Wealth Preservation, Trusts and Estates

David M. Frees III On New Federal Estaet Tax Bill Passes

Today, the hose passed a bill extending the federal estate tax into next year and beyond. The bill passed 220 to 200 with all support coming from the democratic side of the house. This bill keeps the tax rate at 45% and exempts 3.5 million dollars. A married couple can still protect 7 million dollars of assets and life insurance, but it will still take some careful estate planning.

This is just a quick update. The Senate will now have to take up the issue and is likely to change the bill before the end of the year. We will keep you posted.

David M. Frees III

If you estate plan is more than two years old, it may be desirable to change or update the plan.
For an appointment to review or update your plan please call Donna Brownback or Denise Fox at 610-933-8069 or email dfrees@utbf.com and mention this article to receive a discount on your planning.

Unruh, Turner, Burke and Frees maintains offices servicing the entire Philadelphia region, including the Main Line, Ardmore, Bryn Mawr, Berwyn, Paoli, Chester Spring, and the surrounding areas. The firm has a number of probate, estate planning, and trust lawyers.

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Free Report on The Most Copmmon Mistake Executor's Make

It is an honor to have been named as an executor of an estate, or as a trustee of a trust. The person who created the will or trust obviously had a great deal of faith and confidence in you as a person, and in your ability to get things done, quickly, efficiently, cost effectively, and to keep the peace among often competing interests at a difficult time in their lives.

But most trustees and executors are surprised to discover that those jobs are difficult, time consuming, and carry a great deal of exposure to personal liability. Now I do not mean, that be agreeing to be an executor or trustee, that you automatically become liable for the debts of the deceased. You do not.

However, there are many ways in which executors and trustees are exposed to liability for their actions and you simply must understand them before agreeing to undertake the job. Once you get started, it might be too late.

Please view this short video before being sworn in as an executor, or before agreeing to act as a trustee.

Click here for our report for Pennsylvania executors: The Ten Most Common Mistakes That Executors Make and How To Avoid Them.

For a private consultation with David Frees, in any of our conveniently located law offices, please call
610-933-8069.

For access to our free executor and trustee information and a courtesy discount on any fee arrangement, be sure to mention that you read this blog post when you call.

David M. Frees III, Esquire has a 9.8 AVVO rating of superb. Click here to read more about David M. Frees III on AVVO.

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