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Post-Death Administration of Trusts & Estates

Learn everything you need to know to effectively administer trusts and estates post-death. Understand tools provided by the Illinois Probate Act and the Illinois Trust Code which will help you resolve conflicts and modify documents. Additional topics include: marshaling assets; identifying liabilities; effective communication; post-death tax liability; avoiding fights over tangible personal property; dealing with real property, closely-held businesses and digital currency; TODIs; distributions; and more.
Credits: 5.25 General, 0 Diversity/Inclusion PR, 0 MH/SA PR, 1 Other PR
Expires: 1/1/2023


Program Moderator: Fredrick B. Weber, Northern Trust, Chicago

Tell Me Everything…Post-Death Information Gathering, Marshaling Assets, Settling Liabilities and Unraveling the Decedent’s Life Without Holding a Séance
Sifting through a decedent’s life story can feel like a daunting task. However, one of the primary roles in an estate administration is untangling those threads to locate assets, titling, and gifting. Without the help of the decedent, it may feel a bit like paranormal magic. More often, it is sifting through the dusty paperwork in the closet and combing through the drawers. We will cover practical issues such as how to identify and locate the most pertinent documents, marshal and value assets, and identify liabilities and issues with resolving debts.
Tabitha Edmonson, Northern Trust, Chicago
Adam Novak, Northern Trust, Chicago

Claims and Contested Matters in Probate and Under the New Illinois Trust Code
Whether it is disgruntled family members or lingering creditors, many unresolved challenges may interrupt the timely completion of probate or trust administration. The Illinois Probate Act and the new Illinois Trust Code provide tools that can assist in the ultimate resolution of conflicts, including judicial intervention, settlement agreements, removal of fiduciaries, and document modification among many others. We will discuss how to respond to and how to resolve disputes in probate and trust administrations.
Elizabeth A. McKillip, Levin Schreder & Carey, Ltd., Lisle and Chicago

Who You Gonna Call? Communication with Beneficiaries and other Interested Parties in Post-Death Administration
(1.0 Professional Responsibility)
Communication with clients not only helps to avoid malpractice complaints, but it is an essential element of estate administration. Few individuals are well versed in what it takes to administer an estate and therefore maintaining open lines of communication ensures the process goes smoothly and your clients better understand duties and critical timeframes.
Louise Barrett, Northern Trust, Chicago

There are No Guarantees in Life Except Death and Taxes: An Overview of Post-Death Tax Liability
The post-death tax landscape can be thorny. This presentation will provide a broad overview of personal income tax, fiduciary income tax, and estate and GST transfer tax and how each of these taxes are related.
Adam S. Garber, Levenfeld Pearlstein, LLC, Chicago
Steven L. Kriz, Levenfeld Pearlstein, LLC, Chicago

It’s the Tangible Personal Property, Stupid!: How to Mitigate the Risks of Costly Fights Over “Stuff” Post-Death
Antiques, art, jewelry, and other family heirlooms are often the source of the most anxiety and carry the greatest potential for conflict following a death in the family. In many cases, the financial value of the “stuff” is modest relative to other assets that comprise a typical estate or trust. Mitigating the risks of fights over stuff also goes beyond the standard language that is often written into estate plan documents to dispose of tangible personal property at death. This presentation will examine a few of the ways in which planners can help their clients reduce the risk of destructive and costly fights over stuff long before their clients actually die.
Fredrick B. Weber, Northern Trust, Chicago

Real Property, Closely Held Business Interests and Special Assets
Families inheriting real property can present thorny issues. Second marriages, ancestral residential income property, or simultaneous deaths that were not contemplated in old and cold trusts can create sleepless nights for many lawyers. Additionally, closely held businesses may be similarly fraught with estate administration challenges. Several issues may arise causing an unsuspecting family to inherit substantial potential liabilities for which the family was not initially responsible. Finally, digital currency is here; online, streaming entertainment products are booming; and the number of oenophiles has soared because of the COVID-19 pandemic. Explore and learn how to address legal challenges attorneys must resolve when confronting these assets.
Maximillienne Elliott, The Law Offices of Max Elliott, Ltd., Chicago

Completing the Picture: A Discussion of Assets that Pass Outside of the Estate Plan
Understand the post-death administration of transfer-on-death assets, life insurance, retirement plan assets, and JTWROS assets with a focus on situations complicating the administration and transfer of these assets.
Hallie Ritzu, McDermott Will & Emery, Chicago
Jane Zhao, McDermott Will & Emery, Chicago

Distributions, Funding and Completion of Post-Death Administration
Get tips for efficiently and effectively wrapping up post-death administration. Distributions, funding and more will be demystified.
Ryan S. Mills, Reed Smith LLP, Chicago

Adjourn

= IICLE® Publications Author

BONUS E-LEARN SESSION (access it through your online IICLE® account at your convenience after the program and earn an additional 0.5 hours of MCLE credit. Audio Download and USB Drive purchasers will receive a discount code to use for access to the Bonus e-learn session.)

Assembling Your Squad: Working with Advisors in the Settlement Process
Post-Death administration requires hiring and coordinating with a host of specialists, including but not limited to accountants and appraisers. As the Executor or attorney for the Executor, you will need to get these folks involved quickly. The first part of this session will focus on how to plan your work with these professionals. The second part of the session will explore working with an investment professional, with a particular focus on how to manage investments during the post-death period.
Joel A. Schoenmeyer, BMO Private Bank, Chicago

e-learn
SKU: P2100-21E
$300.00 or 6.25 credits
decrease increase
Audio Download
SKU: P2100-21A
$300.00
decrease increase
USB Drive
SKU: P2100-21USB
Free shipping
$300.00
decrease increase
Expires: 1/1/2023


Program Moderator: Fredrick B. Weber, Northern Trust, Chicago

Tell Me Everything…Post-Death Information Gathering, Marshaling Assets, Settling Liabilities and Unraveling the Decedent’s Life Without Holding a Séance
Sifting through a decedent’s life story can feel like a daunting task. However, one of the primary roles in an estate administration is untangling those threads to locate assets, titling, and gifting. Without the help of the decedent, it may feel a bit like paranormal magic. More often, it is sifting through the dusty paperwork in the closet and combing through the drawers. We will cover practical issues such as how to identify and locate the most pertinent documents, marshal and value assets, and identify liabilities and issues with resolving debts.
Tabitha Edmonson, Northern Trust, Chicago
Adam Novak, Northern Trust, Chicago

Claims and Contested Matters in Probate and Under the New Illinois Trust Code
Whether it is disgruntled family members or lingering creditors, many unresolved challenges may interrupt the timely completion of probate or trust administration. The Illinois Probate Act and the new Illinois Trust Code provide tools that can assist in the ultimate resolution of conflicts, including judicial intervention, settlement agreements, removal of fiduciaries, and document modification among many others. We will discuss how to respond to and how to resolve disputes in probate and trust administrations.
Elizabeth A. McKillip, Levin Schreder & Carey, Ltd., Lisle and Chicago

Who You Gonna Call? Communication with Beneficiaries and other Interested Parties in Post-Death Administration
(1.0 Professional Responsibility)
Communication with clients not only helps to avoid malpractice complaints, but it is an essential element of estate administration. Few individuals are well versed in what it takes to administer an estate and therefore maintaining open lines of communication ensures the process goes smoothly and your clients better understand duties and critical timeframes.
Louise Barrett, Northern Trust, Chicago

There are No Guarantees in Life Except Death and Taxes: An Overview of Post-Death Tax Liability
The post-death tax landscape can be thorny. This presentation will provide a broad overview of personal income tax, fiduciary income tax, and estate and GST transfer tax and how each of these taxes are related.
Adam S. Garber, Levenfeld Pearlstein, LLC, Chicago
Steven L. Kriz, Levenfeld Pearlstein, LLC, Chicago

It’s the Tangible Personal Property, Stupid!: How to Mitigate the Risks of Costly Fights Over “Stuff” Post-Death
Antiques, art, jewelry, and other family heirlooms are often the source of the most anxiety and carry the greatest potential for conflict following a death in the family. In many cases, the financial value of the “stuff” is modest relative to other assets that comprise a typical estate or trust. Mitigating the risks of fights over stuff also goes beyond the standard language that is often written into estate plan documents to dispose of tangible personal property at death. This presentation will examine a few of the ways in which planners can help their clients reduce the risk of destructive and costly fights over stuff long before their clients actually die.
Fredrick B. Weber, Northern Trust, Chicago

Real Property, Closely Held Business Interests and Special Assets
Families inheriting real property can present thorny issues. Second marriages, ancestral residential income property, or simultaneous deaths that were not contemplated in old and cold trusts can create sleepless nights for many lawyers. Additionally, closely held businesses may be similarly fraught with estate administration challenges. Several issues may arise causing an unsuspecting family to inherit substantial potential liabilities for which the family was not initially responsible. Finally, digital currency is here; online, streaming entertainment products are booming; and the number of oenophiles has soared because of the COVID-19 pandemic. Explore and learn how to address legal challenges attorneys must resolve when confronting these assets.
Maximillienne Elliott, The Law Offices of Max Elliott, Ltd., Chicago

Completing the Picture: A Discussion of Assets that Pass Outside of the Estate Plan
Understand the post-death administration of transfer-on-death assets, life insurance, retirement plan assets, and JTWROS assets with a focus on situations complicating the administration and transfer of these assets.
Hallie Ritzu, McDermott Will & Emery, Chicago
Jane Zhao, McDermott Will & Emery, Chicago

Distributions, Funding and Completion of Post-Death Administration
Get tips for efficiently and effectively wrapping up post-death administration. Distributions, funding and more will be demystified.
Ryan S. Mills, Reed Smith LLP, Chicago

Adjourn

= IICLE® Publications Author

BONUS E-LEARN SESSION (access it through your online IICLE® account at your convenience after the program and earn an additional 0.5 hours of MCLE credit. Audio Download and USB Drive purchasers will receive a discount code to use for access to the Bonus e-learn session.)

Assembling Your Squad: Working with Advisors in the Settlement Process
Post-Death administration requires hiring and coordinating with a host of specialists, including but not limited to accountants and appraisers. As the Executor or attorney for the Executor, you will need to get these folks involved quickly. The first part of this session will focus on how to plan your work with these professionals. The second part of the session will explore working with an investment professional, with a particular focus on how to manage investments during the post-death period.
Joel A. Schoenmeyer, BMO Private Bank, Chicago

Products specifications
Program Date1/28/2021
Products specifications
Program Date1/28/2021
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