Accounting for Estates and Trusts

Training Provided by Lorman Education Services Avoid errors and penalties in trust and estate accounting, and minimize your client's tax and heartache. Save your clients' hard-earned money - and avoid legal battles - by learning trust and estate accounting essentials. Come to this seminar and let our experts show you how to transfer assets in a tax-efficient manner. Get the most up-to-date strategies to minimize your errors and your legal liability. Stay up to date on current estate accounting issues and potential major tax changes down the road. Register now to improve your trust and estate accounting accuracy and efficiency - because in today's volatile economy, every dollar counts! Benefits for You - Avoid liability by correctly preparing accountings for clients and the courts - Become a better advisor - find out what you need to know about calculating fiduciary accounting income - Discover how to prepare accountings in conservatorships and guardianships - Get sound advice on staying ethical and professional in questionable situations - Skillfully navigate the complicated estate administration process

Accounting for Estates and Trusts Agenda

8:00 am - 8:30 am Registration

8:30 am - 10:30 am Calculation of Fiduciary Accounting Income

- Marcella S. Odum, CPA

- Terms and Definitions

- Applicable Laws

- Allocation of Trust Receipts

- Allocation of Trust Disbursements

10:30 am - 10:40 am Break

10:40 am - 11:40 am Accounting to Beneficiaries

- Sherri L. DeCosta Alley, Esq.

- Court Accountings vs. Informal Accountings

- Inventory

- Keeping Records

- When to Account

- Reasons for Accountings

- Examples

- Handling Challenges to an Accounting

11:40 am - 12:40 pm Lunch (On Your Own)

12:40 pm - 1:10 pm Accountings in Conservatorships and Guardianships

- Sherri L. DeCosta Alley, Esq.

- Waiver

- Keeping Records

- Procedure for Court Approval

- Sample Forms

- Examples

1:10 pm - 2:10 pm The Ethical Issues of Accounting and Estate Administration

- Ted A. Burkhalter Jr., Esq., CPA, M.B.A.

- Performing Competent Services

- Identifying the Client

- Detecting the Presence of a Conflict

- Distinguishing Privileged From Non-Privileged Communication

- Establishing Attorney's Fees and Accountants Fees

- Self-Dealing When the Personal Representative and a Beneficiary

- Tax Positions That Hurt/Benefit One Beneficiary Over Another

- Preparer Penalties and Duty to Estate Over Beneficiaries

- Duty to the Court, the Government, the Estate and the Beneficiaries

2:10 pm - 2:20 pm Break

2:20 pm - 4:20 pm The Administration of Estates

- Ted A. Burkhalter Jr., Esq., CPA, M.B.A.

- Immediate Concerns After Death

- Handling Personal Property of Decedent

- Probate of Will

- Is Probate Administration Necessary?

- Small Estate Administration in Tennessee

- Probate Process

- Handling Real Estate in the Estate

- Administration of Nonprobate Assets

- Handling Claims and Creditors

- Nonresident Decedent

- Death Tax Returns as Related to Administration of Estate

4:20 pm - 4:30 pm Questions and Answers

- Sherri L. DeCosta Alley, Esq.,

Ted A. Burkhalter Jr., Esq., CPA, M.B.A. and Marcella S. Odum, CPA

About The Training Provider: Lorman Education Services

More Estate Training from Lorman Education Services

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• Form 706: Estate Tax Return Fundamentals
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• Special Needs Trusts: Planning for the Disabled and Elderly
• Structuring and Drafting Conservation Easements
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• Tax Implications of Generation-Skipping Techniques - Planning to Minimize the Generation-Skipping Transfer (GST) Tax
• The 8 Greatest Estate Planning Techniques
• The Rules of Trust Administration
• Updating and Maintaining Wills, Trusts and Estate Plans for the Evolving Client
• Valuation for Gift and Estate Tax Purposes in a Troubled Economy