Steinbrenner’s Death In 2010 Saves Heirs $500 Million!!
Some people are very skilled at making money and protecting what they make from taxes during their lifetimes. Now, some wealthy individuals can even manage to make/save money just based on their dates of death. George Steinbrenner, an amazing businessman and majority owner of the New York Yankees, is the most iconic symbol of this …
Special Needs Trusts: Using a Trust Protector
We prepare special needs trusts for beneficiaries to help insure the recipient of inherited or gifted assets can continue to qualify for government or private benefits. Clients who are creating these trusts often struggle to decide who they should appoint as trustee of the trust. We want to make sure that we select the correct person …
Estate Planning For Minors Update: James is 1 Year Old
Just over a year ago I posted an article advising you of the birth of our son, James Douglas Kaune. I also took the time to emphasize the need to do proper estate planning to protect your minor children. Well, James
Senate Action Urged on Estate Taxes – Trying To End The Uncertainty
Federal Estate Tax Reform and Certainty Is Needed by: David M. Frees III, Esquire Congress failed, at the end of the year to enact any estate tax reform. As a result, the tax was eliminated for a one year period. This might seem like a blessing, but currently, many people’s documents no longer function as …
The Latest News on GRATs -Grantor Retained Annuity Trusts – In Congress
David M. Frees III, Esquire on The Ten Year GRAT The Houses Passes A New 10 Year GRAT Requirement On June 15th, the US House passed H.R. 5486 (a “jobs bill”) that contained a requirement that GRATS (Grantor Retained Annuity Trusts) be for a term of at least 10 years. As readers know, we have …
Estate Planning for Same Sex Partners: PA Inheritance Tax
It is very important that same sex couples review the estate planning and estate/inheritance tax issues they are confronting. In Pennsylvania alone there will be a hefty tax consideration. The Pennsylvania Inheritance Tax rate on transfers to a surviving same sex partner at the death of the first partner will be 15%. For transfers of jointly …
How Much Does Long Term Care Insurance Cost?
So many clients are interested in purchasing long term care insurance (LTCI), but are scared to pursue the coverage because of the perceived prohibitive cost. There are so many different types of policies and levels of coverage that there may be a policy to fit your budget. That being said, you should become an educated …
Updating Your Will and Estate Plan Upon Divorce
Your estate planning documents such as wills, trusts and powers of attorney require periodic review and updating. Changes in your life circumstances such as a divorce necessitate modification of your estate planning documents. Regardless of whether or not you created a will or other planning documents during your marrieage, you should have these documents prepared after a …
IRS Information on College Education and Taxes – Do You Need A New Will When You Have College Aged Kids
Need more information on paying for college, wills and tax issues?
When Is A Bank The Best Trustee In A Pennsylvania Trust?
Chosing the best trustee might mean a bank as trustee in certain cases.