Estate Planning
Peace of Mind Starts Here...
Estate Planning
Peace of Mind Starts Here...
Wills, Trusts, Estates and Taxes
The attorneys in the Wills, Trusts, Estates and Taxes practice group at Astor Weiss Kaplan & Mandel, LLP have over 100 years of combined experience tailoring estate plans to the unique circumstances of each client and his or her beneficiaries while minimizing estate and inheritance taxes.
Creating an estate plan that is specific to your situation starts with thorough analysis of your assets and discussion of your estate planning goals (e.g., establishing guardianship for your children, providing for future generations, protecting your loved ones, pet care, and/or supporting personal philanthropic causes). The next step is to strategize how to meet your estate planning goals in a tax efficient manner.
The practice group also has extensive experience in the administration of estates and trusts of all sizes and complexity.
Our experience includes, but is not limited to, the following:
Wills
Financial and Healthcare Power of Attorneys
Healthcare Directives (a/k/a Living Wills)
Trusts:
Revocable Trusts
Irrevocable Life Insurance Trusts (“ILIT”)
Grantor Retained Annuity Trusts (“GRAT”)
Grantor Retained Unitrusts (“GRUT”)
Intentionally Defective Grantor Trusts (“IDGT”)
Trusts that can hold S-Corp Stock
Trusts for the benefit of Grandchildren
Qualified Personal Residence Trusts (“QPRT”)
Special Needs Trusts
Retirement Plan Trusts
Estate Administration
Trust Administration
Lifetime Gifting Strategies
Business Succession Planning
Asset Protection Strategies
Family Limited Partnerships
Domicile Planning
Charitable Planning:
Charitable Lead Trusts (“CLT”)
Charitable Remainder Trusts (“CRT”)
Foundation Planning
Wills, Trusts, Estates and Tax Attorneys
Barbara Oaks Silver
Partner
David S. Workman
Partner / Chair of the Tax and Estate Planning Departments
Stephen H. Green
Of Counsel
Paul C. Astor
Senior Partner
John M. Pelet, III
Associate
Barbara Oaks Silver
Partner
Background
Barbara Oaks Silver is a partner in the firm, with her practice focused on the areas of Family Law and Estate and Financial Planning. Before joining the Firm in 1991, 23 years ago, Ms. Silver worked as a partner with her husband, Edward W. Silver, in their own Philadelphia Law Firm.
In 1999, Ms. Silver was one of the 154 attorneys chosen by her peers as a Best Lawyer in Philadelphia Magazine. She was also named as one of the Top 50 women lawyers in Pennsylvania. In 2004, 2005 and 2006, Ms. Silver was also named a Super Lawyer by her colleagues.
Education
University of Pennsylvania, undergraduate degree, Phi Beta Kappa
Temple University Law School , J.D., 1969, first in class
Bar Admissions
Pennsylvania
Professional Affiliations
Pennsylvania Bar Association
Philadelphia Bar Association
Community Involvement
Facilitator and teacher of the course titled “The Law, The Community and You” through Temple University Center City, TARP Division
Created and taught “Practical Law & Money” to over 1,400 women at the Gershman Y in Philadelphia
Past Chair of the Board of Friends of Curtis Institute of Music
Member of Executive Board of Stokowski Society
Creator and instructor of practical law and finance course designed especially for women at the Institute of Awareness in Philadelphia
Serves on the Board of Directors for several community organizations
Presentations and Publications
Ms. Silver has lectured and taught many courses throughout Pennsylvania and New Jersey, primarily focusing on Family Law and Estate Planning.
Former Professor of Corporate Law at the Institute for Paralegal Training in Philadelphia
Barbara Oaks Silver, Esquire
Astor Weiss Kaplan & Mandel, LLP
The Bellevue
200 South Broad Street, Suite 600
Philadelphia, PA 19102 215.790.0100 215.790.0509 (fax) bsilver@astorweiss.com
David S. Workman
Partner / Chair of the Tax and Estate Planning Departments
Background
David Workman, a partner in the firm since 1980, and is chair of the Tax and Estate Planning departments. Mr. Workman is a recognized expert in the field of tax and estate planning, concentrating his practice in federal, state and local tax matters, estate planning, estate administration and probate law. He further works closely with the firm’s litigation department on cases brought concerning trusts, wills or tax issues.
Mr. Workman coordinates commercial and real estate transactions, domestic relations resolutions and foreign expansion business with in-depth tax and estate planning. He has acted as counsel to both multi-million dollar corporations and small companies, as well as served as counsel for individuals with estate and financial planning concerns.
Education
University of Virginia, B.A.
University of Virginia, J.D.
New York University, LLM in Taxation
Bar Admissions
Pennsylvania
Delaware
Ohio
U.S. Tax Court
Professional Affiliations
Philadelphia Estate Planning Council
Awards
Mr. Workman was named a Pennsylvania Super Lawyer from 2004 through 2015
Presentations and Publications
Mr. Workman has lectured extensively, including the Annual Tax Forum of the Pennsylvania Institute of Certified Public Accountants, the Philadelphia Chamber of Commerce, and other professional groups on estate planning and/or tax-related topics
Stephen Green is Of Counsel to the Firm. His practice is focused in the areas of business, real estate, tax and estate planning, administration, and litigation. Among other representations, he has taken companies public and has helped neighborhood family business be sold. He has handled large commercial real estate transactions as well as home purchases. He administers estates of all sizes and has litigated large estate matters. He prepares simple Wills and sophisticated estate plans.
Education
Lafayette College, A.B., Phi Beta Kappa
Columbia University Law School, J.D.
New York University Law School, LLM in Taxation
Bar Admissions
Pennsylvania
U. S. District Court for the Eastern District of Pennsylvania
U.S. Court of Appeals, Third Circuit
The United States Tax Court
Professional Affiliations
Former chair of Philadelphia Bar Association Fee Disputes Committee
Lecturer in Continuing Legal Education seminars
Former member of the Boards of the Support Center for Child Advocates, the Philadelphia Association for Retarded Citizens, and the Friends
Neighborhood Guild
Former President of the Associated Alumni of Central High School, Philadelphia
Lecturer on business law at two area colleges
Presentations and Publications
Guardianship in Pennsylvania, Pennsylvania Bar Institute Article
“Activism and the Tax Status of Exempt Organizations”, Pennsylvania Bar Quarterly Article
“Understanding Estate Planning and Wills” authored by Stephen H. Green
“Willmaking”, article in the the Journal of the National Comprehensive Cancer Network
Contact
Stephen H. Green, Esquire
Astor Weiss Kaplan & Mandel, LLP
The Bellevue
200 South Broad Street, Suite 600
Philadelphia, PA 19102 215.790.0100 215.790.0509 (fax) sgreen@astorweiss.com
Paul C. Astor
Senior Partner
Background
Paul Astor is the senior partner and chair of the firm and its executive committee. Mr. Astor founded the firm in 1954. Today, his practice is focused on the areas of Corporate and Commercial Law, Trusts and Estates, Real Estate Law and Domestic Relations.
Mr. Astor has held several positions with multiple government agencies, including serving as special counsel to the Governor of Pennsylvania, helping to bring Volkswagen’s manufacturing plant into the Commonwealth, and serving as special counsel to the Pennsylvania Department of Revenue, Lottery Division. Mr. Astor has served as Chairman of the Philadelphia Bar Association’s Law Day and has chaired its Public Relations Committee.
Education
Wharton School of the University of Pennsylvania, B.S. in Economics, 1951
University of Pennsylvania Law School, J.D., 1954
Bar Admissions
Pennsylvania
U.S. District Court for the Eastern District of Pennsylvania
Professional Affiliations
The Brandeis Law Society
Philadelphia Bar Association
Pennsylvania Bar Association
American Bar Association
Awards
Recipient of “Lifetime Achievement” Award of American Associates of Ben Gurion University, November 2007
American Heart Association, honoree
Chairman’s Circle, Abramson Center for Jewish Life
Legacy Society, Federation of Jewish Agencies
Community Involvement
Served on the advisory Board of Hudson United Bank and is counsel and Director of WEAZ-FM Radio, Inc. (B101)
Served as President and was named Honorary President of the Justice Lodge of B’Nai B’rith
Honorary Director of the Abramson Center for Jewish Life (formerly Philadelphia Geriatric Center)
Serves as a Director on the Leadership Council of the Abramson Cancer Center at the University of Pennsylvania
Associate Chairman and Founder of American Associates of Ben Gurion, University of Negev
Director on National Board of AABGU & Chairman of its Governance Committee
Trustee of the Federation of Jewish Agencies
Supporting member of the National Liberty Museum
Supporting member of the Academy of Music
Supporting Philadelphia Opera Company
Served as President of Men’s Club, Temple Beth Hillel-Beth-El and served as Board Member
Co-Chairman (2 years) Federation “Circle of Partners”
Presentations and Publications
Served on panels (seminars on Ethics and Law) at the University of Pennsylvania Law School and Villanova Law School
John Pelet is an associate in the Wills, Trusts, Estates and Tax Department. Prior to joining Astor, Weiss, Kaplan & Mandel, LLP, John worked for 14 years at a small law office specializing in estate planning, trust administration, estate administration and fiduciary income tax preparation. John prepares both basic and sophisticated Wills and Trust instruments. If appropriate, these documents contain planning for federal estate tax, GST tax and/or state inheritance tax. He also prepares financial and medial powers of attorney and living wills, and provides guidance on completion of beneficiary designations for life insurance, qualified plans, IRAs and other retirement assets. John has spent much of his career counseling Trustees on their duties with respect to the administration and distribution of Trusts. He has prepared fiduciary accounts for Trusts and Estates, and has assisted in the preparation of fiduciary income tax returns, as well as individual income tax returns for trust beneficiaries. He has prepared and filed several Court Accounts and has personally appeared in Orphans’ Court on behalf of Trustees and Executors at the Audits of such accounts. John enjoys golf, traveling and spending time with his wife, Cindy, and their young son, Ethan.
Education
University of Richmond, B.A.
University of Richmond, J.D.
Bar Admissions
Pennsylvania (2012)
Professional Affiliations
Philadelphia Estate Planning Council
Contact
John M. Pelet, III, Esquire
Astor, Weiss, Kaplan & Mandel, LLP
The Bellevue
200 South Broad Street, Suite 600
Philadelphia, PA 19102
Office: (215) 790-0100
Direct: (215) 790-9082
Email: jpelet@astorweiss.com
Estate Planning Attorney Explains Power of Attorney for Greater Philadelphia Area Residents
A power of attorney is a written document that gives one person (the “agent”) the authority to act on another’s behalf for any legal, economic or health care issues.
Why do I need a Power of Attorney?
A Power of Attorney is an essential estate planning document to have in place in case you become seriously ill, disabled or injured and unable to manage your affairs.In addition to estate planning, a Power of Attorney is also vital for Medicaid and other public benefit planning.
What is a Power of Attorney?
A Power of Attorney is a legal document that allows you (the “principal”) to designate an individual (the “agent”) or group of individuals (“agents”) to act on your behalf during your lifetime (the document is no longer valid after your death).
There are two main types of Power of Attorneys in Pennsylvania – (1) a Financial Power of Attorney and (2) a Health Care Power of Attorney (sometimes called a Health Care Proxy).There are also “Limited Power of Attorneys” that are used for specific transactions at certain times (for example, a Limited Power of Attorney for a real estate closing).
A Financial and a Health Care Power of Attorney can be“Durable” and/or “Springing.” A Durable Power of Attorney stays in effect if you become incapacitated and unable to handle matters on your own. A Springing Power of Attorney becomes active when the principal becomes incapacitated. In Pennsylvania, Power of Attorneys are presumed to be durable unless stated otherwise.
Financial Power of Attorney
On January 1, 2015, a new law governing Financial Power of Attorneys became effective. Read more here.
Powers Granted:
In Pennsylvania, an agent under a Financial Power of Attorney can perform almost any act the principal could perform regarding the financial management of his or her affairs.Certain powers must be specifically granted to the agent. In order to determine if you should grant one of these “special” powers to your agent, you should contact one of our estate planning attorneys.
Formalities:
A Financial Power of Attorney is required to have certain “Notice” language on the first page that has be in all capital letters. The document has to be signed by the principal and notarized. At least two witnesses have to sign and neither witness can be the agent nor the notary.
Agent
In Pennsylvania, an agent has the following duties:
Act in accordance with the principal’s reasonable expectations to the extent actually known by the agent and, otherwise, in the principal’s best interest.
Act in good faith; and
Act only within the scope of authority granted in the power of attorney.
Therefore, you should choose an individual that you trust to be your agent.
The agent has to sign the Financial Power of Attorney. There is no requirement for a notary or witnesses.
Health Care Power of Attorney
Powers Granted:
An agent under a Health Care Power of Attorney will have access to your medical records and will have broad powers to make health care decisions for you.
Formalities:
A Health Care Power of Attorney needs to be signed by the principal and two witnesses. The two witnesses have to be at least 18 years of age and it is preferable if the witnesses are neither your heirs, your creditors, nor any of your health care providers.
The Health Care Power of Attorney does not have to benotarized, but if the document is both witnessed and notarized, it is more likely to be easily honored by the laws of some other states.
Agent
Similar to your financial agent, you should choose an individual that you trust and that will act in your best interests as your health care agent.
In Pennsylvania, an agent does not have to sign the Health Care Power of Attorney.
An estate planning attorney at Astor Weiss Kaplan & Mandel, LLP can help you determine which type of Power of Attorney document relevant to your situation. If you live in the greater Philadelphia area and need assistance designating an “agent “or “agents” to act on your behalf or simply reviewing your documentation to ensure your wishes are met, contact an estate planning attorney at 215-790-0100
Wills
Last will and Testament
A will is essential at every stage of your life. Your last will and testament provides the opportunity to distribute your property, establish care for your children and otherwise express your wishes upon your death. If you die without a will, the state in which you reside determines how your property is distributed and who cares for your children – which may result in unintended consequences. To see how the Commonwealth of Pennsylvania would distribute your property without a will, read more here.
Changing your will
As your life changes, so will your estate plan. You should update your will as your circumstances change. We can assist in drafting valid codicils that address changes in your financial situation, marital status, number of children, philanthropic interests and general lifestyle decisions.
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Despite the challenges caused by COVID-19, the attorneys in the Wills, Trusts, Estates and Taxes practice group of Astor, Weiss, Kaplan and Mandel, LLP continue to serve clients’ needs through our remote, secure digital environment.
Clients often inquire about the benefits of transferring real estate to a trust. Perhaps they have heard that doing so will prevent the real estate from being considered a probate asset, which will save costs. While this is generally true, there are many important considerations other than probate avoidance. One such consideration is PA realty transfer tax. PA realty transfer tax must be considered early in the planning stages, as it’s possible that the benefits of transferring real estate to a trust will be outweighed by the cost of the tax.
In PA, whether a transfer of real estate to a trust is subject to realty transfer tax depends on the type of trust to which the real estate is being transferred. Generally, a transfer to the revocable living trust of the grantor is exempt from PA realty transfer tax. Transfers to other types of trusts, including irrevocable trusts, may be exempt from realty transfer tax, depending on the trust provisions.
If a client is interested in creating a trust to hold real estate, the attorney drafting the trust instrument must be careful not to include provisions which will cause a transfer of real estate to the trust to be ineligible for an exemption from PA realty transfer tax. If a client is interested in transferring real estate to an existing trust, an attorney must review the trust provisions to determine whether a transfer of real estate to the trust qualifies for an exemption to PA realty transfer tax.
If you are interested in transferring real estate to a trust, you should contact David S. Workman, Esquire, or John M. Pelet, III, Esquire, in the Wills, Trusts, Estates and Taxes practice group of Astor, Weiss, Kaplan and Mandel, LLP. They can advise you on the PA realty transfer tax consequences of transfers to trusts and prepare trusts to which transfers of PA real estate will be exempt from realty transfer tax. They are accessible via e-mail, our main number (215-790-0100) or their direct dial numbers, just as they are normally.
Background
Background
Background
Background
John Pelet is an associate in the Wills, Trusts, Estates and Tax Department. Prior to joining Astor, Weiss, Kaplan & Mandel, LLP, John worked for 14 years at a small law office specializing in estate planning, trust administration, estate administration and fiduciary income tax preparation. John prepares both basic and sophisticated Wills and Trust instruments. If appropriate, these documents contain planning for federal estate tax, GST tax and/or state inheritance tax. He also prepares financial and medial powers of attorney and living wills, and provides guidance on completion of beneficiary designations for life insurance, qualified plans, IRAs and other retirement assets. John has spent much of his career counseling Trustees on their duties with respect to the administration and distribution of Trusts. He has prepared fiduciary accounts for Trusts and Estates, and has assisted in the preparation of fiduciary income tax returns, as well as individual income tax returns for trust beneficiaries. He has prepared and filed several Court Accounts and has personally appeared in Orphans’ Court on behalf of Trustees and Executors at the Audits of such accounts. John enjoys golf, traveling and spending time with his wife, Cindy, and their young son, Ethan.