Wealth Preservation, Trusts and Estates

What You Don’t Know About Insurance Can Hurt You

Get Your copy for free.

Attorney David Frees and his brother Robb Frees, a Pennsylvania insurance agent and insurance coverage expert, have teamed up to write a new book on the insurance coverage that most agents and insurance companies seem to ignore but your failure to have this coverage could be catastrophic for you or your family.

Most agents make sure that you at least know about a liability umbrella policy. And, both David and Robb agree that you should have an umbrella policy. But, your failure to have this inexpensive coverage might mean the total inability to recover in the event you’re in an accident with an uninsured driver.

This brief and easy to read book walks you through the coverage, and how to make sure that you get the right amount of coverage for you and your family. It is available from www.amazon.com for $16.95 and it’s worth every cent. However, if you’re a reader of our blog, or a client of the firm, you can receive a free copy by visiting www.PAEstatePlanners.com.

If you or a family member find that you have only limited coverage, both David and Robb want to make sure that you contact your agent right away and increase this very affordable and essential coverage under your policy.

So order your copy of the book right now: What You Don’t Know About Car Insurance Can Hurt You – The Pennsylvania Edition.

You can also call 610-933-8069 and request your copy of the book for free while this offer is still available.

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We prepare special needs trusts for beneficiaries to help insure the recipient of inherited or gifted assets can continue to qualify for government or private benefits. Clients who are creating these

trusts often struggle to decide who they should appoint as trustee of the trust. We want to make sure that we select the correct person or entity because the trustee will make investment and distribution decisions that will impact the special needs beneficiary and remainder beneficiaries alike.

We can never be sure about how a trustee will do their job for years or decades to come. As a result, many clients choose to have a Trust Protector appointed. The Trust Protector oversees the actions of the trustee to make sure the trustee is doing a good job. Read the attached article to review some of the issues concerning the appointment of a special needs trust trustee and how the appointment of a Trust Protector can help insure a successful special needs trust.

By: Douglas L. Kaune, Esquire Partner with the law firm of Unruh, Turner, Burke & Frees, P.C.
Having offices in Phoenixville, West Chester & Malvern. Serving Chester, Delaware, Montgomery Bucks, Berks and Philadelphia Counties and the surrounding towns and municipalities. Please contact Doug with your estate planning and elder law questions and to schedule a consultation to review your particular case. PH (610) 933-8069 or dkaune@utbf.com.

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So many clients are interested in purchasing long term care insurance (LTCI), but are scared to pursue the coverage because of the perceived prohibitive cost. There are so many different types of policies and levels of coverage that there may be a policy to fit your budget. That being said, you should become an educated consumer of the LTCI products available to you and the average cost for coverage. This will make it easier for you to enter into the marketplace in order to protect you and your family. Start with this article by the American Association of LTCI which I have linked for you. The article gives some data on the average LTCI cost paid by U.S. purchasers. Please keep in mind if LTCI is not appropriate for you or if the cost does not fit your budget, you might want to initiate Medicaid/Nursing Home asset protection planning in order to safely put away your assets for you and your family.

Please feel free to contact Douglas L. Kaune, Esq. any time at 610-933-8069 or dkaune@utbf.com to discuss your particular Medicaid Asset Protection, Nursing Home or Elder law case to determine the appropriate planning for you and your family.
Wills * Trusts * Elder Law * Probate * Asset Protection * Power of Attorney * Estate Planning
Unruh, Turner, Burke & Frees, P.C. is a full service law firm with offices located in Malvern, Phoenixville, West Chester and also serving surrounding locations such as King of Prussia, Newtown Square, Media, Exton, Downingtown, Norristown and other towns in Chester County, Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Pennsylvania (PA).

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What Is A Trust Protector and Why You Might Need One ?
By: David M. Frees III Esq.
Unruh, Turner, Burke and Frees

There is a new sheriff in town and the sheriff’s name is the “Trust Protector.” By naming a trust protector, you can select a person, in advance, who can make hard decisions, change the terms of the trust (within certain preset limits and for certain purposes), and who can hire and fire trustees.

The job of the trust protector varies significantly depending on the nature and purpose of the trust. However, there are certain jobs that you may not want to assign to a trustee or a beneficiary and they can instead be assigned to a specific person named as the protector.

For example, it may not be desirable for a child (even an adult child) to be able to fire and replace trustees. However, if a trustee is not performing, it may be important for them to be discharged and replaced without the need and expense of court petitions. So what can you do? If you plan in advance, in steps the trust protector who can make these decisions.

In many cases, you can draft a trust to create the role of trust protector and then give that person the right to review financial transactions, to discharge and replace trustees, to resolve disputes, and more.
This can save money, protect your beneficiaries, limit court intervention, and make sure that the assets are not taxed again in a child’s estate because he or she had too much power over the trust. Trust protectors can also make sure that a corporate trustee’s fees are reasonable and their performance is effective.

For more information on trust protectors and specifically:

How, when and why to create a trust protector,
Who should act as a trust protector, (often lawyers, CPAs and other independent and trusted advisers)
The pros and cons of a trust protector, and
Why the trust protector is more important than ever in a changing tax environment,

please come back to this blog or sign up for our RSS feed to be automatically notified when we publish new articles on this topic.

And, for more information on trusts and trust planning please click here to order our Enhanced Estate Planning workbook.

David M. Frees III
Unruh, Turner, Burke and Frees has law offices of it’s Trust, Estate, and Wealth Preservation Section in Malvern, West Chester and Phoenixville, Pennsylvania.

These offices provide legal services to clients in the greater Philadelphia area including Wayne, Devon, Berwyn, Malvern, Phoenixville, Exton, and many other local communities.

For a complimentary consultation please call 610-933-8069 and mention PAESTAEPLANNERS for your free estate planning materials and resources.

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Although you are permitted to name anyone or anything as the beneficiary of an Individual Retirement Account (IRA), there are many pitfalls that must be avoided. Naming a Trust as the beneficiary of an IRA is an important estate planning opportunity, but the Trust and the beneficiary designation language must be drafted properly to insure that the beneficiaries can receive maximum available tax deferral. I have the opportunity to see the mistakes that individuals make with their estate planning documents and beneficiary designations and know that these mistakes can cause hundreds of thousands of dollars of loss. The IRA Trust terms such as “stretch out”, “Measuring Life”, “conduit Trust” and “See Through Trust” can be confusing and complex. Read this article by Natalie Chaote to get a better understanding of the issues faced when naming a Trust as IRA beneficiary. While you are at it, check out this Natalie Choate IRA article here for some another interesting fact pattern

Contact Douglas L. Kaune, Esq. any time at 610-933-8069 or dkaune@utbf.com to review your estate planning and particular IRA beneficiay designation concerns and desires. We can then determine how best to approach this complex legal issue.

Wills * Trusts * Elder Law * Probate * Asset Protection * Power of Attorney * Estate Planning
Malvern, Phoenixville, West Chester Offices serving Wayne, Newtown Square, Media, Paoli, Frazier, Exton, Norristown, Radnor, Chester County, Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Pennsylvania (PA).

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Wills * Trusts * Elder Law * Probate * Asset Protection * Estate Planning
In a Tax Court case, Price v. Commissioner, T.C. Memo. 2010-2 January 4,2010)
gifts of limited partnership interests by parents to their three children did not constitute present interest gifts that qualify for the gift tax annual exclusion. The court stated that the present interest requirement is satisfied if the donee has immediate enjoyment of either the donated property or the income from the property. In this case, the donees had no ability to withdraw their capital accounts and the partners could not sell their interests without the written consent of all other partners.

PLANNING TIP: For clients that intend to make annual exclusion gifts to an FLP, we will draft a Partnership document and operating agreement in a way that allows the transfers of limited partnership interests to be considered present gifts. It is very imortant that you have an experienced estate planning attorney who can draft the FLP in a way to best suit your needs and take advantage of the maximum tax and asset protection benefits.

Please feel free to contact Douglas L. Kaune, Esq. any time at 610-933-8069 or dkaune@utbf.com to discuss your particular Estate Planning goals, including creating a Family Limited Partnership (FLP) to determine the appropriate structure for you and your family.

Unruh, Turner, Burke & Frees, P.C. is a full service lawfirm with offices in Malvern, Phoenixville and West Chester serving surrouonding communities including King of Prussia, Berwyn, Wayne, Newtown Square, Media and Paoli and the following counties: Chester County, Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Pennsylvania (PA).

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There is an important exception to the typical Medicaid transfer rules (Deficit Reduction Act (“DRA”), 42 U.S.C. 1396p) which allows parents to transfer assets to trust for a disabled child and still qualify for Medicaid immediately. Read here to learn more about this exception and the Medicaid rules generally. This is an often missed Medicaid asset protection strategy used by experienced Elder Law Attorneys in Pennsylvania (PA) and other states. This planning can protect hundreds of thousands of dollars of assets and serve to insure that the disabled child can lead a safe and secure life while still qualifying for necessary public and private benefits.
Please feel free to contact Douglas L. Kaune, Esq. any time at 610-933-8069 or dkaune@utbf.com to discuss your particular Medicaid Asset Protection, Nursing Home or Elder law case to determine the appropriate planning for you and your family.
Wills * Trusts * Elder Law * Probate * Asset Protection * Power of Attorney * Estate Planning
Malvern, Phoenixville, West Chester Offices serving Collegeville, Royersford, King of Prussia, Berwyn, Wayne, Newtown Square, Media, Paoli, Frazier, Chester Springs, Spring City, Valley Forge, Kennett Square, Exton, Lionville, Downingtown, Chadds Ford, Norristown, Devon, Radnor, Chester County, Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Pennsylvania (PA).

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A recent Pennsylvania Supreme Court case raised the issue of whether or not an agent under a power of attorney can change the beneficiaries of the principal’s retirement plans. Be sure that your power of attorney is accurate under the new ruling.

By: David M Frees III, Esquire
Since the recent Supreme Court ruling in Slomski, you might want to check your power of attorney with your will, trust, or estate planning lawyer to make sure that it still accurately reflects your intentions. Click here to read the Slomski case on our web site www.PaEstatePlanners.com.

First, you have to ask yourself whether or not someone should have that power. And, while your initial answer may be no, there may also be reasons why an agent should have that power. For example, if your spouse is the beneficiary of your IRA and retirement plans, it might seem like you would not want that to be changed. But, what if you became incapacitated and your spouse became very ill. He or she might want to change the beneficiary from himself or herself, to one or more of your children.

And, what if you were incapacitated and one child became very wealthy, while another, due to severe illness was unable to work. Might you want your spouse, as an agent under your POA, to be able to change the beneficiaries.

There is no right or wrong answer.

But, what we do know, is that thanks to the Supreme Court’s ruling in the Shlomski case, your power or attorney may no longer do what you wanted.

If we drafted your power of attorney, please feel free to call for an telephone consult to see if you need or want to revise it.

If our firm did not draft your power of attorney, please contact your counsel, or, schedule an appointment to review your estate plan.

There is no charge for the initial consultation, and if we are doing a will, trust, or other documents for you, we will update your power of attorney for no additional charge.

To get an appointment or phone consultation with one of our lawyers, please call and mention this code DavidFrees2010. Call Donna, Denise, or Beth for an appointment or for a pjone consultation about this important issue. 610-933-8069

David M Frees III is the Chairman of the Trust, Estates, and Wealth Preservation Section of
Unruh, Turner, Burke and Frees

He can be reached at dfrees@utbf.com or at 610-933-8069.

The firm maintains law offices in Malvern, Phoenixville and West Chester. These offices are convenient to Devon, Exton, Chester Springs, Downingtown and many surrounding communities.

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Save Your Personal Injury Award With OBRA (42 U.S.C. § 1396p(d)(4)) Special Needs Trusts in Pennsylvania (PA) and elsewhere. Many individuals injured in an accident, through negligence or medical malpractice find themselves disabled to varying degrees. Among the things they can no longer do is maintain a job. Therefore these individuals receive public benefits such as Medicaid and Supplemental Security Income (SSI) to assist in maintaining their lives. Lawsuits and ultimately, large monetary awards stem from these types of injuries. It is likely that once these personal injury awards are paid to the individual, they will be disqualified from the public benefits of SSI and Medicaid. The personal injury award could be lost quickly to pay for the recipient’s ongoing medical care and living expenses. An important solution is the OBRA “Payback” Special Needs Trust. Click here to learn more about this type of trust and Special Needs Trusts in general. Generally, the benefits recipient is legally permitted to create a Special Needs Trust for his or her own benefit for the balance of his or her lifetime. This self-settled Special Needs Trust allows the personal injury award to be maintained to supplement and enhance the individual’s public benefits with the balance of the trust being paid back to Pennsylvania (PA) at the death of the recipient.
Please feel free to contact us any time at 610-933-8069 or dkaune@utbf.com to discuss your particular Estate Planning Needs to determine the appropriate structure of your planning documents.
Wills * Trusts * Elder Law * Probate * Asset Protection * Power of Attorney * Estate Planning
Malvern, Phoenixville, West Chester Offices * Chester County, Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Law Practice Locations.

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By David Frees Esq. “Top Lawyer” by Main Line Today Magazine.

Married couples often believe that signing a joint signature card at the bank makes those assets impervious to creditor claims in the event you are sued. And, while Pennsylvania law does offer some protection on joint accounts, you need to be careful and consider not only careful planning, but what you do after the account is opened.

For example, if a husband and wife own a joint account, and one of them gets sued, it is generally true that the creditors’ cannot get the joint asset. However, see this recent bankruptcy case that seems to say it is not just the signature card that matters but also what you do after the account is opened.

It is also important to remember, that if one spouse dies and the joint account becomes the property of a spouse who has been sued, then the creditors can again reach the account.

If you are concerned about your will, estate planning and/or asset protection please visit www.PaEstatePlanners.com for more free reports or call 610-933-8069. If you are a Pennsylvania resident, you can get a free initial consultation by mentioning this code: DavidFrees2010.

David Frees has attained the highest AVVO rating of 10.0 and has been selected as a Top Lawyer by Main Line Today Magazine.

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