Wealth Preservation, Trusts and Estates

If you have children between the ages of 18 and thirty, chances are that they don’t have a will.  And, there are many reasons why that might be a bad idea.  For example, many of our adult children have children of their own but have not done a will to name a guardian, executor and trustee to care for those children, or their finances. In addition, if you have left a child or your children assets outright (and not in trust) then that child’s will may control what happens to those assets rather than your own will.  For more information on when, why, and how to get your adult children to do a will, trust, or power of attorney, visit out new article on Estate Planning, Wills and Trusts for Children at http://www.PaEstatePlanners.com.

For more information on scheduling a family will clinic to update your own planning and to get your children to complete or update their planning call 610-933-8069 and mention the offer code:  FAMILY WILL REVIEW to qualify for a free review.

David Frees is Chairman of the Unruh, Turner, Burke and Frees Trust Estate and Wealth Preservation Section

David and the firm maintain law offices in Malvern, Phoenixville, and West Chester Pennsylvania which serve

the Main Line, and many surrounding communities such as Devon, Exton, West Chester, Ardmore and others.

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No Will? That’s Called Intestacy.
But Don’t Worry.
The State Of Pennsylvania Has Done One For You.
How Do You Think That Will Work?

If you have a will and it’s more than a few years old, you may have to have it reviewed because of the volatile situation with the estate tax. However, if you have never done a will it may be time. Most people don’t realize, that when they fail to create and to properly execute a will, that the state of Pennsylvania will do one for you.

The failure to have a properly executed and legal will at the time of death makes you INTESTATE under Pennsylvania law. And, if you die intestate, the state automatically answers the following questions:

1) Who gets your estate – it may not be who you think.

2) When kids get the assets. Answer: 18. That doesn’t sound good does it?

3) Who takes care of the kids – a court appointed guardian chosen by the judge (think legal fees too); and

4) Who manages the kids money – again, a court appointed guardian but only until age 18;

5) Who gets to be the administrator (the executor under a will) – and there are classes of people who may not be qualified and who might fight about who gets to do it (again, think legal fees and administrator fees).

If you’d rather be in control of these and many other issues, thn completing and executing a valid will and/or will and trust is essential.

That process can be easy and inexpensive when compared to the high costs that often result from intestacy.

For a limited time, Unruh, Turner, Burke and Frees are offering a free will review or, if you have never had a valid will or trust, a free will consultation. And while there would be fees for completing an estate plan (including a will, power -of – attorney and medical power as well as a living will) there is no charge for the review or consult and there is no obligation on your part while this offer lasts.

To claim a free will review or a free will consult call 610-933-8069 and mention offer code: DaveFreesWillReview. Donna, Beth, or Denise will be happy to schedule you. (more…)

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David M Frees Esq on Pennsylvania Inheritance Tax, The Federal Estate Tax and What Worries You?

For the next few months, there is no federal estate tax. Many states ( including Pennsylvania) still have an inheritance tax, and the federal gift tax laws remain in effect. But soon, estates of more than 1 million dollars will be subject to the federal estate tax with a starting marginal rate of 42%. The top rate (after January 1st 2011) will be 55%.

Opponents of the federal estate tax call it the death tax. And those who support the death tax call the opponents shrewd liars (click here for the recent estate tax piece in the Atlantic)

But, interestingly enough, in an article where the author calls opponents of the death tax “liars” he also distorted the truth. In the Atlantic article, the author claims that the first $3.5 million dollars of each American’s estate will be free from tax.

But, unless Congress acts soon, the tax will start after the first $1 million dollars and that will include insurance and retirement accounts as well as the value of your home.

We’d like to know what you think about the federal estate tax? Please leave a comment below and tell us what you think.

And, if you have questions about the Pennsylvania Inheritance Tax, or concerns about the Federal estate tax and what to do about it, feel free to post them below in the comment section or to email them to dfrees@utbf.com

David Frees, Esq. helps affluent families and individuals to achieve their estate planning goals and objectives in the areas of will, trusts, estate tax and inheritance tax planning. The firm also works with clients facing nursing home and elder law issues.

The firms offices are located in Malvern, Phoenixville, and West Chester and serve many surrounding communities such as Exton, Berwyn, Collegeville, Downingtown, Devon, Wayne and others.

For a complimentary appointment or phone conference call 610-933-8069 and mention PAEstatePlanners to qualify.

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David M. Frees III It’s that time of year. New Years Eve approaches and it is time to make decisions, set new goals, and to make your new year’s resolutions. And, this year, more than ever, estate planning, updating your will, trust, and power of attorney should top the list.

This brief article will examine why 2010 estate planning resolutions and will updates are more important than ever, and how to make sure that this is one resolution you’ll actually keep.

First, the many laws related to estate planning and estate and inheritance taxes change regularly. For example, Medicaid – nursing home laws, estate and gift tax rules, and power of attorney laws have all changed recently for Pennsylvania residents.

However, this year there was also a major change, when Congress allowed, at the last minute, for the federal estate tax law to lapse. But, don’t take that too happily because it comes roaring back in just 12 months and that version may be worse than ever. And, to make matters worse, if your assets (including life insurance) exceed 1 million dollars, your estate planning documents might not even work properly.

So for the full story on who should revise their estate plan and why, as well as notes on how to keep this resolution, click here.

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Estate Planning For Pennsylvania Families With Young Children By: Pennsylvania Attorney David M. Frees III

On Friday, December 12th 2009 Chester County Attorney David M Frees was a faculty memeber at the Philadelphia Convention Center to present his well attended program: Estate Planning For Families With Young Children.

Frees, who spoke for the PBI (Pennsylvania Bar Institute) was asked to return to the event faculty for his second year of presenting on this topic. Frees, who Chairs the Unruh, Turner, Burke and Frees Trust, estate and Wealth Preservation section, taught lawyers from around the state about the most important topics for lawyers representing families with young children and how to best serve their clients.

Frees’ topics included many of the best practices in estate planning including: how to help families to select guardians, 2) the advantages and disadvantages of trusts vs uniform transfers to minors accounts, 3) who should be the trustee?, 4) At what ages should distributions be made and how should you instruct the trustees when you’re no longer available?, as well as how to use 529 plans for Pennsylvania residents and, 5) should parents consider a sprinkle trust where there is an age gap between the children and until they graduate from college?

Other topics included planning to protect children and grandchildren from divorce and lawsuits.

Many of the lawyers in attendance have returned to see David on this topic for more than one or two sessions knowing that they will get the latest thinking and a real overview of the pros and cons of many different estate planning options to share with their clients.

If you need to update a will, trust, or estate plan, or if you are the parent or grandparent of young children and want your plan to truly reflect your thinking and wishes, please call Donna or Denise in the office of David M. Frees III at 610-933-8069. Mention this press release to receive a free copy of David M. Frees’ recent report: The Ten Most Common Mistakes Executors Make and How To Avoid Them.

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David M Frees III, Esquire has just been awarded AVVO’s highest lawyer and attorney rating of 10.0. Frees heads the Trust, Estate, and Wealth Transfer Section of Unruh, Turner, Burke and Frees with offices in Phoenixville, Malvern, and West Chester, Pennsylvania.

Frees whose practice is limited to trusts, wills, estates, probate, asset protection, and estate planning helps families and individuals to create effective estate tax, asset protection, and business succession plans.

However, Frees notes that “The firm has lawyers that work in many different areas so that our clients’ needs ranging from personal matters such as estate planning, personal injury and related matters are well protected and served by the firm. And, many other firm practice areas help clients in their business, real estate, and related commercial matters.”

“I am honored to receive AVVO’s highest professional rating. AVVO is one of the premier lawyer search and referral sites on the internet and rates lawyers on a variety of factors. I regularly publish legal guidelines and answer estate planning, will, trust, and probate questions for AVVO users and I believe that it is a powerful tool for consumers.”

Thanks to everyone, including my partners and associates, my support staff, and the other lawyers and clients who have helped me to achieve this honor. I have a great team of people that I work with and great clients that we serve.”

Frees’ offices provide trust, estate, and estate planning services to the entire Philadelphia region, including but not limited to Chester and Montgomery Counties, Berks, Bucks and Lancaster Counties and many communities such as Ardmore, Devon, Berwyn, Paoli, Malvern, Willistown Township, Charlestown Township, East Pikeland, Schuylkill Township, and Doylestown

More information about AVVO rating and search services for Pennsylvania residents can be viewed by clicking this link.

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More and more consumers are using Google, local search, and internet tools to help them to find the right lawyer to help with wills, trusts, estate plans and related matters.

But, there are many reasons why searching for “the best” trust lawyer, estate attorney, or probate lawyer could actually get you the wrong information and might actually yield just the opposite of what you’re looking for. For example, many consumer’s do not know that lawyers are not even permitted to advertise that they are “the best” in any given area.

Additionally, there are no recognized specialties in wills, trusts, estates or other practice areas in Pennsylvania. So if you cannot find a Pennsylvania lawyer who “specializes in estate law” or is “an expert in estate law,” then how do you find the right lawyer for your needs?

If you want to know more about how to really find the lawyer or attorney with just the right credentials who practices in the areas of trusts, wills, estate law, and related topics, then see this short report that I just prepared for Pennsylvania residents looking for a lawyer.

Finding The Right Lawyer or Attorney and Not Just “The Best”

Please leave any additional questions or comments below.

Thank you.
David M. Frees III, Esquire.

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Here is a great email I received. Funny, dangerous, and reason to be careful with that used mattress.

Protecting Family Assets (even mattresses)

David M. Frees III
AVVO Rating Superb! 9.5

610-933-8069
dfrees@utbf.com
Practicing in the areas of asset protection, protecting heirs from divorce and litigation, estate planning and representing executors and trustees in Pennsylvania

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This is an alternative view on federal estate tax changes but be aware, not entirely accurate on the facts.

David M. Frees III
610-933-8069

Unruh, Turner, Burke and Frees have convenient offices
throughout the Philadelphia area and serve clients in
Chester County, Montgomery County, Lancaster and Berks Counties,
Bucks and Delaware County.

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Completing your Enhanced Estate Plan(TM) our proprietary process (often consisting of a Will, Power of Attorney, Advanced Medical Directive and one or more Trusts), is often viewed as the end of the process.

But, smart clients and estate and asset protection planners know that there is still a bit more to do.

I can hear it now, “No! How can there be more to do? I just spent all of this time and energy, paid a lawyer money and now he tells me that there is more?”

Actually, the remaining process can and should be simple. And, a good lawyer can help you with forms, suggestions and checklists.

But, taking the extra time to organize the documents in one place (we do that for you and even provide a legal binder), to draft memos, alert your executor or trustee of certain facts, make sure that the beneficiary designations are right, and to carefully store and preserve your passwords and electronic data, can save your heirs and family time, fees, money and energy.

Indeed, properly drafted memos and instructions can also avoid family disputes and more problems.

Read my article and the related Wall Street Journal piece on proper estate planning and organization by clicking here.

For more information for executors and trustees, order our great report on the 10 Most Common Mistakes Pennsylvania Executors Make and How To Avoid Them or our series of materials on Enhanced Estate Planning.

David M. Frees III, Esquire
Estate Planning, Trust, and Asset Protection Lawyer
Offices in Chester County and serving the State of Pennsylvania
David M Frees III, Esquire
David’s AVVO rating is Superb! Click here for more information.
610-933-8069

David Frees on Twitter: http://www.Twitter.com/davidfreesesq
David Frees on Facebook: http://www.path.to/FreesOnFacebook/
David Frees on LinkedIn: http://www.linkedin.com/in/davidfrees
Firm Estate Planning Blog: http://www.utbf.com/trust-estate
Executor and Estate Planning Blog: http://paestateplanners.com/blog

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