Learn how to properly close an estate, fulfill fiduciary duties, handle taxes, and avoid liability in Trusts & Estates practice.
This session shall educate professionals who practice in, or whose work touches on the Trusts and Estates fields on how to properly close and estate - from marshaling assets and preparing the final account through closing the estate. The course will discuss what a fiduciary’s duties are, how to account for and distribute assets. This course will also touch on estate income taxation principles and Federal estate and state taxation. Finally, we will discuss which forms to file and when to file them in addition to closing the estate. The course will focus on helping the fiduciary to avoid liability and personal stress.Learning Objectives
- You will be able to explain what a fiduciary’s powers and duties are.
- You will be able to discuss how a fiduciary may avoid liability with the Internal Revenue Service and state tax authorities.
- You will be able to recognize the life cycle of an estate.
- You will be able to describe what tax forms to file, and when to file them in order to close an estate.
Agenda
The Fiduciary- Decedent’s Testamentary Plan: Intestate V. Testate
- Duties of the Fiduciary
- Fiduciary Liability
- Informal Accounting V. Judicial Accounting
- Accounting Methods
- Marshaling Assets and Non-Testamentary Assets
- Receipts and Releases
- Claims and Litigation
- Distributions and Dealing With Minors.
- Winding Down the Estate
- Holding Back Proceeds
- IRC Subchapter J
- Distributable Net Income
- Distribution Deductions and K-1’s
- Gifts and Bequests
- Income With Respect to a Decedent
- Examples
- Who Gets Taxed? the Basic Exclusion Amount
- The Annual Gift Tax Exclusion
- Generation Skipping Transfer Tax
- State Estate Taxation
- Decedent’s Final Tax Return
- Estate Income Tax Returns and Timing
- Estate Tax Returns
- Timing, Procedures and Forms
- Closing Letters From Governing Tax Authorities
Speaker(s)
Antar P. Jones, Esq. LL.M.The Law Office of Antar P. Jones, PLC
- Founder of The Law Office of Antar P. Jones, PLLC, located in Brooklyn, New York
- Practice includes advising fiduciaries and successful individuals concerning the administration of estates, trusts, and the income and estate taxation matters affecting them
- Appointed over 70 times as guardian ad litem with respect to decedents’ estates in the State of New York
- Received an acknowledgment for his work on the textbook, Corporate Finance and Governance, Jeffrey J. Haas, Carolina Academic Press (3d ed. 2006)
- Frequently presents at speaking engagements on taxation and trusts, and estates matters
- Co-chair of the Surrogate’s Court Committee at the Brooklyn Bar Association
- Adjunct Professor of Law at New York Law School and teaches a course on the income taxation of estates and trusts
- LL.M. Degree in taxation, graduate program in taxation, New York Law School
