Not all lawyers, CPAs, trusts officers and financial advisors get involved with estate administration on a daily basis, but they often find themselves having to answer clients questions when they least expect it. With the exemption having increased to $11.7 million/person after the Tax Cuts & Jobs Act, the tax aspects of estate administration have become less important to many firms, but that will change if the exemption is reduced under the Biden tax plan, and advisors need to be prepared. In addition, the baby boomers born in 1946 are turning 75 this year and simple demographics tells us that there will be a 60% increase in estate administrations over the next 5 to 15 years.

This course provides learners with an overview regarding how they can help to administer an estate. It includes a checklist of tasks and an overview of what each entails. The course includes minor points such as what information you’ll need to collect and when to get an EIN and substantial discussion of major points which includes:

• Legal Principles and Definitions,
• Working Closely with Legal Counsel,
• Property Law Concepts,
• Complex Community Property Issues,
• Filing special forms: Form SS-4, Form 56, Form 4810, Form 5495,
• Executor Checklist,
• Developing an Inventory and Estate Accounting(s)
• Allocating Income between Form 1040 and Form 1041
• Filing your client’s final Form 1040,
• The basics of filing a Form 1041 for an estate or non-grantor trust,
• Filing a final Form 709,
• The basics of filing Form 706,
• Understanding 706 Elections,
• Understanding Estate Valuations including GST and Portability,
• Special Considerations for IRAs and ERISA Plans,
• When to make Section 454 Elections,
• When to make Section 754 Elections,
• Understanding the fine points of basis,
• S-Corp Issues,
• Partnership and LLC considerations,
• Passive Loss Carryforwards and Estates,
• Fiscal Year Elections,
• 65 Day Election for Trusts and Estates,
• Tax Aspects of Pecuniary and Specific Bequests

The class will also address the critical questions that must be reviewed from the first family meeting to the final retitling of the IRA account. With a solid understanding of the IRA and qualified plan provisions of the Secure Act, lawyers, CPAs, and advisors will be able to spot the key issues, identify opportunities and apply the most updated solutions. The class will also address the potential of lower estate and GSTT exemption and the impact on traditional strategies. Session highlights include:

· The Advantage of Qualified Disclaimers for Late 2020 and 2021 Deaths.
· Postmortem IRA Payouts After the Secure Act Including the Five Critical Exceptions.
· Are Spousal Rollovers Still the Best Practice and When You Should Not Rollover.
· Postmortem IRA Payouts When an IRA is Payable to Four Types of Trusts:
-Conduit Trusts, Non-Designated Beneficiary Trusts, Designated
-Beneficiary Trusts and Eligible Designated Beneficiary Trusts.
· The Conduit Trust Disaster and Reforming Conduit Trusts to Avoid the Ten-Year Trust Payout.
· The Foundational Tax and Property Tax Concepts of Estate Planning for Retirement Accounts after the Secure Act.
· Understanding the Secure Act’s Ten-Year Rule along with the Existing and Surviving Five-Year and “Ghost” Rule.
· What to do When an IRA is Payable to an Estate or Non-Designated Beneficiary Trusts.
· What to do When an IRA is Payable to a Designated Beneficiary Trust.
· Understanding the Special Rules for Eligible Beneficiaries and Eligible Beneficiary Trusts.
· Understanding the “Conduit Eligible Beneficiary Trust”
· Spousal Rollovers Outright and from Trusts Including the Secure Act’s Spousal Rollover Trap.
· When the “Ghost” rule still Applies.
· Perfecting a Trust as a Qualified Designated Beneficiary and What to do with Charitable and Older Beneficiaries.
· Using Spousal Rollovers and Qualified Disclaimers to Maximize Distribution Stretch-Out.

Your certificate will be awarded upon your successful completion of the course requirements comprised of two comprehensive video lectures which will be followed by a 15 question multiple choice test.