Quick and Easy E-mail Newsletter
| DECEMBER 2017 NEWSLETTER |
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|POZZUOLO RODDEN, P.C. |
|COUNSELORS AT LAW |
|THE BYE-BENSON HOUSE |
|2033 WALNUT STREET, PHILADELPHIA, PA 19103 |
|215-977-8200 |
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|UTILIZING PRIVATE FOUNDATIONS AS AN ADVANCED ESTATE PLANNING TECHNIQUE |
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|FIRM ANNOUNCEMENTS: |
|A. AMERICAN INSTITUTE OF FAMILY LAW ATTORNEYS- 10 BEST LAW |
|FIRMS |
|1. Pozzuolo Rodden, P.C. is pleased to announce that the firm was selected for exclusive Membership as one of the “10 Best Family Law Firms” |
|for 2017 and 2018 in Pennsylvania by the American Institute of Family Law Attorneys for client satisfaction in the practice area of Family |
|Law. |
|The American Institute of Family Law Attorneys (AIOFLA) is an impartial third-party Attorney and Firm rating service and invitation only legal|
|organization recognizing excellence of practitioners in the field. This is a significant achievement as each Firm must: |
|*Be formally nominated by the Institute, clients, and/or a fellow Attorney; |
|*Have attained the highest degree of professional achievement in Family Law; and, |
|*Have an impeccable Client Satisfaction rating. |
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|2. Pozzuolo Rodden, P.C. is also pleased to announce that Joseph R. Pozzuolo, Esquire was selected by Philadelphia Life Magazine as a “Top |
|Attorney” for 2017. “The Best Legal Professionals” are selected by their legal peers. |
|B. BLOGS |
|1. The following are a few of the business, tax, employment, estate planning and business litigation blogs posted on our main website |
| during the past month: |
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|a. Legal Issues: Caring For Parents With Dementia; |
|b. How To Administer An Estate; |
|c. Estate Planning: Step Children And Your Will; and, |
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|d. Steps To Building A Business. |
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|Please visit our website for more information on these and other |
|relevant business, tax, estates and employment topics. |
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|2. The following are a few of the family law blogs posted on our family law website during the past month: |
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|a. Surviving Spouse Is Required To Obtain Consent Of The Personal Representative Of Deceased Spouse To Withdraw Divorce Action; |
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|b. The Presumption Is In Favor Of Father In Best Interest Of Child Analysis In Grandmother’s Child Custody Petition; |
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|c. Limited Partnership Interest Not Included In Equitable Distribution Because Partner’s Interest Was Terminated If that Person Divorced; |
|and, |
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|d. Repeated Flagrant & Ongoing Contempt Of Child Custody Orders Requires Sanctions |
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|Please visit our website for more information on these |
|and other relevant family law topics. |
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|Please visit our Facebook page to read all of our past and future blogs: Pozzuolo Rodden, PC |
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|C. EDUCATIONAL SEMINARS ON YOU TUBE AND WEBSITE: |
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|Pozzuolo Rodden, P.C. is pleased to announce you can view the following seminars taught by Joseph R. Pozzuolo and/or Jeffrey S. Pozzuolo at |
|“Pozzuolo Rodden, P.C.- You Tube” |
|*The Negotiation and Documentation of Commercial Real Estate Loan Documents |
|*The Fundamentals of Starting a Business |
|*How Middle Income Families Should Plan for Retirement |
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|UTILIZING PRIVATE FOUNDATIONS AS AN ADVANCED ESTATE PLANNING TECHNIQUE |
|There are many tools, techniques and plans that can be utilized to personalize your estate plan. Many individuals approach estate planning |
|with the sole objective of reducing their overall tax liability. There are other individuals who consider charitable giving during their |
|estate planning. Setting up a private foundation can help with both these goals. Private foundations can allow for you to make a meaningful |
|philanthropic impact of creating a charitable legacy that supports causes that are important to you and your family. By definition, a private |
|foundation is a non-government, non-profit organization established either during life as a corporation or trust or at death by |
|incorporating the nonprofit organization into and as part of your estate planning documents. Their creation allows you the ability to create a|
|formal philanthropic legacy for your interests, control the funding, investments, timing and use of your charitable funds, make an impactful |
|and lasting change in society, give back to organizations that may have helped you and your interests such as schools, colleges and |
|universities, hospitals, medical research organizations, churches and religious organizations, museums, and certain social service |
|organizations, encourage others to give back, and even teach your family how to financially manage wealth more effectively. |
|Private foundations offer a much more fulfilling experience than simply writing a check to charity. Foundations can donate or make grants to |
|national or international charities, hospitals or medical research organizations award scholarships at schools or universities, and can |
|involve other family and friends in the management of the foundation. Private foundations are created with charitable intent but also have |
|beneficial income, gift and estate tax benefits that flow from being a qualifying charitable organization. With only a required distribution |
|of 5% of assets and income per year, this can allow for long term investments and the benefits of continuity and consistency. The private |
|foundation structure can ensure that the founder’s charitable vision will live on, well past the founder’s lifespan. |
|For those who are already engaged in charitable giving, it may be best to set up the foundation during life. Setting up the foundation during |
|life allows for training for those who will manage the foundation later after death. It allows for the ability to designate the philanthropic |
|goals and functions much like a family business. Different generations including children and grandchildren can work together towards a common|
|goal and learn the important skill of wealth management and philanthropy. Creating the foundation during life also allows for relocation of |
|support if there is a change of focus to something more meaningful to the Trustees or Board of Directors of the foundation. However, a well |
|planned estate plan may allow for the creation of a private foundation at death. Trusted individuals will be designated to manage the |
|foundation after your death and you won’t need to make the commitment of arranging for the foundation now. |
|When it comes to funding a private foundation, some assets are better suited than others. Assets that are characterized as income in respect |
|of a decedent will give rise to income tax liability and are better suited as charitable contributions. For example, distributing a pension, |
|deferred compensation, or IRA to a private foundation at death is more tax-efficient. The full market value of the pension, deferred |
|compensation, or IRA is included in the taxable estate of the taxpayer/owner when left to an individual beneficiary. Additionally any |
|withdrawals of funds by a beneficiary are reported as income and thus taxed a second time. This double taxation, estate and income taxes, |
|could substantially diminish the inheritance of up to 85%. A private foundation, however, pays no income or estate tax and therefore 100% or |
|the full value of the pension, deferred compensation, or IRA is kept intact. |
|During life contributing cash to a foundation is deductible up to 30% of the adjusted gross income. Gifts of appreciated, publically-traded |
|stock to a private foundation enables you to obtain a full fair market value income tax charitable deduction without reducing the amount that |
|can be used by the foundation by the capital gains tax payable. Gifts of appreciated property to a private foundation, such as stock and real |
|estate, are deductible up to 20% of adjusted gross income and the donor is entitled to a 5-year carryover in excess of the percentage |
|limitations following the year of contribution. In contrast, if you transfer appreciated stock or real property to an individual during your |
|life, the recipient of your gift pays a much higher capital gains tax on the sale of the appreciated property. Additionally, contributions |
|given to a foundation do not affect the $14,000 annual gift tax exclusion or the current $5.45 million federal estate and gift tax exemption. |
|There are other tangible assets that should be considered to be donated to a foundation. For example, if your foundation is dedicated to |
|supporting fine arts, you might want to donate your collection of paintings rather than having it sold and dispersed. If your foundation is |
|engaged in promoting the development of new techniques for sustainable farming and you own farm land, you might want to donate that land to |
|your private foundation. In other words, planning with an experienced tax advisor is mandatory to determine which assets to use to fund a |
|private foundation to avoid any potential pitfalls. |
|With the proper guidance and estate planning, a private foundation can be a very important tool and technique in your personal wealth and/or |
|philanthropic planning. If you have charitable intentions now or in the future, creating a private foundation will provide you with not only |
|income and estate tax benefits, but also with many intangible benefits. These include wealth management opportunities, family engagement in |
|philanthropic matters, and the ability to work on long-term, public good, charitable projects to carry out your or your family’ charitable |
|intentions. You can create a lasting legacy. These unique benefits are not afforded to you by simply making an outright charitable gift to |
|public charities. |
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|An experienced estate planning attorney at Pozzuolo Rodden, P.C. can help you to assess your personal wealth and goals to determine whether a |
|private foundation is a technique to preserve your wealth, your family’s charitable legacy and your control of the timing and use of your |
|charitable funds. |
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|If there are any legal questions you would like this office to answer in the future, please email the question to us at info@. |
|Each month, the question with the most relevance to our privately held business clients, advisors, and friends will be answered in our monthly|
|newsletter. The questions can relate to any of the areas practiced by this office including business planning and transactions, corporate |
|law, commercial litigation, employment law and litigation, commercial real estate and development, construction law and litigation, estate |
|planning, estate administration, tax and pension law, family law litigation. |
|PUBLICATIONS |
|All of the following professional publications and past newsletters written by attorneys of this office are available by clicking here: |
| Articles.shtml |
|Corporate/Tax Articles |
|Bankruptcy - How To Prevent It And How To Cope With It Should It Happen To Your Business |
|Deferred Compensation Rewards And Retains Key Employees |
|Design Buy-Sell Agreements For Maximum Utility |
|How An S Corporation Avoids The Double Taxation Incurred When Excessive Compensation Is Treated As A Dividend |
|How Mortgage Lenders Should Draft Broker Agreements To Avoid RESPA Violations |
|How To Look, Act And Sound Like A Professional Corporation |
|How to Structure a Suitable Buy-Sell Agreement |
|How To Use Non-Qualified Deferred Compensation Arrangements As A Business, Retirement And Tax Planning Tool |
|Money Purchase Pension Plan Falls Out Of Favor |
|Protecting A Client's Business From Unfair Competition Using Restrictive Covenants |
|Structuring Loans From Qualified Plans - How To Handle The Strict Tax Rules |
|What Type of Qualified Corporate Retirement Plan Best Serves Your Business, Tax And Retirement Needs |
|Why An Employment Contract Is Mandatory |
|Estate Planning Articles |
|Adapt Estate Planning Strategies to Fit the Needs of Same-Sex Couples |
|College Funding Tool Offers Estate Planning Advantage |
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|Diversify Strategies For An Effective Estate Plan |
|Divorce and Estate Planning |
|Divorce Raises The Need For Performing An Estate Planning Review |
|Drafting The Durable Power Of Attorney For Wealth Protection Purposes |
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|Estate Planning For Pet Owners |
|Remarriage Situations Can Raise Special Estate Planning Considerations |
|Six Proven Estate Planning Techniques |
|Special Needs Trust - An Estate Planning Tool For The Disabled |
|The Limited Liability Company -A Sophisticated Tool For Estate Planning |
|Using Trusts To Maximize Family Protection And Minimize Estate Tax |
|Why Living Wills- Advance Directives Are An Essential Part Of Estate Planning |
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|Actual resolution of legal issues depends upon many factors, including variations of facts and state laws. This newsletter is not intended to |
|provide legal advice on specific subjects. It is to provide insight into legal developments and issues. You should always consult with legal |
|counsel before taking any action on matters covered in our updates. |
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|This newsletter is courtesy of Pozzuolo Rodden, P.C. |
|To subscribe, unsubscribe, or for any questions, please contact us at info@. |
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