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I do a vid-cap Still Image of the last frame, and just place that on the Timeline, immediately after the Video Clip, adjusting its Duration, if needed.
For the fade-to-black, one can either add a Dip-to-Black Transition, or Keyframe Opacity over time, to 0%.
Hope that helps and good luck,
Thanks Bill - this worked.
Remember that the Still Frame will have a Duration, set in Edit>Preferences>General>Still Duration, when dragged to the Timeline (5 sec. by default, if that setting has not been changed), but you can adjust that, as needed, by Click+dragging on the Tail of that Still Image - making it longer, or shorter.
Good luck and happy editing,
Although you and Hunt have worked through your question, for future reference, you might be interested in my blog post on the topic of Premiere Elements 11 Freeze Frame feature.
Continued success with your Premiere Elements 11 projects.