Wealth Preservation, Trusts and Estates

As most readers know, the federal estate tax (FET) was repealed for one year at the end of 2009 and it is looking less and less likely that there will be a retroactive application of the FET. However, there is still a gift tax, presently 35%, if you give away more than $1 million in assets during your lifetime. Additionally, the federal estate tax is likely to be reinstituted in 2011 so we should continue to consider ways to transfer assets without using any of our credit against the federal estate tax or gift tax. Check out this Forbes Magazine article on 5 ways to make gift tax free gifts.

Please contact Douglas L. Kaune, Esq. any time at 610-933-8069 or dkaune@utbf.com to discuss your particular your estate planning questions and to review these or other gifting or transfer strategies.
Wills * Trusts * Elder Law * Probate * Asset Protection * Power of Attorney * Estate Planning
Unruh, Turner, Burke & Frees, P.C. is a full service law firm with offices in Malvern, Phoenixville, West Chester, Pennsylvania and serving Royersford, Paoli, Frazier, Chester Springs, Downingtown, Radnor, Chester County, Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Pennsylvania (PA).

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by Douglas L. Kaune, Esquire Pennsylvania Attorney
Wills * Trusts * Probate * Elder Law * Estates * Estate Planning * Asset Protection Planning
Malvern, Phoenixville, and West Chester Law Offices Chester, Montgomery, Delaware, Philadelphia, Berks and Bucks County
Roth IRA’s can have significant income tax benefits for you and for generations to come. However, many wealthy individuals have been unable to take advantage of the Roth IRA because of low income ceilings set by the Internal Revenue Service (IRS). However, in January 2010, the IRS income ceiling for Roth conversions will be removed. This will present many wealthier individuals an option to convert an existing IRA to a Roth IRA which had not previously been available. The painful part of the decision will be the income tax that will be due as a result of the conversion. The initial inclination is to defer the tax as long as possible, but the Roth conversion comes with the benefits of tax-free withdrawals and elimination of required minimum distributions. This can provide a tremendous tax benefit to individuals in their retirement years and to their beneficiaries who will also be able to take withdraws income tax free. Read this great article setting out the pros and cons of making a Roth IRA conversion. This is an important opportunity that should be discussed with your Estate Planning Attorney, Financial Advisor and Accountant to determine the best decision for you and for your family. I will follow this with posts regarding the estate planning and estate tax benefits of making the Roth conversion.
Please contact Douglas L. Kaune, Esq. at 610-933-8069 or dkaune@utbf.com to comment or discuss this and other topics.

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