Wealth Preservation, Trusts and Estates

Owning S Corporation Shares in a Trust can be tricky business. There are three types of trusts that can qualifiy with the IRS to own shares of an S Corporation: 1. The Qualified Subchapter S Trust (QSST) 2. Electing Small Business Trust (ESBT) 3. Grantor Trust. There are different benefits and pitfalls for using each of these S Corporation Trust options. Read here for an overview of the compared characteristics of the QSST, ESBT and Grantor Trust. After selecting the correct Trust to own your S Corporation shares you must also make a timely IRS election to further qualify the trust.

Without proper trust planning and proper IRS election, your S Corporation could be recharacterized as a C Corporation. This is likely to have significant negative income tax consequences that can and should be avoided with advanced planning.

Please feel free to contact Douglas L. Kaune, Esq. any time at 610-933-8069 or dkaune@utbf.com to discuss your particular Estate and Trust case to determine the appropriate planning for you and your family.
Wills * Trusts * Elder Law * Probate * Asset Protection * Power of Attorney * Estate Planning
Malvern, Phoenixville, West Chester Offices serving Media, Exton, Downingtown, Norristown, Chester County, Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Pennsylvania (PA).

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It is important to continuously review your estate planning documents such as Wills, Trusts, Powers-of-Attorney and Living Wills, to insure that they name the correct Executors, Trustees, Guardians, Beneficiaries and Power of Attorney. It is not enough to sign these documents once. You must continuously review your present needs, the needs of your family and the people you have trusted to take on significant resposibilities. Read this legal guide written by Douglas L. Kaune to review some of the reasons you might need to update your estate planning documents.

Contact Douglas L. Kaune, Esq. at 610-933-8069 or dkaune@utbf.com to discuss your estate planning documents and the need to update them to best provide for you and your family.

Wills * Trusts * Elder Law * Probate * Asset Protection * Power of Attorney * Estate Planning
Malvern, Phoenixville, West Chester Offices serving Collegeville, Royersford, King of Prussia, Berwyn, Wayne, Newtown Square, Media, Paoli, Frazier, Chester Springs, Spring City, Valley Forge, Kennett Square, Exton, Lionville, Downingtown, Chadds Ford, Norristown, Devon, Radnor, Chester County, Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Pennsylvania (PA).

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