2011 Gift Tax Returns Are Due Now!
Gifts to children and grandchildren 1n 2011 may require you to file a gift tax return...
GRATs Used To Perfection By Facebook Creators
It is being reported that in 2008 Mark Zuckerberg and Dustin Moskovitz transferred a significant portion of their Facebook stock into a Grantor Retained Annuity Trust (GRAT). Facebook had not yet “gone public” and therefore the value of the stock was far below what it would be following the initial public offering (IPO). The Facebook …
Estate Planning For Pennsylvania Blended Families
PA estate and trust attorney David Frees reviews the estate planning issues facing blended families
Answers To The Most Important Power of Attorney Questions
All the answers you need about medical and financial power of attorney
A Failed Family Limited Partnership
Family Limited Partnerships A family limited partnership can clearly be a great estate and business-planning tool but if it is drafted or implemented incorrectly it could cost you money and headaches. Family Limited Partnerships allow families to own and operate a business or series of investments as part of an executor estate plan …
Mitt Romney’s Tax Return and Estate Planning Strategies of The Rich and Famous That Matter To You
The Romney’s 2010 tax return (which is quite lengthy and can be viewed in it’s entirety by clicking Mitt Romney’s Tax Return) gives us a few hints about trust and estate planning techniques of the wealthy that may have relevance for you – even if your net worth is closer to 1 million dollars than 150 million. …
Your Worst Nightmare…… A Bad Executor
Picking an executor is a critical part of any sophisticated or even simple and effective estate plan. Having the wrong executor or someone that does not fully understand your wishes can wreak havoc on your estate’s administration and more importantly on the execution of your wishes. In fact, other than the decision to create and …
Using the MIDGT To Take Advantage of Long Term Care Expense Deductions
One of the Irrevocable Trusts we prepare for clients who enter into Nursing Home Asset Protection planning is referred to as the Medicaid Intentionally Defective Grantor Trust (MIDGT). One of the tax features of the MIDGT is that the person, usually an elderly parent, who transfers assets to the irrevocable trust will continue to be …
Estate Tax Portability: Why More People Than Ever Will File Estate Tax Returns in 2011 and 2012
If Your Spouse Dies in 2011 or 2012 You May Think That There Is No Estate Tax Return Due You Might Right And You Might Be Surprised To Know You Should Still File Most people now know, that if they die during the calendar year 2011 or 2012 that there is a five million dollar …
Pennsylvania Trustee Liability for Investments – Important Law if You Own Your Own Company
Is Being An Executor or Trustee More Dangerous Than You Think? Yes! Even your own kids might sue you. By: David M. Frees III JD In many cases it might be. But, if you own your own business you might want to pay particular attention to this case. If you’re a business owner who …