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Basic Estate Administration for CPAs and FAs (BEAC)

Tuesday, May 7, 2024
09:00 AM - 11:00 AM (Eastern)

Bob Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA

  • Format Webinar
  • Credits 2.00
  • Level Basic
  • Field of Study Taxes (2)

$99.00


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.

Major Topics:

  • 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

Learning 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

Who should take this course:

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

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