Wealth Preservation, Trusts and Estates

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.

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?

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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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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Many clients prefer to remain in an assisted living setting rather than make the move to a nursing home. The Veteran’s Administration Aid and Attendance Benefit can help extend your or your family member’s stay in an assisted living facility and delay the transition to a nursing home.

Assisted living facilities cannot receive Medicaid payments from the Pennsylvania Department of Public Welfare (DPW). Therefore, when a resident runs out of money they must move out of the assisted living facility and into a Medicaid eligible nursing home regardless of their health status. In order to extend your ability to privately pay for an assisted living stay, residents should apply for the Veteran’s Aid and Attendance benefit when available. Generally, you or your spouse have to have served in the military in active duty during wartime. Review the Veteran’s Administration Website here for further details. You can also review this Aid and Attendance article on PAElderLawSolutions.com. The benefits for a spouse of a deceased Vet will be less than for the Vet himself or herself, but still likely in excess of $1000/month. The benefits for a husband and wife where one is a qualifying Vet will be close to $2000/month. This is a substantial benefit and one that can help you to stay in the assisted living setting of your choosing.
Please contact Douglas L. Kaune, Esq. at 610-933-8069 to discuss your case further and for assistance as necessary. Mr. Kaune is a partner with the law firm of Unruh, Turner, Burke & Frees, PC, a full service firm with offices in Phoenixville, West Chester and Malvern, PA serving Chester, Montgomery, Delaware, Philadelphia, Bucks and Berks Counties.

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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.

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During an estate administration process there are probate and non-probate assets. Non-probate assets typically transfer with ease to the surviving joint owner or named beneficiary. Now there may be an unexpected additional requirement that can slow the transfer process. Investment accounts such as stock, bond or mutual fund accounts owned through an adviser or investment house which have beneficiaries designated or are designated as TOD (Transfer on Death) or POD (Payable on Death) require an Inheritance Tax Waiver before they can be transferred to the intended recipient.
This requirement will potentially delay the release of these not probate assets and is presumably intended to help PA and other states to insure they receive the appropriate inheritance tax payment. Read more here about the Inheritance Tax Waiver by clicking here at the PA Department Of Revenue website. Be aware of this requirement so that the proper paperwork can be provided in order to transfer both qualified and non-qualified investment accounts.

For questions or to review other Estate Administration and Estate Planning issues please contact Douglas Kaune, Esq. at 610 933 8069 or at Dkaune@utbf.com.
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 the counties of Chester, Montgomery, Delaware, Bucks, Berks and Philadelphia.

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As previously discussed, we have many clients who have found

themselves in the midst of the Oil and Natural Gas craze that has swept through Pennsylvania (PA). As I have come across nuances in the leasing process and potential pitfalls I have tried to apprise you of them. Recently, we had a client who signed over their natural gas rights on a property in Sullivan County years ago without an attorney review. Their complaint is that the Gas Company has placed machinery on the property and as a result, the taxing authority has removed the property from Act 319. The individual is now responsible for Roll Back Taxes which are significant. Let this be a warning, the lease signed with the Oil and Natural Gas Company must state that they are responsible for these roll back taxes or you might get a shock down the road!

Our firm is representing a number of clients through the lease review and negotiation process. We also have individuals coming to us AFTER they have signed a lease and asking if there is anything they can do to change something in a lease they have signed. It is often too late or at least more difficult to make a change after signing the lease so make sure you have a proper review in advance of signing.

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