Wealth Preservation, Trusts and Estates

Many spouses express fear and grave concerns that they would not
know what to do if a spouse or loved one dies.  They are terrified
when you don’t have a will, trust, or estate plan and a list of
people and instructions to guide them.

And, if you are the primary bread winner and/or have responsibility
for handling finances or investments, then this fear and concern can
be even more profound.

And you, like many clients are justifiably so busy with work, paying
tuition, mortgages, and in some cases the demands of running a
business, professional practice, or corporation that you just can’t
find the time to get to a will, trust, or estate planning.

But, deep down you know that getting this done is a reasonable
request by a spouse.

And, you certainly want to protect yourself, and your minor or adult children.
If you have just been waiting for a way to make this happen that is easy,
methodical and turn key then your wait is over. And the price is a fixed
fee.

Find our more about our risk free, simple, easy, and refreshingly effective
estate planning by clicking one or more of our programs:

Enhanced Estate Planning (TM) (for basic family needs) which
also can include our Elder Law Solutions for those facing nursing
home care.

Business Class Estate Planning(TM) (for those with businesses,
professionalpractices or more complex planning needs), and

Our premier First Class Estate Planning (TM) (for families
planning to pass on substantial wealth, complicated business or
real estate interest or for those with major philanthropic goals).

You can also schedule a risk free appointment for any one of these programs
or to find out which is right for you.

Simply call 610-933-8069 or contact David Frees at dfrees@utbf.com
and ask for your free materials and a no risk appointment with David Frees or
Douglas Kaune and mention the New Year’s Resolution Offer.

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Are you are a business owner or professional, a real estate investor or
entrepreneur who has been putting off your estate planning because
it’s too time consuming, costly, or complicated?

Have you been promising a spouse, children or other loved ones that
you’re going to “get around to” this but just never do?

Has it been more than five years since your last business and estate
planning?

Do you believe that the changes to the federal estate tax law will now
automatically protect your family and spouse?

If you answered yes to any one of these questions, then you’re probably
ready to hear about moving up from coach to a Business or First Class
Estate Plan(TM).

To us, that is planning that respects that you’re a busy person with many
people relying on you.  That you demand a high ROI from whatever you
are spending time doing,and that you need services that are efficient, with
limited or no risk and that will work to carry out your goals with a high
level of accuracy and at a reasonable price.

Well, you just don’t get that with a coach class ticket or a simple will.

My partner Douglas Kaune and I have developed a plan to help busy
business people just like you. To find out what we can do for you, and
to upgrade your estate planning from “coach” to our Business Class Estate
Plan or our First Class Business Plans(TM) call 610-933-8069.

Mention: Business Class Estate Planning to claim your no cost
and no risk consultation and flat fee pricing.

If you’d like to read a bit more about our
estate planning programs, click here

David Frees is a Pennsylvania lawyer with offices in Malvern,
West Chester and Phoenixvillle Pennsylvania.  His practice is
limited to trusts, estates, wills and probate and related matters
such as elder law and asset protection for your heirs.

He is a Super Lawyer and has been recipient of Main Line Today
Magazine’s Top Lawyer honor for multiple years.  He is the
developer of Business Class Estate Planning and First Class
Estate Planning (TM) which are both designed for families and
individuals who expect high return on their investment of time
and money and who want to pass on family wealth and
values.

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

Mention Business Class or First Class Estate Planning for your no
obligation and no cost consultation.

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Think Your Estate Is Now Protected From Federal Estate Tax?
According To The Tax Lawyers Studying The New Law -
Think Again

The Heckerling Institute is one of the premier estate planning programs
and “think tanks”dedicated to effective estate planning.  The lawyers
appearing  at the institute and those in attendance focus on planning
to minimize federal estate taxes and on issues of how to protect assets
and estates of all sizes for the benefit of your heirs.

After the first day of this five day intensive, David Frees’ review was
that all speakers and presenters agreed, that this year, with changes to
the federal estate tax laws being both radical and profound, the Institute
is more important than ever.

And, added Frees, “There are many many opportunities for estate tax
planning, gifting, and other planning techniques but some may be here
for a limited time only AND, many surviving spouses must now
file returns who never had to before.” Under the new law, if a
surviving spouse fails to file a 706 (estate tax return) he or she will not
inherit the deceased spouse’s remaining exemption and this can mean
much higher taxes for many families.

With several of the changes in the new law, there are unprecedented
opportunities to make gifts, to pass on wealth, to protect assets, and to
carry out your estate planning goals.  However,  according to most of
the high level estate planning lawyers in attendance, there is a mis-
perception among many people that real planning is now automatic.
and that planning, wills, trusts and good powers of attorney are no
longer needed.

However, many of the provisions of the new law may be a use it or
lose it proposition since they expire in 2 years and many people mis-
understand the “portability provisions”of the new law.

According to David Frees “Many people think that they can rely on
“inheriting” their spouse’s exemption to shelter even more assets for
their heirs. But, trusts and flexible disclaimer plans remain vitally
important to avoid taxation, lose of family wealth to nursing homes,
protection from divorce, and to making sure that taxes are minimized
and estates are protected from state inheritance taxes and even federal
estate taxes.”

Stay tuned for more specific tools and ideas for estate planning such as
new uses for the QPRT (Qualified Personal Residence Trust) and other
ways to protect assets for the next generation while protecting yourself
and a surviving spouse.

David Frees is Chairman of the Unruh, Turner, Burke and Frees -
Trusts, Estates, and Wealth Preservation Section.

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

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Do End Of Year Gifts To Children and Grandchildren Still Make Sense?
By: David M. Frees III

In the last few days of 2010 Congress passed, and the president signed, a new bill governing federal estate and gift taxes.

Since we are so close to the end of a calendar year, many people are calling and asking whether or not to make their traditional end of year gifts.

General Thoughts On Gifting and Gifting Before The End of 2010

In general, you should not make gifts that will negatively impair your personal lifestyle. This is especially true when you are retired and on a fixed income.

However, many clients find that they are fortunate enough to be building estate value even though they are comfortable in their retirement. In these cases, or even in cases of smaller estates, where you want to preserve assets and protect them from the nursing home spending, gifts may be a valuable end of year planning strategy.

This article deals predominantly with gifts where you have sufficient funds to avoid medicaid and nursing home issue. If you desire to protect
your assets from nursing home costs, click here.

For those who want to continue making gifts to family members, there is some very good news in the new estate tax law.

Here is a quick review of the new federal estate tax law and rates.

Strategies For End of Year Gifting and Gifts in 2011:

Since the federal estate tax rate will be the same for the next 2 years, and since five million dollars will be covered and tax free at death (or even during lifetime) for those same two years (before we fall back again to only $1 million dollars) large gifts do not need to be made before the end of 2010 unless very large gifts are being made to grandchildren.

Annual gift tax exclusion gifts (currently $13,000.00) per person can be made before December 31st and again after January first (for 2011) without using any of your lifetime or death exemption. Note that this amount might adjust again in the future.

These annual gifts can be made to children and grandchildren and can be made to the spouses of your children and grandchildren as well. If you are married, both you and your spouse can make these gifts and effectively double the amount that can be given without filing a gift tax return or paying any tax.

In addition, greater amounts can be paid directly to a school or for medical purposes in certain circumstances as well.

In short, make gifts of up to the $13,000.00 per person annual gift tax exclusion amount before the end of the year. In 2011 gifts in excess of this amount will either be taxed (at the historically low rate of 35% for the next two years)

Since the effectiveness of gifts can vary widely from person to person, and because there are better and worse ways to make gifts depending on your personal circumstances ask your lawyer and/or tax adviser to consider your personal facts and circumstances when advising you on the use of gifts, paying up insurance policies, or the use of trusts, annuities, and other gifting strategies.

David M Frees III
Unruh, Turner, Burke and Frees
Offices serving Malvern, Phoenixville, Devon, Wayne, West Chester,
Chester Springs and many surrounding communities.

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Do End Of Year Gifts To Children and Grandchildren Still Make Sense?
By: David M. Frees III

In the last few days of 2010 Congress passed, and the president signed, a
new bill governing federal estate and gift taxes.

Since we are so close to the end of a calendar year, many people are
calling and asking whether or not to make their traditional end of year
gifts.

General Thoughts On Gifting and Gifting Before The End of 2010

In general, you should not make gifts that will negatively impair your
personal lifestyle. This is especially true when you are retired and on a
fixed income.

However, many clients find that they are fortunate enough to be building
estate value even though they are comfortable in their retirement. In these
cases, or even in cases of smaller estates, where you want to preserve assets
and protect them from the nursing home spending, gifts may be a valuable
end of year planning strategy.

This article deals predominantly with gifts where you have sufficient funds
to avoid medicaid and nursing home issue. If you desire to protect
your assets from nursing home costs, click here.

For those who want to continue making gifts to family members, there is
some very good news in the new estate tax law.

Here is a quick review of the new federal estate tax law and rates.

Strategies For End of Year Gifting and Gifts in 2011:

Since the federal estate tax rate will be the same for the next 2 years, and
since five million dollars will be covered and tax free at death (or even during
lifetime) for those same two years (before we fall back again to only $1 million
dollars) large gifts do not need to be made before the end of 2010 unless very
large gifts are being made to grandchildren.

Annual gift tax exclusion gifts (currently $13,000.00) per person can be made
before December 31st and again after January first (for 2011) without using
any of your lifetime or death exemption. Note that this amount might adjust
again in the future.

These annual gifts can be made to children and grandchildren and can be made
to the spouses of your children and grandchildren as well. If you are married,
both you and your spouse can make these gifts and effectively double the amount
that can be given without filing a gift tax return or paying any tax.

In addition, greater amounts can be paid directly to a school or for medical
purposes in certain circumstances as well.

In short, make gifts of up to the $13,000.00 per person annual gift tax
exclusion amount before the end of the year. In 2011 gifts in excess of this
amount will either be taxed (at the historically low rate of 35% for the next
two years)

Since the effectiveness of gifts can vary widely from person to person, and
because there are better and worse ways to make gifts depending on your
personal circumstances ask your lawyer and/or tax adviser to consider your
personal facts and circumstances when advising you on the use of gifts,
paying up insurance policies, or the use of trusts, annuities, and other gifting
strategies.

David M Frees III
Unruh, Turner, Burke and Frees
Offices serving Malvern, Phoenixville, Devon, Wayne, West Chester,
Chester Springs and many surrounding communities.

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End Of Year Gift Tax Planning Just Got Harder
By:  David M. Frees III

Were you planning to make gifts at the end of this year knowing, that since Congress has failed to act, the federal estate tax returns with a vengeance at 12:01 on January 1, 2011?  Are you one of the families who are tired of waiting for clarification and are willing to pay a thirty five percent tax for gifts before the end of the year?

Well, while tax payers and planners alike have been complaining about the unjustness of uncertainty in the law and financial writers and taxpayers have been begging for clarification, Congress has been failing to provide any real guidance.

And now, to make matters worse, the Baccus bill, while suffering a temporary  defeat just a few days ago, has raised the specter that Congress has suddenly awakened to the idea that many wealthy families are planning gifts at the end of the year and are willing to pay gift taxes at a rate of 35% to avoid higher tax rates in the future.

While the bill was defeated on  a procedural basis, many are now worried that Congress is even considering a bill that would be effective retroactively to December 2, 2010 and would foil the end of year planning that has resulted from Congresses repeated failures to act.

If you’d like to know more about the status of this bill here is a great blog on the Baccus Bill and the federal estate tax by Forbes.

David M. Frees III chairs the Trust, Estate, and Wealth Preservation Section of Unruh, Turner, Burke and Frees

610-933-8069

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What You Need To Know About The End of The Year and Estate Planning In 2011 Part One of Ten

Click here to read more about estate planning, wills, trusts, gifting and the changes to the federal estate tax in 2011.

David M. Frees III – Pennsylvania SuperLawyer and AVVO Top Rated Lawyer
Chairman: Unruh, Turner, Burke and Frees
Trusts, Estates and Wealth Preservation Section

Contact Information:
610-933-8069
dfrees@utbf.com

David Frees’ practice focuses on wills, trusts, powers of attorney and living wills as well as family business succession planning,
and related issues such as asset protection planning.

His law offices are located in Phoenixville, West Chester, and Malvern Pennsylvania.

These offices serve many communities such as Ardmore, Berwyn, Malvern, Exton, Devon, Chester Springs,
and surrounding areas

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I work with many clients to assist them with the estate planning and elder law issues relating to the mineral rights they own in certain real property throughout Pennsylvania and other states. The focus on the mineral rights ownership interest has increased exponentially as the Pennsylvania (PA) Marcellus Shale discoveries have broadened. Many people also refer to this as the “Pennsylvania Gold Rush.”

Tremendous wealth can result from the ownership of the mineral rights in a property containing large natural gas reserves. The wealth will only be realized after the mineral rights owner signs a lease with a natural gas company or with the government. The negotiation and structure of this oil and natural gas lease is the key to protecting the property owner and will help to insure a successful and lucrative transaction. Landowners should have legal representation during this negotiation and lease structuring period. Your future relationship with the natural gas company or government entity will be shaped in these beginning stages and many of your potential problems can be averted by having legal counsel. There are also hurdles to be considered and overcome that relate to the Pennsylvania Department Of Environmental Protection (PA DEP). Read the Marcellus Shale Page at the PA DEP website by clicking here.

Legal counsel will negotiate, among other legal concerns: 1. A lump sum “signing bonus,” 2. Amount and payment schedule of ongoing royalties, 3. Clauses to discourage the energy company from misusing or destroying the land (Read this article on point), 4. Receipt of free natural gas or oil products, 5. Payment to compensate for loss of property value as a result of mining/extraction.

Please contact me with any questions regarding the oil and gas lease preparation and negotiation process at either 610-933-8069 or at dkaune@utbf.com. Unruh, Turner, Burke & Frees, P.C. is a full service law firm serving clients in Chester, Montgomery, Delaware, Philadelphia, Berks and Bucks counties. The firm is capable of assisting you with all aspects of of the mineral rights leasing process for properties located throughout the State of Pennsylvania.

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We have had a lot of discussion here and with clients about the future of

the federal estate tax. We have not talked as much about the generation-skipping tax (GST) which was also repealed for 2010. This presents an opportunity for grandparents and great grandparents to pass wealth to future generations that was not previously available.

Generally, the GST is intended to prohibit people from transferring property to generations beyond the next in line without paying significant tax. The IRS does not want someone to be able to give all of their wealth to grandchildren or great grandchildren because they want to be able to tax as many generations as possible.

If transfers are made to grandchildren this year, there is no GST. However, a gift tax of 35% would still apply for transfers in excess of $1 million. If the law as presently written goes into effect, the gift tax will rise to 55% in 2011. The person making the gift to grandchildren or other skip recipient will not owe GST on the first $1.06 million, but will owe both gift tax and GST on the dollars over the $1.06 million.
The changing tax laws could make gifting in 2010 significantly more powerful than making like gifts in 2011. It is important for you to be ready to make gifts before the end of the year to take advantage of historically low gift tax and GST rates.
Take a look at this article to learn more about the GST Repeal.

For questions or to review important Estate Planning opportunities please contact Douglas Kaune, Esq.
Doug is a Partner with Unruh, Turner, Burke & Frees, P.C. which is a full service law firm with offices located in Malvern, Phoenixville and West Chester, PA and also serving clients in surrounding towns and communities such as Collegeville, Royersford, Pottstown, Paoli, Exton, Downingtown and Media.

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Capital Gains Taxes For Trusts, Estates, and Beneficiaries of Estates in 2010 Are The Subject of IRS Attention. By: Attorney David M. Frees III

If you inherited assets from a trust or an estate where the decedent died during 2010 you probably thought that you were spared the worries and expenses of the federal estate tax. And strictly speaking, it appears that you’d be right. But, you may not have completely dodged the tax bullet and even the IRS hasn’t weighed in yet on exactly what you need to do.

Congress unexpectedly allowed the federal estate tax to lapse at the end of 2009 and despite regular threats to impose a retroactive estate tax, it appears that there will be no federal estate tax for this year.

However, since most lawyers, accountants and financial advisers expected Congress to address the situation and even the IRS held off, there are now many unanswered questions about the tax returns for these estates and their beneficiaries.

In particular, there are numerous unanswered questions about the new carry over basis rules and what they really mean for estates and beneficiaries who inherit assets and later sell them.

For more information on the IRS and the tax issues facing trusts, estates, and their beneficiaries from the Wall Street Journal click this highlighted link.

David Frees and Unruh, Turner, Burke and Frees’ Trust, Estate, and Wealth Preservation Section assist families and individuals with their trust, will and estate planning needs ranging from the simple to the highly complex.

David can be reached for consultation at 610-933-8069 or by e-mail at dfees@utbf.com.

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