Wealth Preservation, Trusts and Estates

You Must File The Gift Tax Return or Extension for Gifts In 2010
By April 15th 2011

If you made a gift to a child or
grandchild in 2010 you must file
the return or an extension by April 15th.

Once the extension is filed, you have until
October to file the return.  However,
extensions do not automatically extend
the time to pay the tax.

So, if your gift created a tax (it was
more than the annual exclusion amount
and/or you previously used your lifetime
exemption, you may have a tax laibility.

You should also consult your tax preparer or estate tax adviser if you
made gifts to grandchildren or great grandchildren (or to a trust)

which might require a return to allocate the generation skipping
transfer tax exemption.

For questions about gifting in trust or outright to your
family members, please call David M. Frees III
610-933-8069

Are You Married?
Does Your Wife Want You To Get A New or
Revised Will for Her Birthday or Mothers’ Day?

Don’t take our word for it.   ASK HER.

You might be surprised by how easy it will be
to make her happy this year.

Book your appointment now to get your
planning done before mother’s day and
she’ll also get some flowers from you – on
us.  Call 610-933-8069 and ask for our
Birthday or Mothers’ Day Planning Offer.

You can also call David Frees at 610-933-8069
or email dfrees@utbf.com to get an
appointment and to qualify for this
special arrangement.

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Are you thinking about having your return done for you?
A Brief Income Tax Checklist for those hiring or changing their tax preparer

For many clients, the thought of doing your
own income tax return is tantamount to
doing your own tooth extraction.

You probably could, but who wants to.
And, the likelihood of making a mistake
is high.

And, since the tax laws change so
frequently, most of us find the task too
complicated and the cost of making an
innocent mistake is simply too high.

So, if you are thinking about changing tax
preparers, getting a tax preparer for the first
time, or just need some reminders about getting ready for the tax return,
we found a great but brief article in the Baltimore Sun to help you to get
yourselfin gear for this year’s tax return.

Click here for more information about getting ready for your 2010
income tax return (the infamous 1040)

David Frees
610-933-8069

David Frees Chairs the Trust, Estate and Wealth Preservation Section
of the law firm Unruh, Turner, Burke and Frees
Are You Married?
Does Your Wife Want You To Get A New or
Revised Will for Her Birthday or Mothers’ Day?

Don’t take our word for it.   ASK HER.

You might be surprised by how easy it will be
to make her happy this year.

Book your appointment now to get your
planning done before mother’s day and
she’ll also get some flowers from you – on
us.  Call 610-933-8069 and ask for our
Birthday or Mothers’ Day Planning Offer.

You can also call David Frees at 610-933-8069
or email dfrees@utbf.com to get an
appointment and to qualify for this
special arrangement.

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Getting The Most Out of The Remaining Days of Great Weather
Great Summer and Fall Actives For Our Friends and Clients

By: David Frees

We want our clients and friends to get the most out of life and out of the remaining days of summer and those first warm days of fall.

We do have some suggestions, but we’d love you to share your own ways for getting more fun out of the changing seasons. So, we hope that you’ll share one or more by commenting below.

Now we know that your time is valuable, but we have a great gift for the reader who leaves the best suggestion – as selected by a vote of the whole staff of Unruh, Turner, Burke and Frees Trust and Estate Section.

But enough about the gifts we have for you.  What are the suggestions we have for the end of the summer?

1) Get to the shore for one or more of the many fall festivals designed to keep the day trippers coming to the beach later in the season. In the alternative, there are many festivals around here.

2) Visit one of the farmer’s markets (Phoenixville and West Chester are two) before the winter and bake an apple pie, or an even easier fruit cobbler, or crumble (a pie without a crust but with great crumb toppings).  Be sure to whip some heavy cream with powdered sugar and vanilla. Pie and crumble recipes.

3) Take a class at a cool outdoor location like Terrain at Styers located on Route one near Brinton Lakes or get to a Phillies game. You can still get tickets at Stub Hub.

4) Eat brunch outside at Parc Bistro on Rittenhouse square.

5) Make great coffee or tea and read the paper outside on Sunday morning.

Dave Frees’ own hot weather coffee recipe: If it’s hot outside (it can be in September and October), make a pot of strong coffee and let it cool.  Pour it over ice, add some Hershey’s Special Dark Chocolate sauce and stir.  If you’re really being decadent, add sugar and top with real whipped cream.

6) Find a new restaurant with outdoor dining and eat there – soon. There are many in Chester, Bucks and Montgomery county.

7) Have a picnic in a park, or in your back yard.

Set up a hammock or use the one you already have.

Ok!  Enough of ours.  How about a few of yours……  Leave a comment below and be entered to win a great end of summer prize.

Don’t want to use technology?  Call us with a suggestion and give us permission to publish it and you’re also entered to win. 610-933-8069.

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It’s that time of year when our college aged children go back to college and we may not see them again until Thanksgiving.  But, they might need our help inn between, and without a power of attorney that might mean trouble.  We tend to think that powers of attorney are for the elderly.  And, it’s true that a well drafted and customized power of attorney can help us to manage a parent or grandparent’s affairs, and to make health care decisions, to get medical records and to generally get done what needs to get done.

But, when a college student needs help we are often powerless to help – even as parents.  Once your child turns 18, you need a HIPPA authorization to talk with their doctor or to get copies of their medical records.  Want to see their grades?  Well, you’d better be on good terms with that college aged student because without their permission, or  a power of attorney you’re not getting a copy from the school. And no, just because you pay the tuition doesn’t override the school’s privacy policy.

Have a student that needs you to do banking while they are away at school?  Again, you might need a power of attorney.

So, if you need a HIPPA authorization or a power of attorney to cover your ability to help or to be directly involved if there is a medical or other emergency what is a parent to do?

First, your son or daughter is now an adult.  Talk to them like one.  Explain that in the event they have a medical emergency or need you to help with finances, then you’ll need a HIPPA authorization and a medical power of attorney and possible a financial power of attorney.  They should also know, that such documents can be revoked at any time, so they remain in charge of their own affairs. You should also agree in advance how and why such documents would be used.

Will this be expensive?  Probably not. Most banks and brokerage firms offer their own limited powers of attorney for individual accounts and these are free.  Many law firms offer a free consultation for family members of their clients or for new clients and many also offer discounted fees for college students or family members of their clients.  Make sure that the discounted fees will include a durable or limited power of attorney, a medical power of attorney, and a living will (if desired) and a HIPPA authorization.  With these documents, you’ll have the ability to get grades, deal with financial emergencies or ordinary transactions, and with medical issues including emergencies.

Without them, you might be shut out of certain information and decision making pending an expensive guardianship proceeding in court just to get certain powers and information that would be automatic with the above estate planning.

Finally, it’s not too early for a young adult to start thinking about a basic will.  This summer I had a number of young clients come to see me after their parents’ appointments to do wills before they went back to school.  Mention it for your college aged student to consider. By: Attorney David M Frees III

For information our Family Consultation Plans(TM) and Family Estate Planning Clinics(TM) call David M. Frees III at 610-933-8069 or email David at dfrees@utbf.com or his assistant Donna at dbrownback@utbf.com

Getting One From Your Kids Might Not Be A Bad idea Either

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No Will? That’s Called Intestacy.
But Don’t Worry.
The State Of Pennsylvania Has Done One For You.
How Do You Think That Will Work?

If you have a will and it’s more than a few years old, you may have to have it reviewed because of the volatile situation with the estate tax. However, if you have never done a will it may be time. Most people don’t realize, that when they fail to create and to properly execute a will, that the state of Pennsylvania will do one for you.

The failure to have a properly executed and legal will at the time of death makes you INTESTATE under Pennsylvania law. And, if you die intestate, the state automatically answers the following questions:

1) Who gets your estate – it may not be who you think.

2) When kids get the assets. Answer: 18. That doesn’t sound good does it?

3) Who takes care of the kids – a court appointed guardian chosen by the judge (think legal fees too); and

4) Who manages the kids money – again, a court appointed guardian but only until age 18;

5) Who gets to be the administrator (the executor under a will) – and there are classes of people who may not be qualified and who might fight about who gets to do it (again, think legal fees and administrator fees).

If you’d rather be in control of these and many other issues, thn completing and executing a valid will and/or will and trust is essential.

That process can be easy and inexpensive when compared to the high costs that often result from intestacy.

For a limited time, Unruh, Turner, Burke and Frees are offering a free will review or, if you have never had a valid will or trust, a free will consultation. And while there would be fees for completing an estate plan (including a will, power -of – attorney and medical power as well as a living will) there is no charge for the review or consult and there is no obligation on your part while this offer lasts.

To claim a free will review or a free will consult call 610-933-8069 and mention offer code: DaveFreesWillReview. Donna, Beth, or Denise will be happy to schedule you. (more…)

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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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By: David M. Frees III, Esquire Will, Trust and Estate Planning for the End of The Year.

Want to make sure that you avoid the most common estate planning mistakes at the end of the year and that you are reviewing and doing what you need to complete to make sure that your new year starts off just right?

Want to know how much you can gift without filing a gift tax return?

Need to know when those gift checks have to be cashed before you’ve got a problem?

Then click here for a short video and a checklist that you can print out and follow.

It could save you and your heirs thousands to tens of thousands of dollars.

END OF YEAR GIFTING, Estate Planning and Asset Protection CHECKLIST, and VIDEO by David Frees

David M. Frees III
Asset Protection and Estate Planning

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If you have children (old or young) you may have been thinking about doing a will or updating an old will to include new children, to appoint a guardian, and to do a trust to protect them from getting control over the inheritance too soon.

In fact, new parents often report that they secretly worry about not having a will or having an outdated will but feel over whelmed and just keep putting it off.

If you’re a parent and want a quick reminder to post on the fridge or in your to do list, we have prepared a quick reminder that you can down load and print.

The Will TO DO List For Parents

You’ll feel better once you have selected the guardians, trustees, and executor or executors to take care of matters if you no longer can.

David M. Frees III, Esquire is a Pennsylvania and New Jersey attorney who practices in the areas of trusts, wills, estates, and asset protection.

David can be reached at 610-933-8069.

He has been creating customized wills and estate plans for young parents and for grandparents for over 23 years and has drafted over four thousand such plans.

Parents of all ages seek out David for their estate planning, wills, trusts, and powers of attorney and living wills.

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