Surprise, Surprise
  In an unprecedented event, the federal estate tax has been repealed for 2010. While Congress determines whether the estate tax will be reinstated in 2010, possibly retroactive to January 1st, I want to let you know that you should still take this time to review your estate plan.
  With repeal of the estate tax in 2010 also comes the loss of the unlimited step-up in basis of your business to its fair market value at the date of your death. This means that some portion of your business, if sold after your death in 2010, may be subject to the same taxes that you would have paid if you sold your business during your life.
  While federal estate taxes are in flux, state estate and inheritance taxes remain an ongoing issue. Some states have their own estate tax, which may apply both to residents and non-residents who die owning certain assets in that state, such as real estate. Additionally, some heirs may be subject to state taxes, just because he or she receives an inheritance. With careful planning, it may be possible to ensure your assets pass to your heirs while minimizing estate tax exposure.
  Current estate planning documents, such as your wills, trusts and buy-sell agreements should be reviewed with your attorney to make certain the documents are drafted to be administered as you desire. If estate taxes remain repealed through 2010, your planning documents may now create unintended consequences.
Does your estate plan include provisions for a trust to be created?
  If that’s the case, during the review of your documents you may also want to consider assigning a professional trustee. Trustees may have to make tough decisions that might not be popular with all your beneficiaries; after all, the trustee is carrying out your instructions, not your beneficiaries’ wishes. This can be a difficult role to fulfill for a family member, who may not be unbiased, or may wish to act in a manner that avoids causing hard feelings within the family, rather than carrying out your instructions.  Being a trustee also carries with it the potential for future liabilities if the trust is not managed properly. Many times, once an individual becomes a trustee, it is only then that they realize the scale and scope of their responsibilities. 
What is the benefit of a corporate trustee?
  Trusts are great vehicles for asset protection, tax planning and charitable giving. Whether you are the grantor or the beneficiary, it’s important that you are confident in your trustee. A corporate trustee can work in concert with an independent financial advisor that has no loyalty to any institution, thus representing the best interests of the beneficiaries to ensure the trust is managed at the highest professional standard. Through our affiliation with The Private Trust Company, we are able to provide access to a professional corporate trustee that allows you complete control over the financial management of your trust (with the help of a financial advisor) while offering you the confidence of a professional trustee.
  The Private Trust Company provides trust administrative services for individual and family assets. Licensed in all 50 states under its 1995 national banking charter, the bank does not engage in investment banking. Instead, PTC allows clients to delegate money management services or maintain their relationship with their financial advisors for investment management. PTC serves in an administrative corporate trustee role, providing all fiduciary support, including record keeping, accounting and tax preparation; also, PTC ensures that trusts are managed and distributions occur according to the terms of the trust document.
Independence is an asset for financial planning
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Article Provided by:  Theodore Massaro, M Financial Planning Services
57 S. Maple Ave., Marlton, NJ 08053
856-810-7701 - www.mfinancialplanningservices.com