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.
You've Got Mail... and Perhaps an Unintended Contract
Written by Joanne MurrayWe’ve all heard of someone who hit the Enter key too quickly and sent an email he later regretted sending. Unfortunately, in some cases, the result is that the correspondents are deemed to have entered into a contract, without a formal writing and even in the face of evidence that the parties intended to later sign a formal contract. That was the case a few years ago when counsel for Amazon.com sent a one-word reply (“Correct”) to an email from opposing counsel outlining several specific terms of a settlement of a lawsuit. A Pennsylvania court faced a similar case in 2006, when it enforced an unsigned settlement agreement between Commerce Bank and First Union National Bank after concluding that the signing of the agreement was a mere formality since the parties had already evidenced their intent to be bound.
Protecting Your Trade Secrets - Silence Is Not Always Golden
Written by Joanne MurrayA company’s customer lists, price lists, marketing strategies, and other trade secrets are vital to its success. A smart business owner will ensure that key employees sign non-disclosure and non-compete agreements to protect the business if the employee leaves and takes a job with a competitor. But what if the company is sold? Does the buyer enjoy the benefits of the restrictive covenants contained in the selling company’s employment agreements? The answer is “it depends.” In Pennsylvania, if the purchase is structured as an asset purchase transaction, the buyer does not receive the benefit of the restrictive covenants contained in the seller’s agreements with its employees unless those agreements specifically state that the covenants are assignable. This is because these covenants are viewed as trade restraints that impair a former employee’s ability to earn a living and therefore are interpreted as narrowly as possible to protect the employer’s legitimate business interest.
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.
October 3, 2011: Antheil Maslow & MacMinn, LLP is proud to support the 11th Annual Central Bucks Chamber of Commerce Bucks Fever FilmFest. This is a wonderful local celebration of emerging filmmakers, so if you are a film buff, please come to Doylestown to participate in an evening of stimulating discussion, networking and the screening of the winning films.
On Sunday, October 16th, 2011 there will be three exciting events in Doylestown which are open to the public:
Filmakers Seminar - 4:00 - 6:00 p.m. Oscar Martin Room, Moose Lodge "Bringing History to Film" by Robert Child
FilmFest Networking - 6:00 - 6:45 p.m.
FilmFest Screening of Winning Films - 7:00 - 9:15 p.m.
The County Theater, 20 E. State Street, Doylestown, PA
For more infomation: 2011 CBCC Bucks Fever FilmFest
The Bucks Fever FilmFest is an annual, juried festival. Winning short films submitted by high school, college and emerging filmmakers are screened at the County Theater in Doylestown, Pa.
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.
Phone: 215.230.7500
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email. mhauser@ammlaw.com
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