Wealth Preservation, Trusts and Estates

We would like to take this opportunity to say “Happy New Year and Thank You” from the entire firm and from the Trust, Estate and Wealth Preservation Section of Unruh, Turner, Burke and Frees.

We know that in this area of the state of Pennsylvania, you have many choices for your trust, estate planning, and probate lawyers as well as for your elder law needs.

For that reason, we both thank you and want to let you know that we have once again, in preparation for the new year, spent time, resources, and money in making changes that we think will enhance your experience as a client of the firm.

First, in addition to our two Estate Section partners, David M. Frees III and Douglas L. Kaune, we have added another tax and trust lawyer Jennifer Messa formerly practicing in Wayne Pennsylvania.

Jennifer adds more depth of tax practice (especially tax issues facing trusts and estates) and will also be helping us to focus on the unique issues facing women in their estate planning.

We have added two blogs designed to bring you more and timely news and information on estate planning, asset protection planning, and information and news for executors and trustees. In addition, we are currently working on a new web site and blog oriented just for families in need of elder law and nursing home advice and information. Be sure to read and watch www.UTBF.com/trust-estate and www.PaEstaetPlanners.com for the latest news and information affecting you, your business, investments, and your family.

We have also invested in new software that we believe will take us to the next level in preparing and updating your tax returns, estate and trust accountings, and the family settlement agreements that we often use to avoid much of the probate process.

Several other associates and partners of the firm, including Denise Werkley, Theo Claypoole, William Burke, Don Turner, John Fiorillo, Stephen LaGoy, and William Gardner will be working on matters with the Estate Section – especially when planning involves family limited partnerships, closely held businesses, and real estate or when there are matters involving litigation.

We would also like to welcome Beth MacNulty as our new client relations manager. Beth’s jobs will include helping you to get appointments that fit your schedule, confirm appointments, making sure that your estate planning documents have been received by you and are stored safely, and in assisting you in emergency appointments, and with your other needs as they arise.

Beth can be reached by calling 610-933-8069.

In addition, David Frees was recently honored by receiving AVVO’s highest lawyer rating of 10.0 or Suberb and presented again to the prestigious Pennsylvania Bar Institute Estate Institute on the topic of Estate Planning for Families with Young Children. David has also just finished, with his brother Robb Frees, a soon to be published book and report on What Consumers Need To Know about insurance law.

Douglas Kaune was admitted as a member of NAELA (National Association of Elder Law Attorneys) and Doug in addition to his work in the are of sophisticated estate planning is working on three new reports for consumers on the changing laws in the area of Elder Law and Nursing Home issues.

In conclusion, we thank you for your continue support ans we look for new ways to help you through this difficult time with the many changes and the uncertainty now that Congress has allowed the state tax to lapse but at the same time is threatening to restore it retroactively.

For estate planning questionnaires, estate planning appointments, appointments to update older estate plans, or for any of our free reports for executors please call 610-933-8069.

David M. Frees III, Esquire – Chairman: Trust, Estate and Wealth Preservation Section
Douglas L. Kaune, Esquire – Trust Estate and Wealth Preservation and Chairman: Elder Law Section
Jennifer Messa, Esquire – Of Counsel: Trust, Estate and Wealth Preservation Section

Donna Brownback – Paralgel
Denise Fox – Paralegal
Beth MacNulty – Client Relations Manager

The firm maintains offices in Malvern, West Chester, and Phoenixville

610-933-8069

Rarely do our blog postings and articles come under the category of urgent. But, if you have an estate in excess of $1 million dollars (including life insurance), then you might need to review this immediately.

Why?

The failure of Congress to act on the issue of the end of the federal estate tax has caused an estate planning debacle for Americans that is both complicated and involves risk in either taking a wait and see or an early action strategy.

In other words, since the tax appears headed for an automatic disappearance at 12:00 on December 31st, but might be reenacted after the Congressional holiday break, there is no perfectly clear choice of action.

Thanks to Congress, any decision you make could end up being a problem. However, you need to consider your options before the end of the year and in 2010. And many people need to consider wills that use disclaimers or QTIP (Qualified Terminable Interest Property) trusts rather than outright gifts to spouses or the traditional federal estate tax formula trusts.

Why? Many wills which are drafted to deal with federal estate tax issues have formula clauses that might no longer make sense but may work again if congress reenacts the estate tax after January 1, 2010. Planners simply did not believe that the tax would ever really disappear and clients could not tolerate plans that tried to deal with every possible eventuality because of the complexity involved.

For example, many wills carve out a portion of the estate to go into a generation skipping trust. That is, a trust that goes to children or grandchildren at some point, or is for their use. However, if there is no generation skipping transfer what happens to those funds?

There are also complications for state death tax planning caused by the elimination of the tax. Not only did Americans generally, and their tax advisers believe that this was unlikely, but so did the states. In Pennsylvania, this is less of a problem than in other states, but there are still consequences to consider when using trusts (either created during lifetime, or under wills).

No one really thought that the federal government would ever let this happen, especially, in light of the federal deficit, but it appears to be a real possibility if not the most likely scenario. And, we are not the only ones who think that this failure of Congress created a big mess. See Forbes article on the estate tax mess. So how do you get the information that you need?

Call your estate planning attorney at least for a conference call. And, if your will or trust, has federal estate tax planning provisions, then be sure to review it promptly.

Our Telephone Strategy Telephone Seminars:

For our clients who are reading this, or for you if you want to become a client of the firm, we know it is the holiday season, but we are scheduling telephone seminars on some of these issues in light of the last few days. There will be two different calls. The first is for those who have estates of under 3.5 million dollars. The second will be for those with estates of 3.5 million or above. These calls will brief you on your options and what needs attention right away, and what can wait and you can enjoy them from your home or office just by calling in to the number we provide you.

Our Limited Emergency Update Plan Option:

Also, for our clients, or prospective clients, who want to act now to protect your estate but worry that you might be revising them again, we are currently offering you our Emergency Estate Plan Update (TM) which includes the opportunity to revise and update your plans right now, and pre-arranged small additional fee if revisions are required if Congress acts next year.

So, you can get the coverage and updates you need now without worrying about being recharged the full price for another round of revisions. Preference for these Update Plan appointments is given to existing clients and their are a limited number of such appointments available in December and January.

How To Get Information:

There are three ways to get more information on these calls, or our Emergency Estate Update Plan: 1) leave a comment below, 2) call 610-933-8069, or 3)email dbrownback@utbf.com and put “telephone seminar” in the subject line. We will let you know when the schedule is set. For an Update Plan appointment, simply call Donna, Denise or Beth at 610-933-8069.

Please Get Us You Updated email Information:
We will also be sending client emails on these important issue so make sure that you call the office and give Donna, Denise, or Beth your current email address. You can give them your email address by phone at 610-933-8069 or by email at dfox@utbf.com.

Enjoy your holidays.

David M. Frees III, Esquire HIGHEST AVVO RATED
Douglas L. Kaune, Esquire HIGHLY AVVO RATED
Jennifer Messa, Esquire

And the entire team at the Unruh, Turner, Burke and Frees
Trust, Estate and Wealth Preservation Section
610-933-8069

P.S. The Emergency Update Plan appointments are limited so please book yours today if you are worried about this confusion or if you feel that your plan is out of date. The plan’s prices start at $600.00 and go up from there depending on your plan and it’s complexity. There is no charge for the additional appointment. And, at the end of the appointment you are quoted a flat fee and a fee to be paid only if another round of revisions is required. We hope that this helps you. Update Plan appointments can be made by calling 610-933-8069.

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.

Do You Have A Nagging Feeling That There are Things That You Should Be Doing About Your Estate Planning, Will, or Finances Before the End of The Year?

Do You Want A Free Prescription for Success and Relief of That Nagging Feeling?

Click here to download a free and easy to use end of year estate planning check list.
Just click it, print it, and follow it. It takes a few minuets and it goes a long way toward making sure that you get that end of year stuff out of the way….right now.

Enjoy the fall and this holiday season from
David M. Frees III and your lawyers, friends and team at Unruh, Turner, Burke and Frees:
Will and Estate Attorneys: David M. Frees III, Douglas L. Kaune, and Jennifer Messa
Paralegals: Tara Walters, Donna Brownback, and Denise Fox

Our law offices are conveniently located in Phoenixville, Malvern and West Chester and serve
all of Chester, Montgomery, Berks, Bucks and Lancaster Counties. 610-933-8069 or 610-240-0750
dfrees@utbf.com

Click here to get your free copy of this valuable executor resource for Pennsylvania executors.

If you are an executor, or, if you are trying to decide who to appoint as an Executor, make sure to order and read this important report for executors by David M. Frees III.

This report examines the most common mistakes executors make and how to avoid them.

If you want to do a great job as executor and avoid personal liability, or to pick just the right person, then this is an important resource that you have to read. Click here to get the 10 Most Common Mistakes Executors Make and How To Avoid Them.

Author: David M Frees III, Esquire
To order a copy by phone, call 610-933-8069

To view David Frees’ attorney Rating by AVVO of “Superb!” click here.

To visit our content filled web site for executors visist www.paestateplanners.com – it is filled with articles for Pennsylvania executors, trustees and for those planning their estate, wills, and trusts.

Because the estate’s entire tax liability is generally due to be paid to the IRS and the Pennsylvania Department of Revenue within 9 months of a person’s death, executors can find themselves without sufficient liquidity to pay for such inheritance taxes and estate taxes.

These taxes are also often due just when the executor is paying for lifetime tax liabilities, funeral expenses and various administrative expenses.

How do you plan for such tax payments to avoid interest and penalties?

I recently did two articles covering these issues.

To read more about paying for federal estate taxes and Pennsylvania inheritances taxes, click these links:

Paying Inheritance and Estate Taxes Part One

Paying For Inheritance and Estate Taxes Part Two

David M. Frees III, Esquire
610-933-8069
See David M. Frees’ Superb AVVO rating

David M. Frees III

David Frees Chairs the Trust, Estate, and Wealth Preservation Section of
Unruh, Turner, Burke and Frees

His practice focuses on estate planning, wills, trusts, asset protection,
and in representing the owners of family businesses, and the directors and officers
of public and privately held corporations.

Read this just posted an article on the Federal Government’s claim that the proposals circulating in congress are a decrease in the tax and are quite reasonable. For competing views on this controversial tax and how to plan for it read this article by Chester County based will, trust, estate and asset protection lawyer David M. Frees III