Wealth Preservation, Trusts and Estates

Annuities have long had a role in Medicaid and nursing home asset protection planning in PA and in other states. There are planning opportunities that allow a husband and wife to shelter a portion of the family assets so that the community spouse (non-nursing home spouse) can remain at home and have greater financial freedom. The case referenced below is a favorable opinion for the Medicaid applicant and should increase the likelihood that certain annuities will be successful Medicaid nursing home planning tools for married couples.
In Weatherbee v. Richman, 595 F. Supp. 2d 607 (W.D. Pa. 2009), the U.S. District Court for the Western District of Pennsylvania reversed the denial of Medicaid benefits to a nursing home resident (“institutionalized spouse”), holding that the income from an irrevocable, non-transferable, non-assignable, single premium, immediate annuity payable to the spouse of the nursing home resident (“community spouse”) was protected under federal law, specifically the Medicare Catastrophic Coverage Act of 1988 (“MCCA”). MCCA provides that the community spouse’s income is completely protected and does not affect the Medicaid eligibility of the institutionalized spouse.
Please call Douglas L. Kaune, PA Lawyer 610-933-8069 for additional information about this case and to discuss Medicaid and nursing home planning opportunities it presents for you.
Wills * Trusts * Probate * Elder Law * Estates * Estate Planning * Asset Protection Planning
Malvern, Phoenixville, and West Chester Law Offices Chester, Montgomery, Delaware, Philadelphia, Berks and Bucks County PA

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David M. Frees III It’s that time of year. New Years Eve approaches and it is time to make decisions, set new goals, and to make your new year’s resolutions. And, this year, more than ever, estate planning, updating your will, trust, and power of attorney should top the list.

This brief article will examine why 2010 estate planning resolutions and will updates are more important than ever, and how to make sure that this is one resolution you’ll actually keep.

First, the many laws related to estate planning and estate and inheritance taxes change regularly. For example, Medicaid – nursing home laws, estate and gift tax rules, and power of attorney laws have all changed recently for Pennsylvania residents.

However, this year there was also a major change, when Congress allowed, at the last minute, for the federal estate tax law to lapse. But, don’t take that too happily because it comes roaring back in just 12 months and that version may be worse than ever. And, to make matters worse, if your assets (including life insurance) exceed 1 million dollars, your estate planning documents might not even work properly.

So for the full story on who should revise their estate plan and why, as well as notes on how to keep this resolution, click here.

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Forbes Magazine recently published an article listing eight reasons to update your will, trust, or estate plan despite the uncertainty of the federal estate tax. If you have been wondering, whether or not to wait until the dust settles on federal estate tax reform, then read this interesting piece.

And, if we do help you with your estate plan, and the law changes within a few weeks or even six months, then you will not pay for a second round of estate planning. We guarantee, that there will only be a small charge to re-execute your new wills.

So, if you need to revise, or update your wills because of a move, a death in the family, marriage, divorce, new children or grand children, or because of an inheritance, or other changes through time, then please call Mrs. Brownback, or Mrs. Fox at 610-933-8069 or email dfrees@utbf.com to make an appointment with me. If you mention this article, you will also receive a new CD we have produced on Enhanced Estate Planning to protect your children and grandchildren from divorce and lawsuits.

David M. Frees III

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529 Plans For Pa Residents By: Attorney David M. Frees III

529 Plans come in many shapes, sizes, and colors. And, there is significant variation from state program to state program. If you would like to know the top five reasons to consider a 529 and get a great web based resource to help you to understand and to compare the different plans, then click here for my 529 Plan Article for Pennsylvania Residents.

The article reviews some of the estate planning, gift tax, income tax, and administrative issues involved with selecting a 529 plan.

Let us know your questions in the comments section.

David M. Frees III is a Pennsylvania probate, will, and trust attorney with offices located in West Chester, Malvern, and Phoenixville, Pennsylvania.
David Frees has an AVVO Rating of 9.8 and “Superb”

For a consultation to make sure that your estate planning documents are up to date, and coordinated with your 529 plans, call 610-933-8069. Mention this article to receive a valuable resource, our Enhanced Estate Planning CD.

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David M Frees III, Esquire has just been awarded AVVO’s highest lawyer and attorney rating of 10.0. Frees heads the Trust, Estate, and Wealth Transfer Section of Unruh, Turner, Burke and Frees with offices in Phoenixville, Malvern, and West Chester, Pennsylvania.

Frees whose practice is limited to trusts, wills, estates, probate, asset protection, and estate planning helps families and individuals to create effective estate tax, asset protection, and business succession plans.

However, Frees notes that “The firm has lawyers that work in many different areas so that our clients’ needs ranging from personal matters such as estate planning, personal injury and related matters are well protected and served by the firm. And, many other firm practice areas help clients in their business, real estate, and related commercial matters.”

“I am honored to receive AVVO’s highest professional rating. AVVO is one of the premier lawyer search and referral sites on the internet and rates lawyers on a variety of factors. I regularly publish legal guidelines and answer estate planning, will, trust, and probate questions for AVVO users and I believe that it is a powerful tool for consumers.”

Thanks to everyone, including my partners and associates, my support staff, and the other lawyers and clients who have helped me to achieve this honor. I have a great team of people that I work with and great clients that we serve.”

Frees’ offices provide trust, estate, and estate planning services to the entire Philadelphia region, including but not limited to Chester and Montgomery Counties, Berks, Bucks and Lancaster Counties and many communities such as Ardmore, Devon, Berwyn, Paoli, Malvern, Willistown Township, Charlestown Township, East Pikeland, Schuylkill Township, and Doylestown

More information about AVVO rating and search services for Pennsylvania residents can be viewed by clicking this link.

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Attorney David Frees explores how and why you might want to give the gift of a custom domain name to your children and/or grandchildren.

Want to buy your child or grandchild something that may never go out of style, might be vitally important to them in business as they grow up, and is becoming harder and harder to get?

Want to do something for a loved one that not only shows that you care but that might be useful for their entire life?

Want to know the three letters that matter and that might make you a hero to your kids and grandchildren?

The three letters are URL.

URL – That is the web address for a web site that they might use now or in the future for personal or business use. Do you have your name as a domain? Do you own www.insertyournameshere.com for your children and/or grandchildren?

If not, just click on that link and you can find out if your name, your child’s name, and/or a grandchild’s name is still available and if it is you can reserve it and own it for less than $10.00 per year. We have made an arrangement with one of the major web registrars through www.succcessfulurls.com for clients to get a radically reduced cost for registering their names as urls. But, there are many other web sites that also offer this service.

And, it is easy to transfer the web name to your child or grandchild, and easy to set up a simple web site (the kids can do it) so that they can even own the email address theirname@theirname.com for example, John@johnsmith.com rather than john127@aol.com.

Now it is becoming harder and harder to find common names that haven’t been taken. But, it is nice and in some professions (think web designer) to have your own name as your url.

But, while it is becoming harder and harder for children and grandchildren to own their own names many of your children and grandchildren might want that ability. So, if their name is taken how can you still give this gift? well, there are a few tricks.

If johnsmith.com is taken, try www.thejohnsmith.com “www.theoriginaljohnsmith.com” or “therealjohnsmith.com.” You can also try a url using the middle initial such as www.johnpsmith.com or using the full middle name. To experiment, and to reserve a domain name for your child or grandchild, click this link.

So, here’s to hoping that you can find one that works. And, even if you have a new baby, or new grandchild, consider reserving that url. It is inexpensive, fun and may be a really nice present.

Have a great holiday season.

David M. Frees III

David Frees advises clients on estate planning maters related to copyrights,
technology, business succession planning, real estate and other assets which
require careful estate planning. For a consultation, call 610-933-8069.

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Special Needs Trusts and Supplemental Needs Trusts: Autism, an Early Intervention
by Douglas L. Kaune, Esquire Pennsylvania Attorney 610-933-8069
Wills * Trusts * Probate * Elder Law * Estates * Estate Planning * Asset Protection Planning
Malvern, Phoenixville, and West Chester Law Offices Chester, Montgomery, Delaware, Philadelphia, Berks and Bucks County
We work frequently with clients who use Special Needs Trusts to protect their beneficiaries’ Social Security Disability (SSI) and Medicaid benefits.   The Special Needs Trusts are either prepared to be funded during lifetime or through a Last WIll and Testament.  The Special Needs Trust beneficiaries typically suffer from mental and physical disabilities or other issues.  I have come to know how challenging the lives of those families can be and, in recognition of those challenges, I like to pass along information that might assist clients and friends with their daily living.   Please read this recent U.S. News and World Report Blog Entry regarding the benefits of early intervention for children with Autism. We are all learning new and creative ways to assist individuals with special needs. I am hopeful that through estate planning and preparation of wills, trusts and other documents for clients we can do our part to enhance the family dynamic.
For questions on Special Needs Trusts and other estate planning or elder law issues, please give me a call at 610-933-8069 or email me at: dkaune@utbf.com.

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Do You have a growing wine collection?
Has your wine collection become a valuable asset of your estate?
Are you interested in collecting wines?
Do you want to pass on the value of the collection or the collection itself through a will or trust?
Do you mistakenly think that your homeowner’s coverage insures your collection?

If you answered yes to any of the above questions, then be sure to click here to read this brief new article on insuring, protecting and passing on a wine collection at any stage.

David M. Frees III

For an a no obligation and no cost consultation about completing or updating your estate plan to deal with any valuable collections or assets please mention this article when you call Ms. Brownback or Ms. Fox or email dfrees@utbf.com. Law office 610-933-8069

Offices are conveniently located in Phoenixville, Malvern and West Chester Pennsylvania

Thanks also to Doug MacGray for allowing us to publish a portion of his interview and newsletter. Doug can be reached through www.compass-ionadvisors.com

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I have recently encountered several estates where the shear number of accounts really caused problems for the heirs as they struggled to locate the accounts, discovered escheated accounts, paid an accountant to figure out the tax consequences and more.

And, through the years I have also seen many clients suffer lifetime negative consequences of having just too many bank accounts and investment accounts ranging from extra fees paid to lost accounts to greater tax complexity than needed.

The New York Times also recently addressed this issue and if you want to read more about the problems of too many bank and investment accounts including:
lost accounts
higher management and account fees
unintended estate consequences
unexpected inheritance tax allocations and more
increased likelihood of estate disputes between heirs

Just click here to read David M. Frees and The New York Times on Why You Can Have Too Many Accounts For Your Own Good.

David M. Frees III
Call 610-933-8069 for an appointment to solve the problem of too many accounts in your estate plan.
Make sure that your will or trust works with all of your accounts.

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If I named my child as a POD (pay on death) or FBO (for benefit of) beneficiary of a bank or stock account and that child is now in financial trouble, can I lose the accounts?

The short answer is “No.”

POD designations on an account do not make that account the property of your child now and his or her bankruptcy or a lawsuit will not subject your accounts to claims by his or her creditors.

However, there are three more things that you need to know about POD (pay on death) and FBO (for benefit of) designations and accounts to be sure that your accounts are safe and that your child will also be protected.

Click here for more essential information on POD and FBO accounts for your children and how to protect your accounts for yourself and for your heirs.

David M. Frees III, Esquire

Have questions about your estate planning and how your POD or beneficiary designations work with your estate planning documents?

Need to update your will, power of attorney, medical powers, or living wills and to coordinate them with your bank and stock accounts.

Mention this blog post to receive a free consultation with David Frees or one of the trust and estate attorneys. Call Donna or Denise for more information at 610-933-8069 or email dfrees@utbf.com

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