As you may be aware, the “Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010”, which passed on December 17, 2010, raised the Federal estate and gift tax exemption for 2011 and 2012 to $5 Million dollars per person ($10 Million for gift splitting spouses) and reduced the top tax rate to 35%. Since then, Antheil Maslow & MacMinn has been advising clients to consider taking advantage of those provisions by using estate planning techniques which involve making lifetime gifts. According to the Act, on January 1, 2013, the estate and gift tax exemptions are scheduled to revert to $1 Million per person, and the top tax rate will rise to 55%. Additionally, there is growing speculation that the Super Committee's report (due on November 23rd), or the resulting legislation, will shorten the time to act, making it important to plan now. Those who choose not to take advantage of the current legislation could pay up to $2.2 Million more in Federal estate and gift tax.

For clients who could have Federal estate tax exposure, the present uncertainty provides an additional incentive to take advantage of the current $5 Million exemption by planning now rather than risk losing the benefit. In addition to the favorable current estate and gift tax laws, low interest rates and depressed asset values (real estate in particular) have made a lifetime gifting strategy even more appealing.

We do not know who may become subject to a Federal Estate Tax in the future. It is possible that will include a single person with a net worth above $1,000,000 or a couple above $2,000,000, but taking advantage of the current $5 Million lifetime exemption before it expires offers an unprecedented opportunity. If you have not considered making gifts this year, or have decided to give but have not implemented your plan, you are encouraged to contact your regular AMM attorney, or either Alan G. Wandalowski, Esq. or Timothy M. White, Esq., from our estate planning department, to discuss how implementing gifting strategies in 2011 may enhance your estate plan.

Alan Wandalowski, Esquire is participating in the Central Bucks Chamber of Commerce Leader Advancement Program, designed for entrepreneurs, business and non-profit professionals. This dynamic nine-month, thirteen session program offers a select group of Chamber members rare, in-depth access to Central Bucks County’s most influential non-profit, corporate and government leaders.

Participants engage in interactive panel discussions featuring top leaders in a variety of fields, and gain an expanded knowledge of Central Buck’s County’s history, quality of life, cultural benefits, and issues facing today’s leaders.

Alan is really enjoying the program, and comments: “I feel very fortunate to participate in such a rich and comprehensive program. I am looking forward to expanding my knowledge of the culture, government, history and community of Bucks County. I am confident that the experiences and relationships I gain from my participation will allow me to do this and in turn, enrich my professional life significantly.”

Visit Alan’s Linkedin Profile for updates on the special events Alan participates in during the course of the program, at:

October 17-23 is National Estate Planning Awareness Week. 

 This week is National Estate Planning Awareness Week, and Antheil Maslow & MacMinn encourages you to use this as an opportunity to discuss estate planning with your family and your attorney.  For those without a plan, you should create and implement one immediately.  For those whose circumstances have changed (birth of a child, divorce, death of a beneficiary, relocation, etc.)  since their plan was last updated, its a good time to review the plan now.  And, for those fortunate enough to have significant assets (in excess of $5 Million), you really should learn about tax planning strategies that could reduce your estate, gift, and GST tax exposure allowing you to pass more wealth on to your family. In fact, this fall there are some unprecedented opportunities for lifetime giving to reduce federal transfer taxes.   

 If you have questions about estate planning in general, and would like to meet with us about creating, changing, or just updating your estate plan, or are interested in learning about transfer tax planning, please contact one of our estate planning attorneys to schedule a courtesy consultation.

Antheil Maslow & MacMinn, LLP   is proud to sponsor Big Brother Big Sisters of Bucks County's An Evening for Kids Sake, Celebrating the Accomplishments of the Youth of Bucks County.  Tickets are now on sale for the 9th Annual Signature Event on Friday,  October 28th, 2011 from 7-11 at Spring Mill Manor.  This is a fun event which benefits a great local charity.  For full event details and sponsorship information: click here.

Antheil Maslow & MacMinn, LLP is proud to join Davidson Trust Company and Judith A. Algeo, Esquire in sponsoring the Bucks County Bar Association's Women's Power Summit on Thursday, October 6th, 2011.  The event is at the Cock N' Bull Restaurant in Peddler's Village, Lahaska from 2:30 pm - 4:30 pm.

The program features Keynote speaker Carol Tracy, Esquire and Panelists: Judge Rochelle Friedman, Judge Cynthia Rufe, Judge Susan Devlin Scott, Bucks County Commissioner Diane Ellis-Marseglia, State Representative Marguerite Quinn and Team Capital Bank Regional President Patricia Markel.

This promises to be a lively and though-provoking discussion exploring the topic of "Women and Power".  The program is open to all women, so please spread the word to your friends, colleagues and business network.

Update:
September 18, 2011: Sunday was a beautiful sunny day in Doylestown, and we want to thank all who stopped by to watch the bike race and enjoy a barbecue lunch with us.  We were so pleased with the turn out for our event, and we think our location offered our guests a thrilling view of the bikers speeding by.  It was great to get a chance to visit in a relaxed setting.

If you weren't able to join us, it was a fun day, so we hope you'll  keep us in mind for next year!

Joanne M. Murray, August 17, 2011:

On August 1, 2011, amid the flurry of negotiations, posturing and press conferences on the debt ceiling bill, Congress quietly and without much fanfare passed an amendment to the Consumer Product Safety Improvement Act of 2008 (“CPSIA”) that will dramatically affect the consumer product industry.  The legislation passed with overwhelming support in the House and Senate and was signed into law by the President on August 12.

In the nearly three years since the passage of the CPSIA, the Consumer Product Safety Commission (“CPSC”) on several occasions deflected criticism of its regulations by asserting that only Congress had the authority to grant the relief requested by various stakeholders.  It is fitting, therefore, that the stated purpose of the legislation is “to provide the Consumer Product Safety Commission with greater authority and discretion in enforcing the consumer product safety laws.”

The new law addresses several key topics relating to toys and other children’s products, including: (i) lead content limits for children’s products; (ii) third party testing requirements for children’s products; (iii) phthalates limits; and (iv) tracking labels.  The legislation also addresses industry concerns regarding materially inaccurate information contained in reports on the CPSC’s consumer complaint database.

The 2011 Bucks Fever Film Fest 11th Annual Juried Competition for Short Films submission deadlines are fast approaching.

High school, college and emerging filmmakers from the greater Delaware Valley are invited to submit short films to the 2011 Bucks Fever FilmFest juried competition. Early Bird Deadline for High School Film Submissions is June 30, 2011! Submit your film by downloading the submission form at www.bucksfeverfilmfest.org. The Bucks Fever FilmFest is a program of the Central Bucks Chamber of Commerce.

To learn more: http://bucksfeverfilmfest.org/

The Law Firm of Antheil Maslow & MacMinn, LLP is pleased to announce that Patricia C. Collins and Joanne M. Murray have been admitted as Partners of the Firm.

Patricia C. Collins practices in the Firm’s Labor & Employment, Healthcare, Litigation and Personal Injury groups. She has represented a variety of clients including employers, employees, healthcare providers both in administrative hearings and in complex litigation in federal and state courts.  She is an experienced employment law practitioner having represented clients in matters involving the Employee Retirement Income Security Act, federal and state employment discrimination laws, and employment contracts and wage claims.  In the healthcare field, Ms. Collins has represented clients with privacy issues and liability issues; federal and state regulations relating to credentialing, reimbursement, and treatment; and contracts among healthcare entities.

Joanne M. Murray practices in the Firm’s Corporate and Banking groups where she represents clients on issues of corporate law, contracts, commercial finance and real estate transactions and consumer product safety laws.  Ms. Murray has represented a variety of financial institutions, privately held businesses, physician practices, and nonprofit entities in a wide range of business transactions, including stock and asset acquisitions, affiliations, financing and loan restructuring, software license agreements, employment contracts, and leasing transactions.  Ms. Murray guides business owners through new entity formations and documents buy-sell, partnership and LLC agreements.  She regularly advises clients on legal developments in the area of consumer product safety, assists them in their interactions with the Consumer Product Safety Commission, and counsels them on interpreting how consumer product safety laws and regulations apply to them and their products and services.

As of January 2011, the Pennsylvania Department of State will require all corporations, limited liability companies, limited partnerships and other associations registered in Pennsylvania to file a decennial report.  The decennial report form, available on the Department of State website, www.dos.state.pa.us, will be used to identify registered business names and marks that are no longer in use so that they may be made available to new users.  If an entity fails to file the decennial report by December 31, 2011, the entity’s name or registered insignia will be made available to other entities registering in Pennsylvania.  If an entity files the decennial form after the deadline, its name will be reinstated unless it has been appropriated by a third party during the delinquency period.

The decennial report requirement applies to nonprofit and business entities. Some entities are not required to file this report, including entities that have made certain new or amended filings during the period between January 1, 2002 and December 31, 2011. Note that the decennial report requirement is different than the annual registration requirement for restricted professional limited liability companies and limited liability partnerships, which are required to file an annual registration on or before April 15.
 
If you are not sure whether you need to file this report for your entity, or if you have any questions regarding this requirement, feel free to contact us.  We caution you not to rely upon the Pennsylvania Department of State’s website search feature to tell you whether or not your entity is required to file the decennial report.