Agenda / Content Covered

All times are shown in Eastern time

1. Inventory Preparation Errors and Mishandling Estate Assets
   10:00 - 11:15, Louis Silverman
   1. Failure to Obtain Critical Information from the Client
   2. Missing Estate Documents
   3. Not Distinguishing Probate vs. Non-Probate Assets
   4. Not Obtaining Necessary Records from Banks, Employers, Insurance Companies, etc.
   5. Missing Key Asset Information During Document Review
   6. Not Securing Estate Assets
   7. Valuing/Appraising Estate Assets
   8. Failing to File with the Court
   9. Inadequate Handling of Inventory Problems
   10. Mishandling Sale and Transfer of Assets
2. Mismanagement of Creditor Claims
   11:30 - 12:45, Louis Silverman
   1. Misidentifying Creditor-Exempt Assets
   2. Not Prioritizing Creditor Claims
   3. Failure to Adequately Investigate Specific Types of Claims
   4. Overlooking Payment of Claims
   5. Missing Debts
3. Common Mistakes in Balancing the Final Account
   1:15 - 2:30, Sarah J. Barnes
   1. Formal vs. Informal Accounting Missteps
   2. Miscalculation of Principal vs. Income
   3. Capital Transactions and Adjustments
   4. Mishandling Assets on Hand at Close of Accounting Period
   5. Special Assets and Situations
   6. Accounting Software Problems
   7. Errors Preparing Tax Forms 1040, 1041, 706 and 709
      1. Timing Mistakes
      2. Final Income Tax Return (1040)
      3. Preparing the Fiduciary Income Tax Return (1041)
      4. Estate Tax Returns (706) and Gift Tax Returns (709)
4. Improper Distribution of Estate Assets to Beneficiaries
   2:30 - 3:45, Sarah J. Barnes
   1. Partial Distribution Errors
   2. Disclaimers and Divestment Traps
   3. Inadvertent Distributions, Disputes with Beneficiaries
   4. Unsigned Receipts
5. Potential Ethical Pitfalls for Paralegals
   4:00 - 5:00, Sarah J. Barnes
   1. Conflicts of Interest
   2. Unauthorized Practice of Law
   3. Preserving Confidentiality
   4. Communications with Clients and Other Persons

Accreditation Details:

SARAH J. BARNES is an attorney and trust officer with the Bank of Sun Prairie in Sun Prairie, Wisconsin, where she handles all types of trust and estate administration matters. She previously was in private practice, where she practiced in the areas of estate planning, probate, elder law, and frequently served as a court-appointed guardian ad litem in guardianship matters. Ms. Barnes earned her B.A. degree from Edgewood College and her J.D. degree from Marquette University Law School. Her professional memberships include the State Bar of Wisconsin, Dane and Sauk County bar associations, Legal Association of Women, and the Madison Estate Planning Council. Ms. Barnes is admitted to practice in Wisconsin.

LOUIS A. SILVERMAN has been practicing law in Arizona since 1981. From 1981 through 2005, Mr. Silverman’s practice included many aspects of litigation, including family law, civil litigation, and personal injury and wrongful death. In addition, he included estate planning and estate administration. Mr. Silverman has narrowed his practice focus to estate planning, estate administration, and probate law. He accomplished this transition through affiliations with professional estate planning associations, ongoing continuing education, and accepting only estate planning and estate administration matters. In 2015, Mr. Silverman became board certified in estate and trust law by the State Bar of Arizona. His practice emphasizes estate planning, which includes wills and trusts and other estate planning devices, and trust administration and probate, which includes death probate, guardianship, and conservatorship. Mr. Silverman has served as judge pro tem on the Maricopa County Superior Court. He is a member of WealthCounsel and is a past member of the Elder Law, Mental Health and Special Needs Planning Section of the State Bar of Arizona. Mr. Silverman is on the Board of Trustees of Southwest College of Naturopathic Medicine and past president of the Board of Directors of Tempe Leadership. He is a frequent speaker on National Business Institute’s educational panels and also lectures to local groups on estate planning issues. Mr. Silverman earned his B.S. degree in business from Arizona State University and his J.D. degree from South Texas College of Law in Houston. He is admitted to practice in the state courts of Arizona and Texas, the U.S. District Court for Arizona, and the Western District of Texas.