Wealth Preservation, Trusts and Estates

In our practice we have the experiences representing Executors  that are necessary to help present clients avoid future problems occurring after death.  Everyone wants and expects that their wishes as set out in their  Last Will will be followed and will be properly carried out.  In some cases, clients want to divide their estate in a way that might not follow the traditional “family line.”

As a result, we know that this might not sit well with all of the beneficiaries when the time comes to divide the estate.  Those beneficiaries might be so upset or might have such a substantial economic stake that they might consider contesting the will.  A Will contest  will likely be very expensive and time consuming.  We should take steps now to avoid that future possibility.

There are a number of things that can be done to head off potential will contests.  One such measure is to actually address the issue now with those who will be impacted.  This is a surprisingly novel idea.  Many people are reluctant to talk about their Wills with their children or loved ones, especially with those who might be negatively impacted by the Will contents.

However, giving the impacted beneficiary or beneficiaries notice of the intentions in advance of death, you can pre-address the common arguments made by those contesting wills.  Common bases of will contests are lack of capacity or undue influence.  If you address and defeat these and other arguments now, you can virtually eliminate the will contest option for the omitted or affected beneficiary.  This is not to say other options such as the Interrorum Clause  should not be utilized, but this might be a practical solution to a forseeable problem.

If you would like to review potential will contest issues or other planning concerns, please call or contact Douglas L. Kaune at 610-933 8069 or dkaune@utbf.com.

Douglas is a partner with Unruh, Turner, Burke & Frees, P.C. having three convenient locations in Phoenixville, Malvern and West Chester, Pennsylvania (PA) serving clients in Chester, Montgomery, Delaware, Bucks, Berks, Lehigh and Philadelphia Counties.

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The Inherited IRA can provide powerful tax deferral benefits for named beneficiaries. In order to optimize the tax deferral options, the

original owner must properly structure beneficiary designations in accordance with I.R.S. rules and regulations. The I.R.S. has laid a mine field of beneficiary designation traps that can either serve to reduce or eliminate the income tax deferral for the beneficiary. If you are writing a beneficiary designation form, you must take great care when integrating it with the other estate planning documents such as wills and trusts. I encourage you to seek legal or tax counsel when activating these designations.
Beneficiaries themselves must also take care in how they initiate and follow the beneficiary claim process. Read this article for withdraw options. Great care must be taken when reviewing the claim forms and options. Again, a single stroke of the pen might result in years of lost deferral. Additionally, trustees claiming a trusts interest in an IRA must take even greater care in making a claim on behalf of the trust beneficiary. Tremendous fiduciary liability risks are lurking and can be avoided with proper guidance. Read this Forbes article on the Inherited IRA issues for some additional guidance.

Douglas L, Kaune 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, PA. Doug can be reached at 610 933 8069 or at dkaune@utbf.com. The Law Practice serves towns such as Royersford, Collegeville, Limerick, Devon, Frazier, Berwyn and others in Chester County, Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Pennsylvania (PA).

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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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