Wealth Preservation, Trusts and Estates

I have recently encountered several estates where the shear number of accounts really caused problems for the heirs as they struggled to locate the accounts, discovered escheated accounts, paid an accountant to figure out the tax consequences and more.

And, through the years I have also seen many clients suffer lifetime negative consequences of having just too many bank accounts and investment accounts ranging from extra fees paid to lost accounts to greater tax complexity than needed.

The New York Times also recently addressed this issue and if you want to read more about the problems of too many bank and investment accounts including:
lost accounts
higher management and account fees
unintended estate consequences
unexpected inheritance tax allocations and more
increased likelihood of estate disputes between heirs

Just click here to read David M. Frees and The New York Times on Why You Can Have Too Many Accounts For Your Own Good.

David M. Frees III
Call 610-933-8069 for an appointment to solve the problem of too many accounts in your estate plan.
Make sure that your will or trust works with all of your accounts.

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A recent case has opened a new door for someone suing you to try to reach or to attack your IRA. And, while IRAs usually have a heightened level of asset protection, my new article on this topic has a few suggestion – especially if you have a self directed IRA.

Please click here to learn more about protecting your IRA and self directed IRA from creditors and lawsuits.

David M. Frees III, Esquire

David Frees limits his practice to the areas of trusts, estates, asset and creditor protection, and to estate and trust administration. He writes for several blogs related to these topics and has been selected by Main Line Today Magazine as one of the best of the mainline in the category of lawyers who work in the areas of trust and estates administration.

Click here to get one of David Frees’ many sought after estate and asset protection planning reports for Pennsylvania residents or his new report for Pennsylvania executors.

David M. Frees III
610-933-8069

David Frees’ law offices serve clients in many communities in Pennsylvania including:
Phoenixville, Malvern, West Chester, spring City, Royersford, Devon, Berwyn, Wynwood,
Bala Cynwd, Ardmore, Chester Springs, Exton, Downingtown, Media, and many others.

Call 610-933-8069 or visit www.paestateplanners.com for more estate planning and asset protection information.

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by Douglas L. Kaune, Esquire
Estate Planning & Administration, Wills,
Trusts, Asset Protection, Elder Law
Unruh, Turner, Burke & Frees
Phoenixville, Malvern, West Chester
Pennsylvania Attorney
dkaune@utbf.com PH: 610-933-8069

Family Care Agreements, also referred to as Cargegiver Agreements, have increased in popularity as a result of the more stringent Deficit Reduction Act (DRA) Medicaid gifting rules. These agreements are usually established between an elderly individual who is agreeing to “pay” and the individual or individuals who is/are agreeing to provide continued care and assistance into the future. This agreement, if drafted properly, may allow for a significant portion of the the elderly individual’s assets from being spent on nursing home care. The Family Care Agreement has become a regular planning tool for elder law attorneys in Pennsylvania and other jurisdictions. The payment amount will be subject to income tax so care should be made in making the decision to use this type of planning.

Douglas L. Kaune, Esquire

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by Douglas L. Kaune, Esquire
Estate Planning & Administration, Wills,
Trusts, Asset Protection, Elder Law
Unruh, Turner, Burke & Frees
Phoenixville, Malvern, West Chester
Pennsylvania Attorney
dkaune@utbf.com PH: 610-933-8069

There is a great deal of misinformation about the viability of Medicaid and Nursing Home asset protection planning after the Deficit Reduction Act of 2005 (DRA). I want to remind clients, friends and advisors that there are an abundance of planning options available to single and married individuals who want to protect assets from spending on nursing homes and long term care facilities. Please take a look at this article to see that Elder Law and Medicaid Planning are very much alive in Pensylvania (PA) and in all states. It does not matter if you are planning to protect assets five years in advance or if you are about to enter a nursing home, you might be able to employ various techniques such as Irrevocable Trusts, gifts, Care Agreements, use of immediate annuities and various other options to help protect tens of thousands of dollars worth of assets for your spouse or other beneficiaries.

Douglas L. Kaune, Esquire
Serving, Chester, Montgomery, Delaware
Bucks and Philadelphia Counties

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This article was posted
by Douglas L. Kaune, Esquire
Estate Planning, Estate Administration, Wills,
Trusts, Elder Law,
Unruh, Turner, Burke & Frees
Phoenixville, Malvern, West Chester
Pennsylvania Attorney
dkaune@utbf.com PH: 610-933-8069

I have had a recent addition to the family, my son, James Douglas Kaune.  Welcome to our lives James!! Taking my own advice, my wife and I immediately updated our estate planning documents including wills, powers of attorney and trusts.  We also modified our beneficiary designation forms in IRA’s, 401k’s and life insurance to name the testamentary trust for my son if something happens to my wife and me.  We want to make sure James is well taken care of and that the correct trustee is apppointed to oversee his inheritance. This will help to make sure these assets are protected from poor spending habits, future creditors and possible divorce (A long time from now I hope!)  Take a look at this article for some advice when determining what type of trust, what trust provisions and what trustee would be best suited to take care of the assets you leave for your children. We are looking forward to long healthy lives with James, but want to make sure that we take all the necessary steps to make sure he is well cared for under all circumstances.

Douglas L. Kaune, Esquire
Serving, Chester, Montgomery, Delaware
Bucks and Philadelphia Counties

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Off shore accounts have been getting a pretty bad rap in the news media with the leaders of both America and Great Britain making multiple appearances to clearly establish that tax havens are just for the big corporations and illegal players seeking to evade taxes and engage in unlawful activities.

The attached article examines the possibility that there might be numerous legitimate and strategic reasons for American’s to hold assets in foreign jurisdictions and that so long as they comply with American tax law there is nothing illegal or immoral about such planning.

As you know, we try to bring you a variety of thoughtful pieces on issues involving asset protection planning and tax and estate planning. And, while the article entitled Off Shore Accounts a Necessity has a clear bias in favor of such planning, it is a great summary of the many reasons that ordinary and affluent Americans have and will continue to establish off shore banking relationships.

In these jurisdictions, the laws are such that even if a spurious lawsuit succeeds against you or your business, the process of collecting the judgment against the foreign held assets is so onerous that a plaintiff might decide not to appeal or to stop pursuing them.

For more information, about asset protection planning, and how affluent American’s legally use off shore accounts and trusts, click here.

David M. Frees III
dfrees@utbf.com
Practicing in the areas of trusts, estates, and asset protection and estate planning.

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This article was posted
by Douglas L. Kaune, Esquire
Estate Planning, Estate Administration, Wills,
Trusts, Elder Law,
Unruh, Turner, Burke & Frees
Phoenixville, Malvern, West Chester
Pennsylvania Attorney
dkaune@utbf.com PH: 610-933-8069

The Key 2009 Pennsylvania Medicaid Numbers can be found by clicking this link. They include, Community Spouse Resource Allowance (CSRA), Monthly Maintenance Needs Allowance, Average monthly cost of nursing home care in PA, Estate Recovery, Home Equity Limit, Medicaid Transfers and Ineligibility for Gifts. These figures and requirements change annually. Review these important numbers and call to meet with an experienced Elder Law Attorney to discuss ways to legally protect assets from nursing home spending.

Douglas L. Kaune, Esquire

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Asset protection is a practice of using certain strategies and tactics, to legally and ethically protect your assets from various risks such as litigation, taxation, divorce and other claims. It differs from ordinary estate planning but many professionals, real estate owners, and business owners now seek added levels of protection in Pennsylvania that go beyond mere wills and trusts.

If you would like to learn more about protecting assets in IRAs, 401(k)s, trusts, Limited Partnerships and other structures, click here to visit my articles on asset protection planning at www.paestateplanners.com

By: David M. Frees III, Esquire
Follow David on Twitter
dfrees@utbf.com
610-933-8069

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

Joint bank accounts are often established by individuals with the hope of creating an account with one or more of the following beneifits:
probate avoidance, reduced inheritance taxes or as a convenient way to allow family member to write checks and pay bills.

Unfortunately there are numberous Medicaid/Elder Law Planning, estate planning and asset protection pitfalls that await those who have established joint accounts. Some common problems resulting from joint accounts are pointed out in this Elder Law Answers Article. Take a look at this article and be careful how you title your bank accounts!

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

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

IRA’s and other tax deferred retirement plans can now be left to trusts for your beneficiaries instead of directly to the beneficiaries. These IRA Trusts are broadly categorized as either conduit trusts or accumulation trusts. These trusts must be written with care in order to insure that not only are the assets protected from the beneficiaries’ creditors and divorce, but also that the trusts can take only Required Minimum Distributions from the retirement assets. To read more check out this Lawyers USA article on the IRA Trust Planning. Please email or call with questions on the best ways to prepare these IRA Trusts and protect your assets and those of your beneficiaries.

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

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