Surgent's Basic Estate Administration for CPAs and FAs

Overview

Some CPAs & FAs might focus on estate administration; however, many more will come across this through routine work with a client. This course provides an overview of how you can help to administer an estate. It includes a checklist of tasks and an overview of what each entails. This webinar covers minor points such as what information you’ll need to collect and when to get an EIN. It also covers substantial discussions of essential topics, such as developing an inventory, estate accounting, allocating income between Form 1040 and form 1041, and filing your client’s final Form 1040.

Highlights

Legal principles and definitions
Trust accounting issues
Working closely with legal counsel proactively in the best interest of the client
Property law concepts
Complex community property issues
Filing special forms: Form SS-4, Form 56, Form 4810, and Form 5495
Executor checklist
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

Prerequisites

None

Designed For

Any CPA or FA who wants to become familiar with the basic aspects of estate administration

Objectives

Name legal principles and definitions essential to estate planning
Identify best practices for working closely with legal counsel
List main property law concepts
Identify complex community property issues
Determine best methods for filing special forms: Form SS-4, Form 56, Form 4810, Form 5495
Arrange an executor checklist