"Legacy Locker" Protecting Your Online Passwords and Accounts for Your Beneficiaries
Many of us have multiple email address, online bank and stock accounts and conduct social and business activity through sites such as LinkedIn and Facebook. I also have a significant number of clients who have business related websites that are responsible for generating a great deal of revenue. We do not necessarily want to make …
Federal Estate or “death” Tax and The New York Times
There are many views on the issue of estate taxes. The New York Times editorial may not be your view but it is worth a read. Do you think that a tax at your death should not be labeled a death tax? Read the New York Times Death Tax Editorial. David M. Frees …
Senate Votes On A budget Bill to Exempt More Estates – Will It Hold?
While this is only a budget bill, and only in the Senate, there was some movement on estate tax reform today. If this type of bill were to ultimately pass the house and senate it would allow many more couples, and individuals to do estate and asset protection planning for their heirs without some of …
IRA Trusts, Providing Extra Creditor and Asset Protection
IRA’s and other tax deferred retirement plans can now be left to trusts for your beneficiaries instead of directly to the beneficiaries. These IRA Trusts are broadly categorized as either conduit trusts or accumulation trusts. These trusts must be written with care in order to insure that not only are the assets protected from the …
New Alert ON RMDs From IRAs
If you are 70 1/2 or older there are new rules on required minimum distributions from your IRA. Just click the highlighted line to read more. David M. Frees III Pennsylvania Lawyer Avvo Rated 9.4 Superb. Visit our convenient offices serving Chester County, Montgomery County, as well as Lancaster County, Berks …
Will Your Estate Owe Federal Estate Taxes?
Many of us are wondering whether or not our Executors, Administrators, beneficiaries or Trustees will have to pay estate taxes at the time of our death. I came across an excellent article in Smart Money that will help you answer the question, Will My Estate Owe Estate Taxes? This should help you get a …
The Death Tax Update
Both the Senate and the US House of Representatives are now working on bills that would reform the federal estate tax (also known as the death tax) before the end of this year. Both bills contain a $3.5 million dollar exemption per person. This would allow an individual Pennsylvania resident to shelter $3.5 million dollars …
The Top Mistakes of PA Executors and How To Avoid Them
I recently completed a great new report entitled “The Top Ten Mistakes Executors Make and How To Avoid Them.” This report is great for people who are or will be serving as executors of Pennsylvania estates for the obvious reason that it will help you to avoid personal liability. And, the report is also …
What Are Executor Fees In Pennsylvania?
In many states, the fees that executors can charge are set by statute. In Pennsylvania, executor fees must be reasonable. They are always subject to court review. In general, many executors charge fees ranging from 1% to 5% of the estates value. The Supreme Court has ruled that a three percent fee is, on the …
Beneficiary Designation Disaster
One of the most frequently neglected parts of the estate planning process is the proper use of beneficiary designations on life insurance, IRA’s, 401k’s, annuities and other similar assets. Failure to properly prepare and update a beneficiary designation can significantly change the disposition of assets someone intends to be carried out by his or her …