Wealth Preservation, Trusts and Estates

David M. Frees III Chairman: Trust, Estates, and Wealth Preservation
Unruh, Turner, Burke and Frees
David Frees Has Offices in Malvern, Phoenixville, and West Chester

No one ever thought that this would happen. Congress cannot just let this lapse. They will lose too much tax revenue. It doesn’t make sense.

But, that’s the conclusion of the Wall Street Journal after a review of trust and estate lawyers at a recent gathering. And those of you who are my clients know that for years we have been waiting for Congress to act to fix the deeply flawed estate tax. And, no one ever really believed that congress would let the tax go away. I still don’t believe that they will.

They seem to be totally pralyzed by health care reform. However, they seem to be considering a one year “fix.” Under this plan the law will stay as it is for one more year and then fall back to the old $1 million dollar exemption. But, if they let it lapse, they will probably re-enact it shortly after in 2010 and make it retroactive to the start of the year. Sound unfair or unconstitutional? Read this Wall Street Journal Article on the retroactive estate tax issue.

The bottom line: If the tax disappears, millions of wills will no longer make sense as they are drafted according to formulas linked to the law. If Congress doesn’t act soon call your estate planning lawyer or attorney.

Please leave your questions and comments below.

David M. Frees III, Esquire: wills, trusts, powers of attorney, living wills and
all related estate planning issues.

Attorney David Frees has offices in Phoenixville, Malvern, and West Chester which serve all
of Chester County, Montgomery County, Deleware County as well as Berks, Bucks and
Lancaster Counties.

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This article By: David M. Frees III dfrees@utbf.com
Trusts, Estate and Wealth Preservation Section Chairman
Unruh, Turner, Burke and Frees 610-933-8069
With Offices in Phoenixville, Malvern and West Chester Pennsylvania

Many of our clients know that having an integrated financial and estate plan makes the difference when you want to both build assets for yourself and to protect assets for your heirs. And, many of our clients have financial advisers while others are self directing their investments. Either way, ultimately , you are responsible for your own financial health. For that reason, when we come across a great article, resource, web site or book, we call them to your attention.

For two great new web sites filled with financial information and a great resource for finding and reviewing the annual reports of companies that you own or are thinking about buying the stock just click here to see my recent article on new sources of financial and business data and information.

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Want to know the ten most common mistakes that executors make and how to avoid them?

Call 610-933-8069 for a free report on How To Avoid Executor Mistakes or
for an estate planning conference with David M. Frees III.

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This article is a quick read and very informative on the issue of how and why to work with your advisers to make sure that your estate planning works.

BY: David M Frees III, Esquire
dfrees@utbf.com
610-933-8069
Offices conveniently located in Chester County, Malvern, Phoenixville and West Chester

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