Wealth Preservation, Trusts and Estates

Have you set up a GRAT, given a check or gifted property worth more than $13,000.00, paid for tuition or medical expenses for another person, given away real estate, corporate or business interests or other hard to value assets in 2008. Your gift tax return may be due.

Be sure to file or get an extension by the 15th of April. Need more information? Here is an IRS Gift Tax Publication.

Here is a short article we prepared for you at www.paestateplanners.com.

David M. Frees III, Esquire
AVVO Rated 9.5 Superb!
610-933-8069
dfrees@utbf.com

For questions, an appointment, a telephone conference or to get any of
our many probate, estate planning, and asset protection articles and publications,
call and ask for Donna or Denise who will be happy to help.

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This Post was Written by:
Douglas L. Kaune, Esquire
dkaune@utbf.com
610-933-8069

Joint bank accounts are often established by individuals with the hope of creating an account with one or more of the following beneifits:
probate avoidance, reduced inheritance taxes or as a convenient way to allow family member to write checks and pay bills.

Unfortunately there are numberous Medicaid/Elder Law Planning, estate planning and asset protection pitfalls that await those who have established joint accounts. Some common problems resulting from joint accounts are pointed out in this Elder Law Answers Article. Take a look at this article and be careful how you title your bank accounts!

This Post was Written by:
Douglas L. Kaune, Esquire
dkaune@utbf.com
610-933-8069

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Completing your Enhanced Estate Plan(TM) our proprietary process (often consisting of a Will, Power of Attorney, Advanced Medical Directive and one or more Trusts), is often viewed as the end of the process.

But, smart clients and estate and asset protection planners know that there is still a bit more to do.

I can hear it now, “No! How can there be more to do? I just spent all of this time and energy, paid a lawyer money and now he tells me that there is more?”

Actually, the remaining process can and should be simple. And, a good lawyer can help you with forms, suggestions and checklists.

But, taking the extra time to organize the documents in one place (we do that for you and even provide a legal binder), to draft memos, alert your executor or trustee of certain facts, make sure that the beneficiary designations are right, and to carefully store and preserve your passwords and electronic data, can save your heirs and family time, fees, money and energy.

Indeed, properly drafted memos and instructions can also avoid family disputes and more problems.

Read my article and the related Wall Street Journal piece on proper estate planning and organization by clicking here.

For more information for executors and trustees, order our great report on the 10 Most Common Mistakes Pennsylvania Executors Make and How To Avoid Them or our series of materials on Enhanced Estate Planning.

David M. Frees III, Esquire
Estate Planning, Trust, and Asset Protection Lawyer
Offices in Chester County and serving the State of Pennsylvania
David M Frees III, Esquire
David’s AVVO rating is Superb! Click here for more information.
610-933-8069

David Frees on Twitter: http://www.Twitter.com/davidfreesesq
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David Frees on LinkedIn: http://www.linkedin.com/in/davidfrees
Firm Estate Planning Blog: http://www.utbf.com/trust-estate
Executor and Estate Planning Blog: http://paestateplanners.com/blog

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This blog and this department of the firm focus on wills, trusts, estate and asset protection. But, there is no better form of asset protection than making sure that your Pennsylvania based business complies with new laws.

Indeed, the newest act that may affect your business applies if you do work or sell products related to home care and improvements. You may be surprised to discover that this law may apply to you and if it does, you must make sure to comply or face penalties and legal difficulties.

You can get access to the Attorney General’s Frequently Asked Questions about the new PA Home Improvement Act just by clicking here.

For a more full review of the new law and who it may apply to visit www.paesateplanners. For a copy of the new law, and our materials to help you, call Donna or Denise at 610-933-8069 and ask for the home contractor’s law packets or email me at dfrees@utbf.com.

David M. Frees III
610-933-8069
dfrees@utbf.com

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Read this just posted an article on the Federal Government’s claim that the proposals circulating in congress are a decrease in the tax and are quite reasonable. For competing views on this controversial tax and how to plan for it read this article by Chester County based will, trust, estate and asset protection lawyer David M. Frees III

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This Post was written by:
Douglas L. Kaune, Esquire
dkaune@utbf.com
610-933-8069
Many of us have multiple email address, online bank and stock accounts and conduct social and business activity through sites such as LinkedIn and Facebook. I also have a significant number of clients who have business related websites that are responsible for generating a great deal of revenue.

We do not necessarily want to make our family members and loved ones aware of all of our accounts, online activities and passwords during our lifetimes. However, it will be very important for our Executor, Trustee or beneficiaries to gain access to this information so that they can either continue to manage our business interests or conclude our online affairs. I recently came accross a website, LegacyLocker.com, which touts itself as an online safety deposit box. The site allows you to store all of your online information so that it can be sent to your appointed recipient at the time of your death. Click on the link above and see if it might solve your online needs.

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While this is only a budget bill, and only in the Senate, there was some movement on estate tax reform today. If this type of bill were to ultimately pass the house and senate it would allow many more couples, and individuals to do estate and asset protection planning for their heirs without some of the difficult and expensive planning techniques now used only to avoid estate taxes.

While we are a long way from a bill like this becoming law, any increase in the shelter amount would allow planning more focused on protecting spouses and your other surviving heirs from divorces and lawsuits.

To read more on David Frees’ analysis of the Senate Budget bill and the estate tax click here.

By: David M. Frees III, Esquire
For more information on estate planning, legal tools for executors,
and asset protection planning, by probate, trust and estate planning lawyer David M. Frees III visit www.paestateplanners.com

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There are many views on the issue of estate taxes. The New York Times editorial may not be your view but it is worth a read. Do you think that a tax at your death should not be labeled a death tax? Read the New York Times Death Tax Editorial.

David M. Frees III, Esquire
610-933-8069
dfrees@utbf.com
www.paestateplanners.com

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