If You Know the Basics of Estate Administration
You Can Expand Your Practice Revenue
With the elderly segment for our population continuing to grow, there is an increasing opportunity for all estate planning professionals to service the estates of decedents.
If you’re a CPA, this means the potential for more 1041 and 706 preparation fees (as well as fees for past due 709’s and the decedent’s final 1040).
If you’re an estate planning attorney, this means more fees for probate, estate and trust work, not only for the Executor or Trustee, but for the beneficiaries (as well as some of the above tax return prep).
If you’re a financial advisor, there’s the great opportunity to work closely with a deceased clients’ (or their Executor’s or Trustee’s) CPA and attorney, to assist them and gather more assets under management.
But you need to know the basics.
Join us and Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA for a 90-minute presentation entitled, “What CPAs and Financial Advisors (and even some Attorneys) Need to Know About Estate Administration”.
In this “basics” course, you’ll learn:
- The tax and non-tax related steps that must take place in an estate administration (you’ll even get an Estate Administration checklist!
- The key, and often overlooked, IRS forms that should be filed in virtually every estate (which are not tax returns!)
- Preparation of the decedent’s final income tax return, Form 1040 (a quick, line by line analysis including planning issues and strategies!)
- Preparation of the estate (or trust) fiduciary income tax return, Form 1041 - - including a review of such key concepts as:
- Complex vs. simple status
- “Fiduciary accounting income”
- The 65 day rule
- Preparation of any due gift tax return, Form 709 - - including a review of such key concepts as:
- Annual exclusion
- “Adequate disclosure”
- Generation skipping transfer tax exemption allocation
- Valuation adjustment clauses
- Preparation of the estate tax return, Form 706 (which may be appropriate even if no taxes are due!) - - including a review of such key concepts as:
- Gross estate
- Marital deduction
- Alternate valuation
- Basis adjustment
- How to protect you, as the tax preparer, and the Executor or Trustee, when closing the administration!