Basic Estate Administration for CPAs & FAs
Some CPAs & FA’s might focus on estate administration; however, it is thrust upon many more. This course provides an overview regarding how you 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
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