Understand the order of payments and distributions and how to deal with insufficient assets.
Many individuals who are named as an executor or are acting as an administrator of an estate do not understand how important it is to know the rules related to the payments of debts, expenses and most importantly taxes, prior to distributing any assets to beneficiaries or heirs. Many executors/administrators may not be aware of the order in which these obligations of the estate should be prioritized and the risks associated with prematurely distributing assets to beneficiaries or heirs. Even while acting as a fiduciary of a decedent’s estate, executors and administrators can be personally liable for outstanding liabilities of the estate. This topic helps those who are responsible for administering an estate understand how to do so correctly and safely without putting oneself or the beneficiaries at risk of being personally liable. The material also explains how an executor can limit and discharge oneself of personal liability. This topic will go through the order in which debts and expenses should be paid and will also help you understand ademption and the abatement process when there are insufficient assets in the estate. This content will also help planners avoid drafting pitfalls by anticipating ademption and abatement issues and addressing them early.
Agenda
Faculty
Reshma Shah
Duane Morris LLP
- Partner in the New York office of Duane Morris LLP
- Practices in the areas of tax, estate planning and the administration of estates and trusts, with particular emphasis on estate planning for high-net-worth individuals and families with cross-border connections
- Work experience involves premarital agreements, foreign trusts, pre-immigration and expatriation planning, planning for the purchase of U.S. property by non-U.S. persons, asset transfers, and compliance with federal and state estate, gift, inheritance and income tax returns
- Extensive experience with clients disclosing overseas accounts through Voluntary Disclosures and Streamline submissions to the IRS
- Frequently speaks and presents on topics related to cross-border tax and estate planning
- Author and co-author of publications related to the areas of estate planning, post-mortem planning, and federal estate tax equality for same-sex couples
- Member of the International Bar Association (Private Client Tax Committee), New York State Bar Association, Society of Trust & Estate Practitioners (STEP), New York Branch, and the South Asian Bar Association of New York
- J.D. degree, St. John’s University School of Law; B.A. degree, magna cum laude, Macaulay Honors College at The City College of New York
- Can be contacted at [email protected]
All of your training, right here at Lorman.
Pay once and get a full year of unlimited training in any format, any time!
- Live Webinars
- OnDemand Webinars
- MP3 Downloads
- Course Manuals
- Audio Recordings*
- Executive Reports
- White Papers and Articles
- Sponsored Live Webinars
Additional benefits include:
- State Specific Credit Tracker
- Members Only Newsletter
- All-Access Pass Course Concierge
* For audio recordings you only pay shipping
Questions? Call 877-296-2169 to speak with a real person.
More Program Information
Access to all training products $699/year
Unlimited Lorman Training
With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!
Easy Registrations
Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.
Invest in Yourself
You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.
