- have been appointed as an executor or trustee, or
- want to create a will, trust, power of attorney, a comprehensive estate plan, or
- are worried your will is out of date or no longer says what you want, or
- think that you might need a trust or estate plan that really works and holds up....
Then call and ask one of David's assistants at 610-933-8069 to set up an appointment and to see if you can work directly with David or one of his partners, or associates.
It may be one of the most important calls that you ever make.
Do you have a family dispute involving a will, trust, estate or family business?
Are you looking for a way to avoid the high costs and delays of litigation?
Trying to find a way to keep family relationships intact?
But, if you haven't already done it you might also want to file a gift tax return, or an extension. For the calendar year 2008, you should (and must) file a gift tax return when your gifts (of any type of asset) exceed $13,000.00 to any one person. A married couple can each make gifts of this amount.
There are also certain exceptions for the payment of tax deductible medical payments, and tuition, when those payments are made directly to the institution.
Otherwise, be sure to file a return. Even if you have gifted more than the annual gift tax exclusion amount, you may not owe any tax because each person currently has a lifetime exemption of $1 million dollars. This amount, to the extent it is used during life, reduces the $3.5 millio dollar exemption.
Finally, if you set up a GRAT, gave away real estate, corporate or business interests or other hard to value assets, be sure to get an accurate appraisal and file when required. If you don't have one yet just file an extension and get the appraisal ASAP and file.
Here's to a successful recovery in 2009. Make the most of your gifting. If you have questions, be sure to ask your advisor. But here is an IRS publication on gifting that might also be helpful.
David M. Frees III, Esquire