Wealth Preservation, Trusts and Estates

This post was written by:
Douglas L. Kaune, Esquire
dkaune@utbf.com
610-933-8069

Many of us are wondering whether or not our Executors, Administrators, beneficiaries or Trustees will have to pay estate taxes at the time of our death. I came accross an excellent article in Smart Money that will help you answer the question, Will My Estate Owe Estate Taxes? This should help you get a better understanding of where you and your estate stand with regard to the possible tax issues at the time of your death.

There are also some excellent strategies to consider in helping to reduce the estate taxes owed by your estate. Some basic considerations mentioned are gifting, bypass trust planning, life insurance and life insurance trusts. If you have any questions in this regard please give me a call at 610 933-8069 or drop me an email at dkaune@utbf.com.

Douglas L. Kaune, Esquire

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The length of the probate process in Pennsylvania (PA) or other states varies greatly from estate to estate. The determining factors include the assets involved in the estate, the experience of the Executor/Administrator and counsel and the ease in dealing with the beneficiaries. Contrary to common belief, the process is rarely impacted by the actual probate court requirements which can be accomplished timely if the other factors are favorable. Some of the most common causes for a delay in the estate administration process are:
1. Beneficiaries and family members who are not getting along with each other or with the Executor. The psychological and family related issues are sometimes the most difficult to respolve.
2. Hard to value assets such as closely held business interests or vacant land.
3. Assets which are difficult to sell such as real estate or business assets.
4. Complex estate tax and inheritance tax considerations.
You can review some of the probate requirements at the Chester County Register of Wills Website.
Let us know if you have any questions about the probate process, inheritance or estate taxes or other improtant estate administration issues.

Douglas L. Kaune
dkaune@utbf.com
610-933-8069

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Probate is the court oversight of the estate administration process after a person passes away. Only certain assets are considered probate in nature. Probate assets typically are those owned by the decedent in the decedent’s individual name without a beneficiary designated. The Executor, where there is a will, or Administrator, where there is no will, is appointed by the Register of Wills Office in the county where the decedent last resided. He or she then must follow the probate procedures to properly complete the estate administration. The Chester County Register of Wills can be visited by clicking here.

Douglas L. Kaune or dkaune@utbf.com

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