Dear Friends,
This firm is committed to providing quality service to its clients. This E-Newsletter is one means of providing that quality service.
We hope you enjoy this E-Newsletter issue, with information on several recent tax changes, asset protection planning, family limited partnerships, annuities, charitable lead trusts, long term care, life insurance, the “Dirty Dozen” tax scams, and other interesting news.
We feel all our clients and acquaintances could benefit from this information. Feel free to pass this E-Newsletter along to others. If you received this E-Newsletter from a friend and would like to subscribe, please visit the new website version of WHC-Law.com and enter your email address in the subscription space provided.
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Please let me know if there is an area of interest that you want covered in future newsletters.
Sincerely,
Bill Copperthwaite
ASSET PROTECTION PLANNING: THINGS TO CONSIDER
With news headlines announcing multi-million dollar jury awards in lawsuits, it is easy to understand why asset protection strategies might be needed.
(read more)
CRUMMEY NOTICES FOR IRREVOCABLE LIFE INSURANCE TRUSTS
Each beneficiary of the Irrevocable Insurance Trust is permitted to make annual withdrawals from the trust. This is called a Crummey power and has the effect of qualifying the premium payments to the Irrevocable Insurance Trust as gifts of a present interest that will be covered under the annual $13,000 gift tax exclusion (which is the amount for 2009). (read more)
WHY FAMILY LIMITED PARTNERSHIPS (FLPs) MATTER
FLPs are a versatile tool that can accomplish a number of income tax, estate tax, liability management and control objectives. Implemented properly in the right situations, FLPs can be a highly effective and valuable estate and business planning vehicle. (read more)
PLANNING FOR THE COST OF LONG-TERM CARE
Long-term care insurance may be purchased to meet the potentially devastating cost of long-term nursing home confinement. However, as with other insurance coverage, not every client is willing or able to pay for needed long-term care insurance. (read more)
MOST ASKED LIFE INSURANCE TAX QUESTIONS: THINGS TO CONSIDER
Those considering the purchase of life insurance usually have one or more tax questions related to the transaction (read more)
CHARITABLE LEAD TRUST PLANNING: THINGS TO CONSIDER
Sophisticated charitable giving techniques can allow donors to accomplish a number of philanthropic, family and tax objectives. (read more)
NEW TAX NUMBERS FOR 2009: THINGS TO CONSIDER
A number of figures used in tax and retirement planning have been updated for 2009. Here are some of the changes affecting pension and IRA contributions. (read more)
TAX DEVELOPMENTS 2009
While the new law tax changes in the American Recovery and Reinvestment Act of 2009 were the most significant developments in the first quarter of 2009, many other tax developments may affect you, your family, and your livelihood. (read more)
IRS' DIRTY DOZEN
IRS has unveiled its latest list of notorious tax scams, which it calls the Dirty Dozen, highlighted by schemes involving phishing, hiding income offshore and false claims for refunds. IRS warns that these tax schemes are illegal and can lead to problems for both scam artists and taxpayers who risk significant penalties, interest and possible criminal prosecution. (read more)
EQUAL PAY BILL SIGNED BY PRESIDENT
On January 29th, President Obama signed into law Senate Bill 2831, the "Lilly Ledbetter Fair Pay Act" [Public Law 111-2]. The law is named for a woman who had filed a lawsuit near the end of her career after she discovered that she had been paid less money than another worker doing the same job. (read more)
PENSION ACT'S RMD WAIVER FOR 2009
Late last year, Congress passed a law that helps individuals who are taking or about to take required payouts from employer-sponsored tax-qualified retirement plans or IRAs. In essence, the law waives these required payouts (called "required minimum distributions" or RMDs) for calendar year 2009. (read more)
TAX CHARACTERISTICS OF ANNUITIES
Nonqualified deferred annuities (NQDAs) are a popular investment vehicle, as they grow tax‑deferred. However, NQDAs come with potentially heavy tax baggage, some of which is obvious, and some not so much. (read more)
WILLIAM COPPERTHWAITE IN THE NEWS
STAFF UPDATE - NICHOLAS JAJKO
Nicholas Jajko has joined the firm as its Law Clerk. Nick is a rising 3rd year student at Widener University School of Law in Wilmington, DE. Originally from Northeast Philadelphia, Nick is a graduate of Holy Ghost Prep and Temple University. He received his Bachelors of Arts in Geography and Urban Studies and is interested in Land Use Planning Law. Nick currently lives in downtown West Chester with his girlfriend of 5 years, Michelle Rozgonyi. In their free time, they enjoy running, reading on the beach in Cape May, NJ, and watching the Phillies & Temple basketball games. Nick also enjoys working on his golf game. Nick is excited to be a part of the firm and is eager to meet everyone. He can be reached by phone at (610) 429-8127 or by email at LawClerk@WHC-Law.com.
THANK YOU TO JOSH DAYMEAN
The firm would like to thank last year’s law clerk, Josh Daymean, for a job well done. We are pleased to report that Josh got engaged to Michelle Lembo on Christmas Day 2008. Way to Go Josh! Congratulations to both of them.
CLIENT REFERRAL FORM & RECOMMENDATION
One of the key sources of future business is the thoughtful recommendation received from a satisfied client. If you know of any family members, co-workers, neighbors or friends who could benefit from this firm’s legal services, please feel free to provide their information by downloading and completing the referral form.
Client Referral Form (PDF)
SPEAKING INFORMATION
If you are interested in having William Copperthwaite speak at an event, please contact the office at (610) 429-3800 or (856) 616-1188 or by email at WHC@WHC-Law.com
"Good people do not need laws to tell them to act responsibly, while bad people will find a way around the laws."
- Plato
"The doorstep to the temple of wisdom is a knowledge of our own ignorance."
- Benjamin Franklin
“A wise man will make more opportunities than he finds."
- Francis Bacon
"It's not enough that we do our best; sometimes we have to do what's required."
- Sir Winston Churchill
