Knock, Knock, Knockin’ on Heaven’s Door –
Master Class in Estate Administration
June 22-23, 2022
Banff, Alberta, Canada
Moderator: Cynthia G. Lamar-Hart
Program: Case Study
When a client dies a process begins to implement the estate plan that has been carefully crafted. Failure to adequately address all the issues that can arise in an estate administration can have devastating consequences for your client, the beneficiaries, and advisors. Don’t let your client’s plan go up in smoke! If you are involved in anything relating to the post death activities of your client’s estate, this program is a must-see. Presenters address steps to get the estate off on the right foot, handle a myriad of different assets during the course of the administration and provide for the payment of estate tax, if any. This program, comprised of four interrelated sessions, looks into the complex world of preparing estate tax returns, valuing assets, and handling the decedent’s closely held entities, as well as dealing with the IRS when it comes knocking. Finally, it addresses issues involved in closing an estate and distributing assets to beneficiaries, especially understanding the ins and outs of funding formula clauses and the timing and documentation of closing an estate.
First Stage: We’ve Only Just Begun – Starting off Estate Administration on the Right Foot
The first session addresses matters to be handled and steps that need to be taken to begin the estate administration, starting with defining who the lawyer does and does not represent and making sure that attorney-client privileges are maintained. Ensuring that the estate’s lawyer establishes communication lines and rules upfront with estate beneficiaries, other fiduciaries, advisors and interested persons (for example, accountants, brokers, and business partners) will go far in protecting the estate from disputes. The panelists examine the mechanisms to accomplish communications and disclosures, such as portals, checklists, charts, etc. This session takes a look at determining fiduciary and legal fees and coordination with all the various parties involved, and also address the issues that arise in representing an estate or trust with an incompetent or disabled beneficiary.
Speakers: John M. Challis, Erica E. Lord, Linda J. Retz
First Stage: Materials | Audio Recording
Second Stage: Yesterday, All My Troubles Seemed So Far Away — Advising the Personal Representative in the Administration of the Estate
This session addresses the gathering of information regarding assets of the estate, retitling assets in name of the executor, preparing Form 706/8971 if necessary, and arranging for payment of estate tax due. Within those categories, the panelists will consider best practices for confirming that all assets have been discovered (digital assets, escheated assets), valuation issues (closely-held interests, real property/mineral interests, household goods, and personal effects, pending lawsuits or other claims of the decedent), “gotcha” issues for the 706 (e.g., marital/charitable mismatch issues, early review, and identification of any issues relating to trusts and prior transfers required to be disclosed on the 706, thorny alternate valuation date issues, etc.), disclaimers, Graegin loans, and 6166.
Speakers: Michael H. Barker, Lora G. Davis, Travis Hayes, Justin T. Miller (Moderator)
Second Stage: Materials | Audio Recording
Third Stage: Don’t Fall into a Burning Ring of Fire – After the Estate Tax Return is Filed
While not every 706 is audited, every 706 is reviewed by the IRS. Therefore, preparers of 706s should be aware of best practices for dealing with audits. This session addresses the most common issues currently being raised in estate tax audits, how to handle valuation issues, (including obtaining and producing updated valuation reports of estate assets), and how to put the executor in the best position possible to deal with the audit. Additionally, the panelists will discuss how the fiduciary can seek contribution for estate tax liability if upon audit the IRS assesses estate taxes due to inclusion of trusts (under Section 2036) not part of the estate, as well as payment of estate taxes that result from valuation discrepancies when funding marital and/or charitable bequests. Finally, the panel addresses communication to beneficiaries regarding an audit and settlement of an audit, and whether a closing agreement is the equivalent of an estate tax closing letter.
Speakers: Keri D. Brown, James H. Cundiff
Third Stage: Materials | Audio Recording
Fourth Stage: You Can’t Always Get What You Want – Funding Formulas and Other Issues in Finalizing an Estate
The issues related to the final steps in an estate administration can be some of the most complicated and least understood. For example, the issues related to various types of funding formulas and the implications of each may not be well understood by even the most experienced practitioners. This presentation will cover the ins and outs of funding formulas, including documenting decisions, pro rata v. non-pro rata fundings, issues with fairly representative formulas and managing community property, as well as the challenges related to the timing and documentation of funding decisions and receipt and refunding agreements.
Speakers: Paige K. Ben-Yaacov, Stacy E. Singer
Fourth Stage: Materials | Audio Recording
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