Insolvent Estates Out of Stock
Quantity
February 2011
Insolvent Estates: Administration of Decendents' Estates with Significant Liabilitites
Program Highlights
- Overview, Including Rights of Creditors When No Probate is Opened
- Presentation, Allowances and Disallowances of Claims
- Foreclosure and Other Real Estate Matters
- Medicaid
- Income Tax
- Recovery from Non-probate Assets
- Spouse's Liability for a Decedent's Debts
- Closing the Estate
Program Description
During the economic downturn, it has been increasingly common for a decedent to die with significant debts. This program will cover issues that arise when the decedent's debts are significant in relation to the value of the estate and possibly exceed the value of the estate. Some of these estates involve minimal assets and no probate is required. In other cases, the assets may be substantial, but the debts are also substantial. In either case, these estates present a number of challenges.
Topics
Overview
- Determining whether an estate should be opened
- Determination of assets and potential creditors
- Notice to creditors by publication and by mail
- Priority for payment of claims
- Family allowance and exempt property allowance
- Preservation of assets
- Abandoning property
- Rights of creditors when no probate is opened
Presented by Melissa R. Schwartz, Esq.
Presentation, Allowances and Disallowances of Claims
- What constitutes a claim?
- Timeliness of presentation
- Determination of whether to allow or disallow a claim
- Mechanics of allowing or disallowing a claim
- Secured creditors
Presented by Melissa R. Schwartz, Esq.
Foreclosure and Other Real Estate Matters
- Foreclosure overview
- Options for disposition of real estate
- Claims by lender for deficiency
Presented by Jonathan A. Goodman, Esq., and Melissa R. Schwartz, Esq.
Medicaid
- Claims by the Department of Health Care Policy and Finance
- Dealing with a Medicaid lien against the residence
Presented by Bernard A. Poskus, Esq.
Income Tax Matters
- What is the priority for payment of federal and state taxes?
- What is the statute of limitations for the IRS and states to bring a claim for taxes?
- Who is responsible for filing tax returns if no probate is opened?
- Filing back tax returns that were not filed
- Discharge of indebtedness
Presented by Nancy Crow, Esq.
Recovery from Non-probate Assets
- Overview regarding Colorado's statute allowing recovery from non-probate assets to pay creditor claims
- Coordination of the one year non-claims period with the one year limitation on recovery from non-probate assets
- Logistics of recovery
Presented by Marcie R. McMinimee, Esq.
Spouse's Liability for a Decedent's Debts
- Is a spouse liable for the debts of the decedent?
Presented by Susan R. Harris, Esq.
Closing the Estate
- Formal versus informal closing
- Payment of less than full amount of each claim
- Obtaining receipts and releases
Presented by Melissa R. Schwartz, Esq.
Q&A Roundtable Discussion
Members of the Faculty
PROGRAM CO-CHAIRS AND MODERATORS
*Jennifer M. Spitz, Esq.
Stover & Spitz, LLC
Longmont, CO
*Melissa R. Schwartz, Esq.
Steenrod, Schwartz & McMinimee, LLP
Denver, CO
FACULTY
Nancy Crow, Esq.
Pendleton, Friedberg, Wilson & Hennessey, PC
Denver, CO
Jonathan A. Goodman, Esq.
Frascona, Joiner, Goodman and Greenstein, PC
Boulder, CO
Susan R. Harris, Esq.
Susan R Harris & Associates, LLC
Greenwood Village, CO
Bernard A. Poskus, Esq.
Poskus, Caton & Klein, PC
Denver, CO
*Also faculty members
- CLE Pass Price *FREE! - exclusions may apply
- Standard Price $339.00 USD
- Member Price $289.00 USD
- General Credits 5.00
- Ethics Credits
- EDI Credits