at least two instances in which one can re-open the estate after the closing. 10. List at least three causes of action for probate litigation.

International Association for Continuing Education Training

Credit Logo
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. Identify impermissible behavior that violates ethical rules. 8. Provide one example of solution to liquidity problem. 9. List at least two instances in which one can re-open the estate after the closing. 10. List at least three causes of action for probate litigation.

National Association of State Boards of Accountancy

Credit Logo
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
This seminar qualifies for 8.0 PACE (Professional Achievement in Continuing Education) credit hours for ChFC.


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