Wealth Preservation, Trusts and Estates

Do you have a son or daughter in college or entering college?

If you’d like more information or resources about paying for college, or the tax and gift tax consequences surrounding college educational expenses then read on.

We know that paying for one or more children’s college educations can be a real hardship for many of our clients and for families in Pennsylvania generally.

So, we periodically try to find articles, resources and information for our clients and our blog readers as a way of adding value, and helping out.

For more information from the IRS and Dave Frees about tax issues surrounding college educations, gifting and loans, you should review IRS FORM 970 at www.PaEstatePlanners.com
There are also numerous considerations in your will, trust, and/or estate planning as children get to college and toward the college years.

Do you have enough life insurance for the next few years of high college expenses?
Should the college money go into trust or into a trust under your will?
Should your spouse be the trustee? What if that caused higher taxes?
Is your power of attorney updated in case of accident or illness rather than death?

If you or a loved one need a review of your will, trust, power of attorney or of any estate planning documents, you can s also receive a complimentary telephone or personal consultation.

To receive your review just call 610-933-8069 and mention FREE WILL REVIEW.

David M. Frees III, Esquire.

IMPORTANT BONUS: For the first twenty readers who call, comment below, or email Dave Frees at dfrees@utbf.com for a free consultation, you will also receive a copy of Paying For College an interview with a college funding expert.

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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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With the cost of 4 year college educations continuing to soar

and, to out pace inflation, many of us are wondering how to save for our children. There are a variety of tools ranging from multiple 529 plans to UTMA accounts, to trusts, and outright savings in the parent’s own names.

But, if you want to know how the President of the United States of America is saving for his daughters, then the public disclosure of his gift tax returns and the Wall Street Journal have the answer. This is a great article on the advantages of front loading a 529 plan which can be done by parents and/or grandparents or other relatives without filing a gift tax return. And, now is a good time to consider such gifts as the market is so low that the gift might be able to grow substantially before it is needed.

Now how to get the money to put into the plan? That is another question.

Enjoy. Leave a question or comment below.

David M. Frees III, Esquire
David Frees’ AVVO Rating is a Superb 9.5
Unruh, Turner, Burke and Frees
610-933-8069
dfrees@utbf.com
David assistants Donna, Denise, Tra and Whitney can be reached to set up a telephone or in person appointment with David.

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Our best laid plans can go awry. And, as they say in the armed forces, “No plan survives contact with the enemy.” Indeed, many financial plans have been rendered obsolete or non functional by recent events.

As we have observed before, many wills and estate plans in Pennsylvania fail because families fail to structure their assets and beneficiary designations to match the plan. A will or trust says one thing but the assets are jointly titled or otherwise pass outside of the plan. In other cases, a plan fails because the unimaginable happens.

Does this mean that you shouldn’t plan for retirement, college tuition, weddings, tax savings, and to pass on your assets? To the contrary. Plans are like goals.

If we fail to set goals we have no basis to act or to judge the progress we are making. Just yesterday I met a 24 year old man who set a goal to create a million dollar a year company by the time he was 21. He missed his goal by 18 days. But, he said that he would never have achieved it without setting that goal. It motivated him and it allowed him to see how he was doing and to adapt.

Establishing a plan means that we might fail to achieve the end result. The plan may need to be revised and we may need to adapt. But we are almost always better off having gone through the planning process.

And, in times of trouble, we need information to help us to adapt the plan. So, below are a few links that might be useful in revising the plan and in adapting to our new circumstances.

And because many people hear only the bad news, take a moment to consider the good news. Gas prices, while rising slowly have been quite low. Many families are saving at rates not seen for decades. We are still giving to charity and are vacationing in our own country rather than spending dollars overseas.

There is little purpose in subjecting ourselves to constant bad news. For many people, that means that they become so absorbed in the bad and what is beyond their control, that they fail to act on matters still within their control.

We can still have a say in government. So watch how the government spends the money and tell them what you think with your letters and your vote. The spending can be viewed by clicking here. or by visiting http://www.recovery.gov/

Want to calculate how much you now need to retire? Want to make a gift to charity and need to know if you can? There are a number of great financial and personal calculators here. Just click www.paesateplanners.com for links to several tax and personal financial calculators. Then start doing what you can. Work on what you can control rather than worrying about the matters outside of your control. You will feel better.

David M. Frees III

Follow David Frees on Twitter for estate, tax, financial, and asset protection planning information
for you and your loved ones.

Unruh, Turner, Burke and Frees offers legal services in a variety of fields and has offices in West Chester Pennsylvania, Phoenixville Pennsylvania, and Malvern Pennsylvania. The firm services clients the greater Philadelphia area including Chester County, Montgomery County, and Delaware County.

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Many  clients ask us about how to plan and to save for college as part of their estate planning, asset protection planning, and tax planning. In our Enhanced Estate Planning Process (TM), we focus on the many ways that families can protect assets for the things that are important. And, lifestyle, family values, and educating the next generation rank high on the list. And, when you plan properly, you can protect assets from your creditors and for your children and grandchildren. You can also get these assets out of your estate for tax purposes, and you can make sure that they get used for educational purposes and not for unrelated reasons.

Because the economy has robbed many people of the assets that they were going to use, many grandparents are also looking for ways to help children and grandchildren with these extraordinary expenses.

Obviously, the sooner you plan the better. But, it is never too late.

There are several types of 529 plans, UTMA accounts, individual trusts, and other tools including outright gifts that can be used. However, a comprehensive plan should be thought out before you start with the trouble and expense of any particular technique. And, there are many pros and cons to 529 plans. Finally, you need to understand how these plans invest and work.

I recently discovered a great resource to use in calculating and planning for college. Many site are set up to sell consumers a product or service. This site is just jammed with resources, calculators, and information. Just click here to visit the FINRA college resource center.

We also post articles on these and related topics at Pennsylvania Estate Planning.

I also wanted to remind you of a new service that we are offering for our clients and prospective clients.
If you would like our regular “HOT TIP” that you can use each week to save tax dollars, avoid probate, make your will actually work (most do not), or protect your assets, then follow David M Frees III, Esq on Twitter. Just click here.

Thank you for your comments and questions below.

David M. Frees III Esquire

Call 610-933-8069 for more information, an
appointment, or to receive our free report
The Ten Most Common Mistakes Executors Make and How To Avoid Them.

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