Brenlove & Fuller, LLC

11/24/2021

All of us here at the law firm of Brenlove & Fuller are thankful for each and every one of you. We hope you know a peaceful and pleasant Thanksgiving holiday with family and friends - whether that peace is found in the time spent in person or in your own thoughts and memories.

11/11/2021

Did you acquire real estate with your spouse before you were married? There are important differences between real estate acquired by a couple before marriage and real estate acquired by a couple after marriage. Marriage following acquisition does not automatically resolve those differences. If you bought your home with a partner before marriage and your neighbors bought theirs while married, even your subsequent marriage to that partner does not mean each couple has the same rights and protections relative to the ownership of their respective homes. Speak with your lawyer if you need help understanding the nature of ownership and to adjust that if necessary.

07/07/2021

This is happening. You can control it - or you can leave it as something for someone else to “clean up”. But this is happening. If you want to transition of the results of your life’s work to your intended beneficiaries, minimizing taxes, costs and administrative hassles, you have options. It does not just happen on its own though - at least not efficiently. You have to plan.

Baby boomers and older Americans had accumulated a net worth of around $35 trillion by the end of this year's first quarter, the Wall Street Journal reports.What's happening: The money is now going to their heirs and others, "unleashing a torrent of economic activity including buying homes, starting...

06/22/2021

How are they related to me? Here is a handy chart.

04/29/2021

Have you formed a limited liability company and elected to treat it as an S Corporation? What does your operating agreement have to say about that? You would not expect your plumber to wire the electricity to your house. Don't expect your lawyer to make your tax elections or your accountant to make sure your formation and operating documents are legally sound. Speak with your accountant and your lawyer and then have them speak to one another.

03/28/2021

Even though the probate process should not be feared, especially in Pennsylvania, you expect it to be completed efficiently and effectively. Efficient and effective administration depends heavily on your selection of the proper person to oversee it. That person would be the executor. Sometimes the selection may seem clear and obvious to you. But for what reasons and based on what qualifications? Relationship (e.g., the surviving spouse) and age (e.g., the oldest child) are often the only criteria considered. How someone else will "feel" about the appointment (e.g., a child who might feel entitled to appointment or may feel hurt by not being selected) adds weight. We would suggest other criteria may be more relevant and should be considered first. Some of those criteria run to the actual ability and temperament of the person selected to serve. There are also legal and statutory requirements that, while not impacting the simple right to serve, may effect the ability, efficiency and effectiveness of a person to serve. An attorney with experience in advising individuals when selecting executors, and in advising executors who administer estates, would be of service to you.

01/19/2021

Probate is merely the process by which your Will is deemed to be valid and your estate (whether or not you have a Will) is settled in accordance with the law. Its fundamental purpose is to ensure what you have goes where (and to whom) you intend. Of course, there is much more to that than can be written in a short post, but the process is not complicated or onerous by intentional design. Can it be avoided? Absolutely. Be careful though, as there is often more to avoidance than one seeking relief may realize. Be careful that the "cure" is not ultimately worse than the ailment.

01/04/2021

Happy New Year!!! We have heard it said that everything old is new again. That would be the case with reminding folks to check their beneficiary designations. Most planning mistakes and oversights involve incorrect beneficiary designations associated with retirement plan assets and life insurance policies. We see way too many of these problems that could easily be avoided. Double check your beneficiary designations to make sure they are as you intend (and as you believe).

11/24/2020

We came across this article in our travels across the web. Nowhere does it mention the need to plan, but at least one line jumped out that should inspire in this regard,

"No longer are worries about longevity and fears of mortality mere hypotheticals. They are 2020's reality."

2020's reality is that our practice is experiencing an increase in activity. It is work we have always done but we are doing more of it now than we have at comparable times in previous years.

Do those you love a favor and plan for the reality. Granted, 2020 is almost over and good riddance. And we do not want to have to implement your plan prematurely. But believe us, it is better to have a plan that can be implemented than to leave your loved ones to "wing it" when reality is realized.

NEW YORK (AP) — These days, with a pandemic raging, this is what life can look...

11/18/2020

A lot has happened in 2020. One thing that happened was the enactment of the Pennsylvania Revised Uniform Fiduciary Access to Digital Assets Act ("RUFADAA"). Chances are your old estate planning documents will not have addressed access to your digital assets (e.g., e-mail, photos on the web, files in the cloud, electronic statements, business websites, telephone contacts, etc.) by your fiduciaries (e.g., Agent, Executor, Trustee, etc.). You should update those.

In the meantime, and in addition, you should take advantage and avail yourself of the online tools provided by the custodian of those assets (e.g., Google, Facebook, Twitter, etc.), to provide direction to the custodian for disclosure (or nondisclosure) of those assets to a third person (such as your spouse or your children). It is much smoother and simpler if you do that now rather than leave it to your fiduciaries. Even with RUFADAA and the requisite language in your empowering documents, their ability to access your digital assets may require a Court order.

Make it simpler (and less expensive) for them.

10/20/2020

Are you a small business owner operating in Pennsylvania under a fictitious name? Have you properly registered that fictitious name with the Commonwealth? If not - did you know that you are not "permitted to maintain any action in any tribunal of this Commonwealth" until you do? Get it done and don't wait.

09/16/2020

Do you (or your parents) own stock in a life insurance company such as Prudential or MetLife? A number of folks who own life Prudential or MetLife life insurance policies acquired shares of stock in those companies when the companies demutualized about 20 years ago. If you (or they) do or might, read on.

Shareholders would not have gotten paper certificates. Rather, the shares are held by a transfer agent (such as Computershare for Prudential owners) and the shareholders may not even be aware that they own the shares. If you own a Prudential or MetLife policy in particular, and you don't know, it is worth looking into. Even folks who are aware of the ownership may not think much of them because the number of shares (and the dividend payments) are so small.

If you own any of these shares in your sole and individual name and you have not already made some arrangement for their transfer on death directly with the transfer agent, contact the transfer agent and request the appropriate forms to title the shares in such a way so that they will be easily transferred at death to the desired beneficiary. For example, the shares could be owned jointly with right of survivorship with the shareholder's spouse, or a beneficiary could be designated to receive them on the shareholder's death. You can also sell them and take the proceeds, but make sure you speak with your tax advisor to understand any tax implications. There are other options as well to explore with your attorney as a part of a larger estate plan. Make sure your attorney knows of them.

Do your beneficiaries and your Executor a favor; do not leave these shares in your sole and individual name at death without some means of transferring them outside of probate. We have had to open (and re-open) estates to address the ownership of a comparatively nominal number of shares. The procedures necessary to take ownership of these shares from the transfer agent are driven not only by state probate law but also the procedural requirements of the transfer agent.

Not addressing this now, while you are able, could result in thousands of dollars of additional (and unnecessary) expense to your Executor and ultimately your beneficiaries.