Wealth Preservation, Trusts and Estates

You Must File The Gift Tax Return or Extension for Gifts In 2010
By April 15th 2011

If you made a gift to a child or
grandchild in 2010 you must file
the return or an extension by April 15th.

Once the extension is filed, you have until
October to file the return.  However,
extensions do not automatically extend
the time to pay the tax.

So, if your gift created a tax (it was
more than the annual exclusion amount
and/or you previously used your lifetime
exemption, you may have a tax laibility.

You should also consult your tax preparer or estate tax adviser if you
made gifts to grandchildren or great grandchildren (or to a trust)

which might require a return to allocate the generation skipping
transfer tax exemption.

For questions about gifting in trust or outright to your
family members, please call David M. Frees III
610-933-8069

Are You Married?
Does Your Wife Want You To Get A New or
Revised Will for Her Birthday or Mothers’ Day?

Don’t take our word for it.   ASK HER.

You might be surprised by how easy it will be
to make her happy this year.

Book your appointment now to get your
planning done before mother’s day and
she’ll also get some flowers from you – on
us.  Call 610-933-8069 and ask for our
Birthday or Mothers’ Day Planning Offer.

You can also call David Frees at 610-933-8069
or email dfrees@utbf.com to get an
appointment and to qualify for this
special arrangement.

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By Douglas L. Kaune, Esquire Pennsylvania Attorney
Wills * Trusts * Estates * Estate Planning * Asset Protection Planning
Malvern, Phoenixville, and West Chester Law Offices Chester, Montgomery, Delaware, Philadelphia, Berks and Bucks County

Hmm, if I did not already have a will and trust, I would have run out to meet with an estate lawyer to commission a last will after I read the title words to this blog posting. Thanks to my profession, I happen to recognize the need for a cohesive estate plan to minimize tax implications, avoid family disputes, protect beneficiaries from improper spending, creditors, lawsuits and divorce. So many people either have an out dated will or no will at all and are “too busy” in their lives to update their planning.
As this recent Wall Street Journal Article reminded me, Benjamin Franklin was a walking billboard for Estate Planning Attorneys everywhere when he said, “but in this world nothing can be said to be certain, except death and taxes.” As I read his words, I imagined Ben flying his kite in the thunderstorm waiting for lightning to strike and I was not thinking about the discovery of electricity. Instead, the probate attorney in me wondered if Mr. Franklin had heeded his own words about death and taxes by having a properly drafted Last Will and Testament. After all, the lightning could have struck more than just the dangling key. After a little research I was able to locate Benjamin Franklin’s last will and testament online so click here to see how Ben protected his family, children, lands, assets and wealth from creditors, taxes and government interference.
Ben was right, not just about death and taxes, but also that he needed that last will and testament.
by Douglas L. Kaune, Esquire
Estate Planning & Administration, Wills, Trusts, Asset Protection, Elder Law
Unruh, Turner, Burke & Frees, P.C.
Phoenixville, Malvern, West Chester PA
dkaune@utbf.com PH: 610-933-8069

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by Douglas L. Kaune, Esquire
Estate Planning & Administration, Wills,
Trusts, Asset Protection, Elder Law
Unruh, Turner, Burke & Frees
Phoenixville, Malvern, West Chester PA
Pennsylvania Attorney
dkaune@utbf.com PH: 610-933-8069

We continue to receive inquiries from clients in search of ways to protect the assets they leave to their children and beneficiaries from divorce, law suits and creditors. Although clients protection from tax liability is of continued importance, asset protection in estate planning has grown in significance. Clients recognize that 50% or more of the assets left through their wills and revocable living trusts can ultimately be lost by their beneficiaries. We have continued to develop strategies for increasing the protection of the inheritance left to adult beneficiaries from loss to a divorcing spouse, plaintiff or other creditor. Take a look at the recent guide that I published on AVVO regarding the benefits of the Beneficiary Controlled Trust as an asset protection tool. This guide will help further explain a great asset protection strategy to employ under wills and revocable living trusts for inheritances left to beneficiaries of ages and abilities.

Please call or email me for further discussion on this and other estate planning topics.
Douglas L. Kaune
dkaune@utbf.com
610-513-2288

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