| David M. Frees, III |
Phone: 610-933-8069 120 Gay St, Phoenixville, PA 19460 |
Douglas L. Kaune |
A special needs trust is a way to provide your disabled loved one
without the assets affecting their government eligibility into
programs like Medicaid and Social Security Disability.
Find out if a Special Needs Trust is right for you.
Read the entire Report on Pennsylvania Special Needs Trusts/ Supplemental Needs Trust here.
Many professions have their own technical language. For an example, think about the last time you or a family member was hospitalized. Did anyone use expressions, drug names, or therapies that simply had no meaning to you? Were you ever confused?
Do you remember the words the doctor or nurses used that left your brow furrowed? What does it mean when the doctor says that you have a fracture of the metatarsal or what does abductor spasmodic dysphonia mean?
Doctors, nurses, and therapists don’t mean to confuse or intimidate us. They are just immersed in the world of medical jargon that they forget what we know and what we don’t know.
This is also true of the language of lawyers and trusts.
And, just like in the hospital, where you want to understand what the doctor is saying so you can make the best decisions about your treatment or care, the same is true about the language associated with trusts. You want to understand the lawyer and to make sure that the lawyer understands your specific instructions.
Mutual understanding is critical to an effective and efficient trust or estate plan. It is essential to getting what you want and not some form or template document. Effective communication between the lawyer and client can also help to reduce legal fees.
For more guidance in this important area read A Guide to Lawyer Language: Understanding Trusts to find out what many commonly used trust words really mean and how you can take advantage of that knowledge.
Yes.
If you are disabled and receive benefits and a personal injury award
and or inheritance and you do not want to be disqualified from
government benefits a “self-settled” trust can help. A “self –settled” trust
is frequently created by individuals who have become disabled as a result
of an accident or medical malpractice and later receive a personal injury
award or settlement. This type of trust has specific requirements in order
to keep your government benefits such as Medicaid, Social Security, and
Section 8 Housing.
Please click here to read the entire Report on Pennsylvania Special Needs Trusts.
Special Needs Trusts Require The Right Trustee For A Tough Job
The trustee of any trust is an
important position.
In special needs trusts the trustee has
sole discretion to decide what the
beneficiary, your disabled loved one,
needs and what can be distributed
under state laws or federal regulations
without disqualifying the beneficiary.
They may spend quite a bit of time at the job in order to do it well.
They also often have the authority to liquidate the trust.
In short, trustee selection is vitally important,
If you are going to be the trustee
make sure you have a back-up trustee so if something
happens to you the right person is in place to take
on this important responsibility.
Also keep in mind if the trust is not administered correctly
your loved one could lose the benefit of government programs.
To read the entire Report on Special Needs Trusts/ Supplemental Needs Trusts click here.
To Find Out More About Special Needs Trusts and Who To Select as Trustee
Call David M Frees III Chairman Trust, Estates, and Wealth Preservation
610-933-8069 or dfrees@utbf.com
Did You Pick The Wrong Trustee Under Your Will or Revocable Trust?
A Quick Guide To Fixing This Mistake And Updating
That Old Will Or Trust
First, What is a Trustee?
A trustee is named in the trust to manage and oversee the trust.A trustee
has the ability to make decisions regarding the assets of the trust and
how to implement the terms of the trust. A trustee is an important role
to a successful trust.
Second, Do You Have the Right Trustee?
The type of trustee depends on many factors such as the type of trust,
the amount of assets, and how long the trust will last. There are
many advantages and disadvantages to having an individual trustee.
An individual trustee may be less expensive and may better understand
your situation and desires. Although, they may lack expert knowledge
and experience. And, because Pennsylvania is now a UTA
(Uniform Trust Act) state and a Prudent Investor rule state, individual
trustees may lack the time or technical expertise to comply with these laws.
For this reason, there are may advantages and disadvantages of having
a corporate trustee such as a bank or trust company. They have knowledge
about investments, trust record keeping, and rules but may be more expensive.
Read our article Choosing a Trustee: Individual Trustee vs. Corporate Trustee
to find out if you have the wrong trustee or how to have the Right trustee
for your trust or trusts.
If you already know that you need to do estate planning, or to update
an old will or trust, then please call 610-933-8069 and mention this
article by David Frees for a discounted estate plan only available to
David’s blog readers and existing clients and their families.
Have a business? Ask about our enhanced and elite First Class
and Business class upgrades to your estate planning.
Our estate planning fees include wills, trusts (when needed), a power of
attorney for each of you, a medical power of attorney and living will,
a HIPPA authorization and more.
And, our superior two step process get you through the planning and
to signed documents faster and with more precision than many other
lawyers or firms.
And, we give you everything that you need to get started and to get this
off your TO Do list.
Special Needs and Supplemental Needs Trusts Are The Vital
Tool To Protect Our Loved Ones When We No Longer Can
A special needs trust or supplemental needs trust is a way to provide
for your disabled child or disabled loved ones quality of life.
The great thing about this type of trust is your child or loved one
will not be disqualified from government programs because
the assets are not considered theirs. In order to have the assets
in this type of trust unavailable to the government see the complete
Report on Pennsylvania Special Needs Trusts.
If you already know that you need to do estate planning,
or to update an old will or trust, for a special needs child or heir,
then please call 610-933-8069 and mention this article by David
Frees for a discounted estate plan only available to
David’s blog readers and existing clients and their families.
Do own a business, LLC, or corporation? Or, are you a
“C Level” Executive?
Ask about our enhanced and elite First Class
and Business class upgrades to your estate planning.
Our estate planning fees include wills, trusts (when needed),
a power of attorney for each of you, a medical power of attorney
and living will, a HIPPA authorization and more.
And, our superior two step process get you through the
planning and to signed documents faster and with more
precision than many other lawyers or firms.
Get this off your TO Do list. Call 610-933-8069 or
email dfrees@utbf.com for a call to schedule your planning
appointment.
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.
David M. Frees III on Wills, Trusts, Estates and Estate Tax
Find our more about our risk free, simple, easy, and refreshingly effective
estate planning by clicking one or more of our programs:
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.
Avoiding Trustee Mistakes - David M. Frees III
If you are a trustee of a Pennsylvania trust and you want to avoid personal liability and lawsuits by the beneficiaries, then you’ll want to read David Frees’ latest post on avoiding trustee mistakes and liability. It will take less than three minutes and might save you emotional pain and lost time, money,
and energy.
This article should be of interest to trustees of living or revocable trusts as well as irrevocable trusts of all types including GRATs, CRUTs,
and irrevocable life insurance trusts.
This is the first in a series of brief articles for Pennsylvania trustees on the most common mistakes that trustees make and how to avoid them.
David M. Frees III
dfrees@utbf.com
610-933-8069
See all ten of our articles on How To Avoid The Most Common Mistakes Trustees Make:
Avoiding Trustee Mistakes No. 1: Trustees Failing To Understand The Trust Language
Avoiding Trustee Mistakes No. 2: Trustees In Trouble Making Early Distributions
Avoiding Trustee Mistakes No. 3: Trustees Failing To Follow The Prudent Investor Rule
Avoiding Trustee Mistakes No. 4: Trustees Failing To Follow The Uniform Trust Act
Avoiding Trustee Mistakes No. 5: Trustees Failing to Follow The Principle And Income Act
Avoiding Trustee Mistakes No. 6: Trustees Failing to Communicate Properly
Avoiding Trustee Mistakes No. 7: Failing to Properly Reform, Amend, or Terminate
Avoiding Trustee Mistakes No. 8: Failing to File Tax Returns Or To Seek Professional Assistance
Avoiding Trustee Mistakes No. 9: Failing To Understand The Role Of Multiple Trustees
Avoiding Trustee Mistakes No. 10: Trustees Failing To Do The Job
Call David Frees for a trustee consultation to avoid liability as trustee of a Pennsylvania trust.
Offices in Malvern, Phoenixville, and West Chester serving
the Main Line, Exton, Chester County and surrounding counties.
Are Your Pets in Your Estate Planning?
Are Your Pets – horses, cats or dogs included in your estate plan? If you have horses, cats, dogs or other pets with long life spans, it might be time to include those pets in your estate planning. Pets in estate plans are often thought of as an estate planning activity of the rich and famous, but many Americans now purchase pet health insurance, pet vacations, pet day care and many other luxuries for their beloved animals.
So, it’s only rational to make provisions for your pets in the event of your death.
Estate planning for pets can range from the very simple to the very complex and from very inexpensive to more costly arrangements.
From simple to more complicated here are a few points to consider:
1) The Informal Memo Option -At the very least, consider putting together a memorandum to your executor and/or family members suggesting the disposition of your pets. In this case, where no financial provision is being made for the pets and their care, it is often advisable to discuss the plans with the friends or relatives involved to ensure that they will, in fact, take on the responsibility. In any case, a memorandum that sets out instructions is still always a good idea.
Equine trusts in your estate plan
What something more complicated but more certain?
2) The Outright Gift Option – Consider a bequest to heirs or others who agree to care for one or more pets. Remember, selection of such care takers is important where there is a flat and outright bequest sine there is no way of knowing how long the responsibility will last. For that reason, and given the high cost of equestrian care, many horse and other pet owners prefer a gift to a trust where the trustee can ensure that care givers get what they need to Providence continuing care at the right level anticipated by your trust and in your memorandum of instructions.
3) The Trust Option – First, be aware that not all states permit a trust for pets and animals. Pennsylvania and thirty one other states have, however, adopted such a law. Next, review the issues such as: identifying your pets (the ASPCA site even suggests DNA identification), identifying a caretaker and trustee. A memorandum to the trustee and care takers with specifics about your pets needs, and your desires for care can be vital. Finally, determine how much will be needed and who gets the balance at the death of your pet or pets.
For more on these issues and equestrian issues watch for more articles.
Attorney David M. Frees III - Pets, Horses and Estate Planning and Trusts
By: David Frees – Attorney
For more information on estate planning and trusts for horses, and pets, call at no obligation for a consultation with David M Frees III. David’s practice focuses on trusts, estates, and related pet and equine issues in estate planning. dfrees@utbf.com
610-933-8069
Will and Trust Reviews - For Free?
If you’re interested in using a charitable trust and want to know what happens as the money grows, or what happens when the charitable purpose of your trust no longer exists, the read this quick article about Charitable trusts.
And, for more information about trusts, living trusts, charitable trusts, insurance trusts, and family trusts, call the law offices of Unruh, Turner, Burke and Frees for attorney David M Frees III or email David Frees at 610-933-8069 or dfrees@utbf.com.
The firm has law offices in Malvern, Phoenixville, and West Chester and serves many communities on the Main Line.
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