Estate PlanningMaintaining a broad perspective is the hallmark of the tax and estate-planning group at Hamburg, Rubin, Mullin, Maxwell & Lupin. It is a perspective that has preserved the assets of individuals, allowed businesses to move forward with development plans, and enabled our clients to enjoy higher standards of living and a better quality of life.
Among the many areas in which the firm can be of service are the development of wills, revocable and irrevocable trusts, tax planning, succession planning, estate planning, estate administration, preparation of living wills and durable powers of attorney as well as all of the various components which fall under the domain of elder law.
Some of the basic estate planning documents we create for clients include:
- Advance medical directive, which is also called a living will. This document allows you to make your own decision whether you want artificial life support if you are in an unconscious state with no hope of recovery. This document also names a Health Care Proxy, which is a person who can carry out your decisions.
- A durable power of attorney, which allows you to name someone as your agent who can pay bills and make other financial decisions on your behalf. The power of attorney is "durable," meaning that it remains in effect even if you are incapacitated.
- A will or trust, which gives instructions as to how your estate will be distributed when you die.
The transfer of your estate at death is only one of the functions of a will or trust. They can also be used to protect your estate from a large estate tax liability and to plan for the care of your children should you unexpectedly pass away before they reach adulthood. As the tax laws are constantly changing and becoming more complex, it is essential that you have proper guidance in planning for your future and your family's future.
Contact HRMM&L to set up an appointment.
At HRMM&L, it's about the result.
Recent Representative Cases
- Developed and implemented a business succession plan to transition a multi-million dollar family owned business to children and grandchildren, with projected estate tax savings of over $1 million.
- Counseled a family that owns and operates automobile dealerships and a real estate development business. Structured and implemented a plan whereby substantial ownership interest in real estate were transferred from the older generation t the younger generation on a tax-free basis, using a combination of gifts and sales to various trusts. The projected estate tax savings for the family exceeds $5 million.
- Represent a number of clients who own interests in valuable gas deposits in the Marcellus Shale region in Pennsylvania and New York. Assisting clients in implementing estate plans whereby family generational trusts take ownership of these interests, some through family partnership structure, thereby establishing a valuable legacy for future generations.
- Represent numerous families in doing long-term care planning for a loved one who needs assisted living or nursing home care; assist families with development of personal care contracts so family members may be compensated for services provided to infirm family member.
- Assisted local nonprofit facility for special needs children to acquire, through merger with another nonprofit, a new site for its preschool and daycare operations.
- Assisted two local chapters of a national nonprofit organization to merge to more effectively administer charitable work.
- Assisted clients in establishing private foundations and charitable trusts to achieve family legacy of charitable giving.
Recent and Upcoming Speeches
- Diane Foxman spoke to the Merck Union Retirees on recent legislative changes to the PA Medical Assistance program and on the importance of updating your estate planning documents - including your beneficiary designations on assets like life insurance, held at Trinity Lutheran Church, Lansdale, PA.
- Diane Foxman recently lectured at Montgomery County Community College on the Legal and Tax Aspects of Owning a Business.
- Jon Samel spoke on estate planning and asset protection planning at Lacher & Associates Insurance Agency on August 13, 2009.
- In June 2009, Jon Samel, Mark Himsworth and Bernadette Kearney presented a seminar on asset protection planning to the Montgomery County Estate Planning Council.
What Clients should bring to a first meeting
Copies of:
- Existing wills, trusts, durable powers of attorney, healthcare powers of attorney, living wills
- Prenuptial or postnuptial agreements
- Residency Agreements/Contracts with nursing homes
- Your completed Estate Planning Questionnaire
