Wealth Preservation, Trusts and Estates

Need a quick overview of the federal estate tax to make this crazy situation make sense? I found a good overview that just takes a few minutes. Since you’re probably from Pennsylvania (most of our clients are from South Eastern Pennsylvania) just ignore the last fifteen seconds on the Ohio inheritance tax. I’ll write a little overview for you on the Pennsylvania Inheritance tax down below.

But for now, click here for more on the current state of the federal estate tax.

The Pennsylvania inheritance tax overview: By: David M. Frees III, Esquire

Transfers on death to a spouse in Pennsylvania are taxed at a zero percent tax rate.

Transfers to children, grandchildren and linear descendants are taxed at 4.5% for Pennsylvania inheritance tax purposes.

Transfers to brothers and sisters are taxed at 12%.

Transfers to charities are taxed at a zero percent rate.

Transfers to all others are taxed at 15%.

There are many nuances, discounts, deductions, and specifics that cannot be covered here. If you’re an executor, make sure to get good advice before filing a form 1500 Pennsylvania Inheritance Tax Form.

P.S. Here’s another view on the federal estate tax and the problems created by congressional inaction.

David M. Frees III, Esquire practices law with Unruh, Turner, Burke and Frees with offices in Phoenixville, Malvern and West Chester, Pennsylvania. Mr Frees Chairs the Trust and Estate Section of the firm with clients throughout the Main Line, Devon, Wayne, Exton, and surrounding areas.

610-933-8069
dfrees@utbf.com

P.P.S. Want the estate tax and inheritance tax secrets that they don’t want you to know? Do you know the pros and cons of using joint accounts in estate planning? Call for a complimentary consultation or for a free will update. Mention this code avidFrees for the free consult. with David or one of the attorneys at Unruh, Turner, Burke and Frees.

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When Do I Show My Estate Planning Documents To My Family?
By: David M. Frees III

The question of when, or even whether or not, to show adult or mature children your will or estate planning documents has no easy answer.

The best answer is that it depends.

In this, and a series of brief up coming posts, we’ll explore that question and the pros and cons of each option. In my experience (over 25 years of drafting estate planning documents for families and advising families at all levels of affluence), the answer varies depending on your personal circumstances and the particular documents. My answer, for example about when and how to share a broad durable power of attorney may be different than my answer about sharing and discussing a living will and medical power of attorney.

We will examine when to share the will, when to give an agent a copy of a medical or durable power of attorney, and when to share trusts and other documents.

Today we start with your question about when to share a will with family members.

In the case of wills, many clients never share the particulars of the will. They realize, that this document may change trough time and that who gets what assets may also change. Since no one really needs to see the document before your death, it may be enough to make sure that the family knows how to get your original will if you pass away. If you have only one or two children, and they are both appointed as co-executors, sharing that fact with them may also be prudent.

My clients who do not share the specifics of their wills, or copies of the documents, usually have a memo, or a binder. This documents contains copis of the necessary documents (in case of emergency) as well as instructions, locations or originals, passwords, and related information such as who the accountants, lawyers, insurance and financial advisers are and how to contact them.

More on these issues to come.

David M. Frees III is a lawyer with over 24 years of advising clients in the areas of trusts, estates, estate planning, and related legal matters. He has law offices in Malvern, Phoenixville, and West Chester and serves clients throughout Pennsylvania including Exton, Devon, Wayne, Chester Springs, Ardmore, Berwyn and many surrounding communities.

For a complimentary consultation call 610-933-8069 and mention PAESTATEPLANNERS as the code for your free consult.

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If you have ever been confused about when to use a will and when to use a revocable trust, you are not alone. I have just posted a video, and a great quick overview of that question of will or revocable trust on our estate planning site www.PaEstatePlanners.com.

Click here to watch the video and read the brief checklist on wills vs. trusts in Pennsylvania.

This brief video and article will walk you through the big issues related to the question of whether or not you need to spend the extra money for a revocable trust in Pennsylvania. There is also a video and a link to another great article on the trust question.

David M. Frees

For an appointment with David Frees for a revocable trust, a will, or a power of attorney in Pennsylvania please call Donna, Denise, or Beth. To make sure that you receive a discount and an initial consultation at no charge mention this blog and offer “DavidFrees 2010″ when you call.

You can also reach David at 610-933-8069

David Frees is a trust, estate, and asset protection lawyer with offices in Malvern, Phoenixville, and West Chester, Pennsylvania that serve many surrounding communities including Malvern, Devon, Berwyn, Wayne, Chester Springs, Phoenixville, and Exton as well as many others in the area.

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