Wealth Preservation, Trusts and Estates

During an estate administration process there are probate and non-probate assets. Non-probate assets typically transfer with ease to the surviving joint owner or named beneficiary. Now there may be an unexpected additional requirement that can slow the transfer process. Investment accounts such as stock, bond or mutual fund accounts owned through an adviser or investment house which have beneficiaries designated or are designated as TOD (Transfer on Death) or POD (Payable on Death) require an Inheritance Tax Waiver before they can be transferred to the intended recipient.
This requirement will potentially delay the release of these not probate assets and is presumably intended to help PA and other states to insure they receive the appropriate inheritance tax payment. Read more here about the Inheritance Tax Waiver by clicking here at the PA Department Of Revenue website. Be aware of this requirement so that the proper paperwork can be provided in order to transfer both qualified and non-qualified investment accounts.

For questions or to review other Estate Administration and Estate Planning issues please contact Douglas Kaune, Esq. at 610 933 8069 or at Dkaune@utbf.com.
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, PA and also serving clients in the counties of Chester, Montgomery, Delaware, Bucks, Berks and Philadelphia.

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It is very important that same sex couples review the estate planning and estate/inheritance tax issues they are confronting.  In Pennsylvania alone there will be a hefty tax consideration.  The

Pennsylvania Inheritance Tax rate on transfers to a surviving same sex partner at the death of the first partner will be 15%.  For transfers of jointly owned assets to the surviving partner there will be a 15% PA Inheritance Tax rate on one-half of the value of the asset.   Take a look at this article for detailed look at the PA Inheritance Tax system and the resulting tax to be paid by the surviving same sex partner. Without proper planning, a surviving same sex partner could find himself or herself with a significant financial burden and unprepared to pay for it.

Please feel free to contact Douglas L. Kaune, Esq. any time at 610-933-8069 or dkaune@utbf.com to discuss your particular Estate Planning matter to determine the appropriate planning for you and your loved ones.
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 located in Malvern, Phoenixville, 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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Pennsylvania, through its Inheritance Tax, is one of many states that applies a death tax upon the estates of its deceased residents and real property owners. I think it is interesting and important to know about the other state death tax systems. Check out this site for a review of how Pennsylvania and all other estates apply their inheritance tax systems. Keep in mind that real estate owned in a particular state is taxed in accordance with that state’s laws regardless of where the deceased owner resided at death. We frequently represent the estates of deceased Pennsylvania residents who own valuable real estate in other states such as New Jersey, Delaware and New York. Knowing the tax laws of other states can help us incorporate the proper estate planning not only for Pennsylvania inheritance tax concerns, but also other laws that might apply to our clients.

Please feel free to contact Douglas L. Kaune, Esq. any time at 610-933-8069 or dkaune@utbf.com to discuss your particular Estate issue to determine the appropriate planning for you and your family.
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 Malvern, Phoenixville, West Chester Offices serving Chester County, Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Pennsylvania (PA).

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Roth IRA Conversion Might Equal Estate Tax and PA Inheritance Tax Savings. Many individuals are considering whether or not to take advantage the new Roth IRA conversion rules. Read this Smart Money article for some of the issues to consider for Roth conversions. This decision will require an in depth analysis of each individual’s circumstances and goals. That being said, the Roth IRA conversion is likely to create a PA Inheritance and Federal Estate Tax savings in estates where thoses taxes apply. Generally speaking, paying the income tax associated with your IRA now will serve to reduce the overall size/value of your estate. This will theotically reduce the assets subject to estate and inheritance tax at death and help avoid the possible “double or tripple taxation” of your IRA at death. The possible estate and inheritance tax savings are not the sole determining factors, but can likely be placed in the positive column when making the overall assessment to conert your traditional IRA or not.
Please feel free to contact us any time at 610-933-8069 or dkaune@utbf.com to discuss your particular estate/probate case to determine the appropriate fee structure for an attorney or executor.
Wills * Trusts * Elder Law * Probate * Asset Protection * Power of Attorney * Estate Planning
Malvern, Phoenixville, West Chester Offices Chester County Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Law Practice Locations

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The inheritance tax is a tax on the assets owned or controlled by a decedent at the time of his or her death and applies to assets individually owned, jointly owned and with beneficiaries designated. The tax does not apply to life insurance on the decedent’s life. It also applies to assets the decedent gifted within one year of the date of death. The tax rates are dependent on the relationship of the decedent to his or her beneficiaries. The inheritance tax return is due within 9 months after the date of death. A discount can be achieved for the portion of the tax paid within 3 months after date of death. A six month extension for the filing of the tax return is available during which interest will accrue against any unpaid portion of the tax ultimately due.

Douglas L. Kaune, Esquire dkaune@utbf.com

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