Wealth Preservation, Trusts and Estates

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 sever 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.

Attorney David Frees Presents Financial, Legal, and Lifestyle News and Tips

One of the best ways to safeguard the inheritance that you leave to the next generation, is through trusts. However, teaching children and grandchildren to be financially savvy is the true key to growing and maintaining family wealth across the generations. Here is a great and mature web site filled with up to date financial news and daily videos that I use to stay informed and as a teaching tool and resource for the kids.

For great financial news and resources visit www.Bloomberg.com.

David M. Frees III
Attorney David Frees has attained the highest AVVO rating of 10.0
dfrees@utbf.com
610-933-8069

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.

Interested in more information about Social Security and Medicare benefits? The maze of social security benefits, survivor benefits, Social Security Disability benefits, and prescription drug benefits has become ever more complicated in recent years. So, at the request of many of our clients we will be bringing you a multi part series on government benefits with links and resources on:

Qualifying for Social Security Benefits
Information on Drug Benefits
Estimating Social Security Disability Benefits
Estimating Retirement Benefits
Estimating Survivor’s Social Security Benefits
Requesting a Social Security Statement
Applying for Retirement, surviving Spouse and Disability Benefits and more

In this first installment we help to answer the question: What Social Security
Benefits Can I Qualify for?

For more information click: What Social Security Benefits Do I qualify For?
This information is provided through BEST (Benefit Eligibility Screening Tool)

Getting information on the government’s various prescription drug plans can be daunting. Here is a place to get started.

Can I get Help with Medicare Prescription Drug Costs?

For more information on surviving spouse’ and survivor Social Security benefits, Social Security benefits estimators, disability benefits and more please register for the RSS feed (to the right) to get notice when articles are published here, or book mark the site and check in regularly.

David M. Frees III
Unruh, Turner, Burke and Frees
Law Offices in Malvern, Phoenixville, and West Chester
David Frees is highly rated by Lawyers and clients on AVVO

Call 610-933-8069 for wills, trusts, estate planning, asset protection planning, and elder law
assistance from David Frees or one of the lawyers in his department.

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