Wealth Preservation, Trusts and Estates

No Federal Estate Tax Answers forthcoming this Summer. By: Douglas L. Kaune, Esq.
Congress is entering its August recess and there has been no progress made on the topic of Estate

Tax Reform. Analysts are clearly thinking that the Estate Tax issue will not be addressed until the Fall or later. Interestingly, everyone, including members of Congress, attorneys and financial advisers, agrees that it is unfair to the American tax payer to be without a solid tax law upon which to base their estate planning. Despite this universal recognition, the lawmakers are not rushing to reach a resolution. This Investment News article is helpful in outlining the Congressional time line leading to the end of the year.

Contact Douglas L. Kaune at 610-933 8069 or dkaune@utbf.com to review your estate plan in light of the changing federal estate tax landscape.
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 and also serving Philadelphia and other towns in Chester County, Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Pennsylvania (PA).

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Federal Estate Tax Will Apply To Non Resident Aliens. It is very important for Non Resident Aliens owning assets in the United State (U.S.) to know that their U.S. assets will likely be subject to a U.S. Federal Estate Tax. Many people think they have to take up residency in the United States for the Federal Estate Tax to apply. Read here for some of the details on this tax. The estate of a Non Resident Alien holding U.S. based assets at death will have to file I.R.S. form 706-NA.

Please feel free to contact Douglas L. Kaune, Esq. any time at 610-933-8069 or dkaune@utbf.com to discuss estate tax planning for non-U.S. citizens and important steps to take to protect your assets from the estate tax.

Wills * Trusts * Elder Law * Probate * Asset Protection * Power of Attorney * Estate Planning
Malvern, Phoenixville, West Chester Offices serving Collegeville, Royersford, King of Prussia, Berwyn, Wayne, Newtown Square, Media, Paoli, Frazier, Chester Springs, Spring City, Valley Forge, Kennett Square, Exton, Lionville, Downingtown, Chadds Ford, Norristown, Devon, Radnor, Chester County, Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Pennsylvania (PA).

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Remember to Review The Tax Allocation Clause In Your Will or Trust. by Douglas L. Kaune, Esquire. Most people do not realize that they can choose which beneficiaries will be responsible for paying the PA inheritance tax and federal estate tax on their taxable estate. Many wills are written automatically and sometimes incorrectly to say that the taxes are to be paid from the residue of the probate estate. Therefore, you could unexpectedly lay the entire tax burden on the shoulders of the people who are beneficiares under the will where there are beneficiaries of specific assets in the will, joint accounts or beneficiaries named on an IRA or 401K or stock account outside of the probate estate. The PA inheritance and federal estate taxes could be tens or hundreds of thousands of dollars so you should be careful to structure the tax clause, if desired, to make the beneficiaries of specific gifts or nonprobate assets responsible for paying the tax on what they receive. Review this article for a closer look at the tax clause issue and specific examples of where it might be important to adjust the clause to insure a fair allocation of the taxes in your estate.
Please feel free to contact us at any time at 610-933-8069 or dkaune@utbf.com to discuss your particular case to determine the appropriate tax clause in your estate planning documents.
Wills * Trusts * Elder Law * Probate * Asset Protection * Power of Attorney * Estate Planning
Malvern, Phoenixville, West Chester Offices Chester County Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Law Practice Locations.

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