Wealth Preservation, Trusts and Estates

By: David Frees
Wills, Trusts, Estate and Asset Protection Planning

Generally, the rule is that when you create a trust, and keep the right to receive assets from that trust, the trust can be reached in a lawsuit against you and will be taxed in your estate.

In recent years, several states, including Delaware, Nevada and Alaska have passed statutes purporting to allow you do get both tax and creditor protection without having to move assets off shore.

And, while these trusts have a number of restrictions, and downsides, the IRS has now issues a PLR – private letter ruling on these important issues related to an Alaska trust.

For more information on the IRS and asset protection trusts, prepared by David Frees click here.

For an appointment ranging from a simple will review and update to the more complex issues of trusts and estate planning, call David Frees’ office at 610-933-8069.

Mention this code (DavidFrees2010) if you are a Pennsylvania resident and receive a free initial consultation by phone or in person. Call 610-933-8069.

David Frees and Unruh, Turner, Burke and Frees maintain law offices in Phoenixville, Malvern and West Chester.

These offices service West Chester, Chester Springs, Exton, Phoenixville, Spring City, Collegeville, Downingtown, Malvern, Devon, Berwyn, and many surrounding communities.

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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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