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
Douglas Kaune, Special Needs Trust Attorney
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.
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.
Pennsylvania, through its Inheritance Tax, is one of many states that applies a death tax upon the estates of its deceased residents and real property owners. I think it is interesting and important to know about the other state death tax systems. Check out this site for a review of how Pennsylvania and all other estates apply their inheritance tax systems. Keep in mind that real estate owned in a particular state is taxed in accordance with that state’s laws regardless of where the deceased owner resided at death. We frequently represent the estates of deceased Pennsylvania residents who own valuable real estate in other states such as New Jersey, Delaware and New York. Knowing the tax laws of other states can help us incorporate the proper estate planning not only for Pennsylvania inheritance tax concerns, but also other laws that might apply to our clients.
Please feel free to contact Douglas L. Kaune, Esq. any time at 610-933-8069 or dkaune@utbf.com to discuss your particular Estate issue 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 Malvern, Phoenixville, West Chester Offices serving Chester County, Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Pennsylvania (PA).
As we have discussed frequently, the Federal Estate Tax system is in a state of change in 2010. Frequently lost in the discussion of revocation of the Federal Estate Tax is the new Modified Step-Up In Tax Basis for Capital Gains. Prior to January 1, 2010 all capital appreciation assets owned by a decedent at the time of his or her death received a full step-up in basis. The new basis for those assets was the value on the date of death. Therefore, no capital gains had to be paid by the beneficiaries unless the inherited assets were sold for an amount in excess of the date of death value. The new law is much less forgiving and can open estate beneficiaries to a significant capital gains tax that was not previously a concern. Read about the 2010 federal estate tax and modified/partial step-up in tax basis rules by clicking the link here. Your estate planning should now include a comprehensive look at your capital appreciation assets to help insure the maximum capital gains tax protection for you and your beneficiaries.
Please fcontact Douglas L. Kaune, Esq. any time at 610-933-8069 or dkaune@utbf.com to discuss the appropriate planning to help protect your estate and the beneficiaries from a significant capital gains tax that might now apply.
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 in Malvern, Phoenixville and West Chester Pennsylvania (PA) also serving surrounding areas such as Newtown Square, Wayne, Media, Paoli, Valley Forge, Exton, Chadds Ford, Counties Served: Chester County, Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Pennsylvania (PA).
Executor and Attorney Fees and commisions For Estate Administrations and Probate in Pennsylvania (PA). This is often a mysterious topic for many who find themselves involved in an estate administration as executor or beneficiary in PA. There is not a perfect answer as to what the executor , attorney and probate fees will be in each case, but click here to see the statutory references to Pennsylvania estate administration fees, PA executor commisions, attorney fees and Johnson Estate Fee Guidelines. Also check this guide by David M. Frees, III Esquire for some helpful information relating to the estate administration fee issues. The fee structure might vary generally depending on the estate value and complexity. It is a good practice to establish a flat fee or flat fee range based loosely on the PA estate fee guidelines, but modified by the other contributing factors in the particular estate administration case. Please feel free to contact us any time at 610-933-8069 or dkaune@utbf.com to discuss your particular estate/probate case to determine the appropriate fee structure for an attorney or executor.
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.
Beneficiaries can use a qualified disclaimer to change distribution under a last will and testament after date of death and after probate in Pennsylvania (PA) and other states.
A beneficiary can actually refuse all or a portion of his or her share of a decedent’s probate or non probate assets. Click here for the technical requirements for a proper qualified disclaimer. You might wonder, why would someone in their right mind refuse an inheritance? There are actually great estate tax, inheritance tax and asset protection motives for discaiming assets in PA and throughout the U.S. For example, if a wealthy individual is the beneficiary of his parents’ estate, he might choose to disclaim his interest so long as the contingent beneficiaries under the will are his own children. This would allow for the estate assets to be distributed directly from grandparents to grandchildren and thereby skipping the son’s generation of estate and inheritance tax!! This could result in tens of thousands or hundreds of thousands of dollars of tax savings. I do not want to oversimplify this issue because there are many important considerations including, but not limited to, 1. Making sure the contingent beneficiaries named or through intestacy are the desired recipients, and 2. there is no generation skipping tax that results. This is an important post mortem estate planning option that should be discussed with your estate and probate lawyer in PA and other localities. Please call Douglas L. Kaune, PA Lawyer 610-933-8069 for additional information and consultation.
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
David M. Frees III Tiger Woods Prenup and Prenups In Pennsylvania Estate Planning
Are You Remarried or Contemplating Remarriage With Children From A Prior Marriage? The Prenuptial and Postnuptial agreements can be the solution to a tricky problem. By: David M. Frees III
Tiger Woods situation has put the prenuptial agreement back in the news. Following Tiger’s admission of his “transgressions,” many news sources have reported that Tiger and the current Mrs. Woods are renegotiating their prenuptial agreement.
So what does Tiger Wood’s dilemma have to do with prenuptial agreements in Pennsylvania and the use of such agreements in estate planning?
Well, first and foremost, the story reminds me that such premarital agreements are valid and enforceable under Pennsylvania law. And, while the current renegotiation of the pre-nup by Tiger Woods and his wife revolves around divorce, it is important to remember, that prenuptial agreements are a powerful tool for avoiding disputes when you are in or considering are second or third marriage and/or have children from multiple marriages. In short, prenuptial agreements need not focus just on divorce, but can also set forth the parties’ agreements on estate planning so that expensive and destructive family disputes can be avoided.
Many married people want to leave their assets outright to one another but also want to ensure that the children of a prior marriage get some benefit from the estate when the surviving spouse passes. However, if you own all of your assets jointly with your husband or wife, they will transfer automatically to him or her. Likewise, if you have a simple will, and your spouse receives everything, he or she is free to dispose of those assets in any way they desire. And, they can refuse to give any of those assets to your children at death.
So, what are you going to do? If you are remarried or planning to remarry and have children or heirs that you want to protect in addition to your current spouse, then careful planning using a prenuptual agreement or post nup for estate planning purposes and not just to cover the divorce is a major benefit.
The parties agree on a plan in advance. Then, by using the rules of the pre-nip or post-nup and some insurance and/or other trust arrangements you can protect your new spouse and the heirs you want to benefit after the spouse passes.
Prenuptial agreements are not just for divorce. They are also a valuable state planning tool.
Stay tuned for more on prenuptial and postnuptial agreements in estate planning.
Are you remarried or contemplating remarriage with children or others heirs that you would like too protect? If you need a consultation about a prenuptial or post-nup agreemnt please call Donna Brownback or Denise Fox at 610-933-8069 for an appointment with David M. Frees III. Mention this article to receive additional articles and information on estate planning strategies and tactics for remarriage.
David M. Frees III on Breaking News About Asset Protection Trusts
David M. Frees III
David Frees has had a long tradition of practicing law in the areas of trusts, estates, wills, estate planning and asset protection in Pennsylvania. He is honored to represent many of the Philadelphia region’s most successful business men and women in their personal estate planning and to represent so many attorneys and other professionals as well.
When interviewed recently concerning his practice Frees was quick to thank the Main Line Today Magazine and the many attorney’s that nominated him for the honor last year. “But I also want to thank the many people and families that come to us each year as clients. This year has been particularly challenging for many clients grappling with retirement, changes in their businesses and investment portfolios. And, on top of that, Congress has made planning difficult by continuing to avoid the much needed reform of the estate tax.”
Frees added, “To make life easier for clients who want to make changes, but who feel like the federal estate tax law might change their documents, we are offering to help you with your planning now (we are studying each and every pending bill) and to give you full credit for the fees you have paid if the tax law changes later effect you.”
“In this way, our clients and new client’s have no down side risk to getting the wills they want right now. You would pay only for the appointment to change your will, but you can get your changes done now without worrying about extra charges.”
When asked about what triggers the need for changes to an estate plan, Frees noted,”There are many reasons to check in with your estate planning lawyer. The inheritance of assets, the purchase of life insurance, the changed status of children or grandchildren as they mature, marry,divorce and/or have children, can all make the need for changes very real. Likewise, the need to update the trustees, executors, or guardians can be a real motivator to update or change your estate planning documents.”
Basically, Frees loves working with clients to achieve their objectives, to help them to shelter their legacy from divorces, taxation, and law suits and enjoys working with families dedicated to passing on their financial wealth and their wisdom about business and life to the next generations. “Many of my clients have a great deal to offer. And, for a variety of reasons have not yet been able to share everything with children and grandchildren. we help them to that and to protect the assets that they leave.”
Free Report on The Most Copmmon Mistake Executor's Make
By: David M. Frees III, Esquire Unruh, Turner, Burke and Frees with Law Offices For Your Convenience in Phoenixville, Malvern and West Chester
It is an honor to have been named as an executor of an estate, or as a trustee of a trust. The person who created the will or trust obviously had a great deal of faith and confidence in you as a person, and in your ability to get things done, quickly, efficiently, cost effectively, and to keep the peace among often competing interests at a difficult time in their lives.
But most trustees and executors are surprised to discover that those jobs are difficult, time consuming, and carry a great deal of exposure to personal liability. Now I do not mean, that be agreeing to be an executor or trustee, that you automatically become liable for the debts of the deceased. You do not.
However, there are many ways in which executors and trustees are exposed to liability for their actions and you simply must understand them before agreeing to undertake the job. Once you get started, it might be too late.
Please view this short video before being sworn in as an executor, or before agreeing to act as a trustee.
For a private consultation with David Frees, in any of our conveniently located law offices, please call
610-933-8069.
For access to our free executor and trustee information and a courtesy discount on any fee arrangement, be sure to mention that you read this blog post when you call.
David M. Frees III on Information About Gifting At The end of The Year
Everyone wants to avoid probate.
The probate system is viewed as slow, expensive, and too public.
But sometimes, if you’re an executor, you really want and need the probate system and the orphan’s Court judge.
The truth is, that most of the estates where the executor hires us to do the administration, and to keep them out of trouble, we are also able to keep them out of the probate system and the probate court.
We often settle estates, where the beneficiaries are cooperative by using a family settlement agreement. This saves the family and the heirs time, and money and at the same time protects the executor from being sued later.
But, there are five times when the executor to be fully protected and to avoid liability needs AND WANTS the Probate Court.
When should you use the probate court? When does it actually make sense to go through the probate process for your own protection? Read this article on the Five Times When You Really Want To Probate A Will. Oh, by the way, for reasons that I cannot fully explain, there are some reports appearing at the top of the page. If you’re interested in when to avoid probate and when to actually use probate, just scroll down to the article. It is worth it.
David M. Frees III
610-933-8069
Call Donna or Denise for an appointment or Telephone consultation with David M. Frees III
More and more consumers are using Google, local search, and internet tools to help them to find the right lawyer to help with wills, trusts, estate plans and related matters.
But, there are many reasons why searching for “the best” trust lawyer, estate attorney, or probate lawyer could actually get you the wrong information and might actually yield just the opposite of what you’re looking for. For example, many consumer’s do not know that lawyers are not even permitted to advertise that they are “the best” in any given area.
Additionally, there are no recognized specialties in wills, trusts, estates or other practice areas in Pennsylvania. So if you cannot find a Pennsylvania lawyer who “specializes in estate law” or is “an expert in estate law,” then how do you find the right lawyer for your needs?
If you want to know more about how to really find the lawyer or attorney with just the right credentials who practices in the areas of trusts, wills, estate law, and related topics, then see this short report that I just prepared for Pennsylvania residents looking for a lawyer.
Finding The Right Lawyer or Attorney and Not Just “The Best”
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