Wealth Preservation, Trusts and Estates

"Fracking" Site

There have been a series of New York Times stories on Marcellus Shale and “fracking” and how gas drilling in the Marcellus Shale in Pennsylvania has polluted rivers or ground water.

But, many Pennsylvania regulators like Commissioner John Hanger of the Department of Environmental Protection does not think “fracking” is so bad. A testing done by the Pennsylvania American Water Co. Utility showed no pollution to Pennsylvania Rivers. Water quality in Pennsylvania rivers complies with federal and state standards.

We have done some investigating of our own and would like to share our Marcellus Shale Resource page with you. This site gives you some basics about what Marcellus Shale and “fracking” in Pennsylvania is all about and we have put together a list of some helpful and informative sites about this very recent and local topic to all of us in Pennsylvania and to those who own property on the Marcellus Shale in Pennsylvania.

Please subscribe to the blog or check back as we add more information as it becomes available.

What do you think about Marcellus Shale drilling in Pennsylvania?

Is this a safe, responsible natural gas development that will create tens of thousands of jobs and revitalize our economy powered in part on natural gas or is it a new unsafe way to drill for natural gas that will ultimately pollute Pennsylvania’s waterways?

Let us know. Leave a comment below.

Also, if you or a family member has had an offer to purchase rights to your property, be sure to get good estate planning advice on the best ways to protect this valuable asset stream.

Click here to read blogs we have written on Marcellus Shale and Your Land and Estate Planning and Marcellus Shale

Please click here to read our ENTIRE  Pennsylvania Marcellus Shale Resource Page which is frequently updated with the latest news on Marcellus Shale.

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Smoking In Your Shower? And Other Silly Marcellus Shale Stories

Is Former Pennsylvania Governor Tom Ridge under gas industry control or is he looking out for Pennsylvania’s citizens? Is it both? Governor Ridge appeared a few nights ago on the Comedy Central news program The Colbert Report to discuss concerns about “fracking” in Pennsylvania.

Read this article and watch the video on Pennsylvania’s Marcellus Shale and Governor Ridge’s views.

http://www.politicspa.com/“don’t-smoke-in-your-shower”-ridge-jokes-on-colbert-with-video/25222/

For more serious information on Marcellus Shale:

Click here for  Marcellus Shale News and Resources

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How Well Do You Work With Your Brother Or Sister?

Are you inheriting a home or Pennsylvania real estate with your brother or sister?

Whether you answered yes or no imagine you and your brother inherit a parcel of land in Pennsylvania. Your brother thinks the parcel is worth more than the local real estate agent says it is worth. You want to sell the property but your brother wants to wait to get the unrealistic price.

What do you do?

There are a few important questions you need to know to understand your options as to what you can and cannot do with the property.

Two important questions to find out are:

1. How do you and your brother or sister own the property?

There are two likely ways that you could own it: tenants in common or as joint tenants. Both mean that each owns 1/2 of the property. But the law treats each differently so it is important to understand the meaning and ramifications of each  scenario.

2. What can you do if you do not agree on what to do with the home or real estate?

It may be possible to force a sale with respect to your half. In Pennsylvania, co- owners have the right to compel “partition” of the real estate.  However, mediation might be better since partition and forced sales don’t always produce the best results and could cause permanent hard feelings.

Do you need a good mediator to help you to resolve an estate or real estate matter? Call David M. Frees III as a neutral estate mediator or simply for more information about mediation and how it can preserve relationships and save on the costs of litigation.

610-933-8069 or email at dfrees@utbf.com

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Is your will up to date?

Do you have the right clauses in your will?

Have you had children since you wrote your will?

If you do not have the correct clause in your will your children not named in your will may be short changed.

Did you marry or remarry recently?

Make sure you have the correct and most recent family designations in your will.

Find out more answers to these and other questions on why careful reviews and updates make your will work better by reading our blog Make Sure Your Will is Up To Date.

Also check out our Summer Offerings:

Free Summer Will Reviews Click here

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* To find out about this free program for our clients read our article Have You Ever Lost Your Keys?

* To simplify your life join our Lost Keys Program today.

* If you are a client or have an appointment with us ask about our Lost Keys Program, it is simple and FREE

David M. Frees III

dfrees@utbf.com

Douglas L. Kaune

dkaune@utbf.com

610-933-8069

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Reasons to Update and Clauses You Probably Need but Might Not Have

Any good will should have a revocation clause. A will should not be thought of as set in stone. Times and circumstances change. You should review and change your will on a regular basis in order to keep it current. You may not realize that it should be modified whenever something changes in your life. And when it does change, make sure the new will revokes the old one under Pennsylvania law.

Here are some common reasons to change your will:

Personal Changes

• A change in marital status
• Divorce
• Birth of a child, great grandchild, or the addition of step-children, or grandchildren
• Moving to another State (each states laws on wills may be different)

Financial Changes

• Receiving an inheritance
• Buying a new home
• Creating, buying, or selling a business
• Natural growth of assets and investments through time

Legal Changes

• Changes in Pennsylvania law
• Changes in Income Tax law
• Changes in Federal Law

Key Players Change’s

• Death of a spouse
• Death of another beneficiary
• You want to change or include other beneficiaries or an executor
• A trustee, guardian, or executor is no longer appropriate

It is important that your will state your most recent intentions. And that when you update a will, you also review your beneficiary designation and assets to ensure that the planning still works to accomplish your specific desires.

So how do you revoke your will?

Do you cross out what you don’t want and write in your changes?

No, this is not a good way to revoke your will. The court may have a hard time understanding what part of the will you want and what part you do not want, and what if they misread what you have crossed out or have written changes that can be interpreted in different ways. Also, state laws might not interpret these changes in the same way as you or might invalidate them for failing to comply with the formalities of creating a valid will.

The best way to change your will is by either revoking your current will and writing a new one or executing a codicil to the will for minor changes. A codicil is a formal supplement to your will and must follow the same rules and regulations your will had to adhere to.

Having a revocation clause, a statement indicating your intent to revoke any prior wills, will protect your intentions in case an old will is found or someone still has copies of an old will or codicils.

A will is a way to have your intentions carried out after you are gone. Make sure that you update your will when needed and when you do, that  you have a revocation clause so your most recent intentions are followed. Remember when there is a major change in your life make sure your will reflects that or your will may not end up working how you want it to.

David M. Frees III

P.S. Are you unsure if your will is up to date? As a client or reader of Unruh, Turner, Burke, and Frees Attorney’s at Law’s  Estate and Trust Blog, you qualify to claim one of our free will reviews. These reviews are scheduled during the summer months.

However, days are limited in number and once the will review days are full you will have to call for a separate appointment.

If you have been wanting to see if your will is outdated or needs an update you can get a free twenty minute will review. Even if we did not draft your will.

You will only be billed if you later decide to hire the firm to help you. But the will and advice are free. We hope to see you.

P.P.S. For a free will review by David M. Frees III or Douglas Kaune call 610-933-8069 to find an available will review date and time.

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Ross along with a small pro- agriculture group of legislatures wants to eliminate the federal estate tax. In the past year there has been a surge of enthusiasm for the repeal of the federal estate tax as congress tried to figure out what do for 2011 and 2012.

This past  December  congress approved legislation that provided $5 million per person exemption from the estate tax and set the top tax rate at 35% for 2011 and 2012. Previously the highest exemption was $3.5 million.

Ross says “…it is unfair and punishes those Americans who work hard over  their lives.”

The federal estate tax may affect farm families and small business owners and a growing number of people feel like United States Representative Mike Ross that it is just plain unfair to be taxed twice.

Read the entire brief article Ross Wants To Bury ‘Death Tax’ For Good by clicking here

The federal estate tax may be in place for 2011 and 2012 but after that it is up to us to decide its future both the costs and benefits of having the tax or eliminating it.

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Property Tax Appeals Can Lower Taxes of Over Valued Homes and
Commercial Real Estate.

Property Tax Appeals Neeed To Be Filed Soon

In this environment, many of our
clients in Delaware, Chester, and
Montgomery Counties believe that
their homes are now overvalued
for real estate tax purposes.

If you feel that you’re being taxed on
a value that’s simply too high
in today’s market you might be
wondering if such a property tax
appeal is right for you and what the
pros and cons of such an appeal might be.

However, you probably don’t want to pay someone to find out the answers
to those questions.  And you should know that……

…..Tax Appeal Deadlines Are Approaching
So Time Is Of The Essence.

For all of those reasons, my partner and I got together with
the partner who runs the section of the firm handling
property tax appeals – not just for big companies- but also
for individual homeowners.

And, we have made an arrangement with him to offer our
readers a free consultation.  That way, you can find out if the
appeal makes sense for you.

Our partner also assured us, that there is no fee to you,
unless you authorize him to pursue the appeal and, he
gets you a tax reduction.

So, if you think that you might benefit from a property tax appeal
and you want to get it done by a professional to maximize savings
without an up front fee, then read on.

We have created some resources for you and they are available
through:

www.PaPropertyTaxAppeal.com.

In the alternative, if you already want the appointment or
consultation please call Donna, Denise, or Beth and Mention
this code: UTBF TAX APPEAL to get your free consultation.

So, again, if you’re not a “do it yourselfer, ” you might just
prefer to have a free consultation that Doug and I have arranged
for our clients and our readers who want to know if a property
tax appeal would help you.

Finally, there is no charge to chat with one of our advisers
about your appeal, and there is no fee unless the property tax
appeal is successful.

So for the free report and more information visit:

www.PaPropertyTaxAppeal.com.

For an appointment to get things started at no cost to
you, just call 610-933-8069 and mention
UTBF TAX APPEAL

If you have any questions before or after visiting
www.PaPropertyTaxAppeal.com. then just call me,
Dave Frees, at 610-933-8069.

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Delaying Estate Planing For Law Changes?  Does That Make Sense?

DO You Delay Other Acts of Love and Responsibility?

Gifts To Children and Grandchildren in 2011

Well, you’d expect lawyers who make
a living advising affluent clients
on issues of estate planning to be biased.

They’ll tell you to do it now.
Why wait?

Well, as it turns out, there are few good
reasons to delay and many great
reasons to get the job done now.

When done right, thoroughly, and with the right tools, estate planning
is, plain and simple, an act of love.  It really matters only if you want to
preserve your legacy and to make life better, and easier for those you leave
behind.

But I’m a trust and estate lawyer so you’d think that I would feek that way.
As it turns out, this reporter also thinks that way and review the issues
involved in effective estate planning and why delay makes no sense.

Click here for Delaying Estate Planning Is Never A Good Idea.

Want To Protect Your Spouse, Children and Grandchildren?

Call any time between April 15th and June 1st to get this
limited time Family Plan pricing.

For a limited time, now that tax season is over we will be offering
estate planning family programs.  You can get your own plan, a family
meeting (by phone or in person) and gift certificates for your heirs
to get their own estate planning done.

If you and one or more of your children and grandchildren live in
the state of Pennsylvania, this Family Plan Program might be
just what the estate planning “Doctor” ordered.

Want your spouse to stop worrying?  Want to protect your heirs
from divorce or lawsuits?

Want to mimimize taxes, trouble, and expenses if you die?

Want to make sure that your adult children do the same for your
grandchildren?

CALL 610-933-8069 and ask for David Frees to review your
estate planning and the terms of our Business Class, First Class
and Family Plan Estate Planning options

You can also email dfrees@utbf.com to request a free telephone
consultation or appointment to get one of the limited spots available
until June 1st.

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Many people use rental real estate as part of a diversified investment portfolio for growing family wealth. We explore the issues relating to the ownership of rental properties with clients as we are preparing their wills, trusts and financial power of attorney documents. We are privy to the concerns that these rental property owners voice to their advisors. On the top of the more recent concerns was 2010 Small Business Jobs Act.

Among other things, the 2010 Small Business Jobs Act required landlords to use Form 1099 to report a number of rental property expense payments equal to or greater than $600 made after December 31, 2010 and reported in 2012 and beyond. The requirement applied to virtually all landlords. Reporting requirements would have applied to payments to, among others, contractors, roofers, painters, plumbers, electricians, accountants and attorneys.

Luckily for some landlords in PA and throughout the country, on April 5, 2011 the Senate approved a bill (H.R. 4) to repeal the expanded landlord reporting on Form 1099. The next step is to President Obama for final approval of the repeal. As a result of the repeal of Section 2101 of the 2010 Small Business Jobs Act many landlords need not identify specific expenses for rental property expense reporting. Unfortunately, landlords with rental activities that are considered a trade or business would still likely have to report payments of $600 or more made to service providers.

We suggest reviewing the status of your rental activities as a landlord with your income tax professionals should this appeal be finalized.

You can contact Douglas L. Kaune, Esquire at 610-933-8069 or at dkaune@utbf.com to discuss the most advantageous way to own your rental real estate when considering lawsuit, divorce and creditor protections. We can also assist with the best way to integrate the rental real estate ownership into your will and trust planning. The UTB&F offices are located in Phoenixville, Malvern and West Chester PA.

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