EMMAUS OFFICE HOURS - FEBRUARY

Monday   9 AM – 6 PM

Tuesday – Thursday   8 AM – 6 PM

Friday   8 AM – 5 PM

Closed daily for lunch from 12 – 1 PM

BETHLEHEM OFFICE HOURS - FEBRUARY

Monday   CLOSED

Tuesday – Friday   9 AM – 5 PM

Closed daily for lunch from 12 – 1 PM

required minimum distributions waived for 2009

There’s good news if you are 70 ½ or older:  You can skip payments from plans and IRAs for 2009 if you want without penalty.  In addition, heirs do not need to take withdrawals in 2009 from inherited plans and IRAs. 

STORTZ MORTGAGE SERVICES

Purchasing a new home?  Looking to refinance your present mortgage?  We can help!  David A. Stortz & Associates, PC is a licensed First Mortgage Broker through the PA Dept. of Banking.  We will help you secure a new mortgage or refinance your existing mortgage to take advantage of a lower interest rate or perhaps pay off some debts.

We know we can make this process simpler for you than most mortgage brokers.  Why?  Because we already have access to most of your financial information that lenders will require to approve your loan.

If you’re interested in learning more about this service, please contact Mike Pletz at 610-967-4711.

importance of annual corporate minutes

One of the requirements for maintaining a corporation’s existence is that the shareholders and the board of directors must meet at least annually.  Your minutes from that meeting must be updated if you:

• Open a bank account.
• Change your compensation.
• Sign a lease agreement.
• Elect officers.
• Declare dividends, etc.

Does keeping your corporate minute book complete and up-to-date seem unimportant?  If so, you may be putting yourself at risk.  If you fail to document your corporation’s activities, you increase the odds that your “corporate veil” could be pierced in the event of a lawsuit.  If this happens you will be treated like a proprietorship instead of a corporation.

You formed a corporation to protect your assets; don’t let poor recordkeeping put your assets at risk.

more news on charitable contributions!

As you are gathering your tax information for 2008, please keep in mind that you must have documentation to substantiate your charitable donations.

If you do not receive a receipt for a cash contribution under $250 from a recipient organization, make sure you have a copy of the check or online bank documentation that establishes the name of the donee, the date of the contribution, and the amount contributed.  (IRC Section 170(f)(17))

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Weekly Tax Tips

September 6, 2010
August 30, 2010
August 23, 2010
August 16, 2010

Monthly Tips

Business September 2010
Financial September 2010

loss of a loved one

Sometime in your life you may be called upon to make the final arrangements when someone you love dies.  Being prepared or knowing what is involved in this process can help ease some of the stress during this difficult time.

If someone dies without planning their own funeral arrangements, hopefully you would have talked with that person about how they would like it handled or perhaps you can find their written instructions.

In any case, the following details will have to be addressed:

Death Certificate

Almost nothing can be done without obtaining this legal document – in some states you can’t even move the body without it.  Most funeral directors will obtain the death certificate for you as part of their services and you can request additional copies from the local records department.

You will need the death certificate to claim any life insurance or company benefits you may be entitled to.

Funeral/Memorial Service

Under the “Funeral Rule” the Federal Trade Commissions have required all funeral homes to give over-the-phone pricing information and a complete price list of services, if requested.  You should also receive an itemized bill with all services you have selected and the price for each.  Make sure all this is received before you sign anything.  And, don’t let guilt make you spend more than you (or your loved one) wanted.

Financial Affairs

You may be asked to finalize the financial affairs.  Depending on the size and type of the estate, this may be complicated.  Hopefully your loved one (and you) has come into our office for Estate Planning.  If you have not and you’re interested in learning more about our Estate Planning process, please go to our website (www.dstortz.com) and click on the Resources page where you’ll find our Estate Planning Questionnaire available for download.  Completing this form is your first step.

Other issues you may have to address include:

• Contacting your attorney to probate the will (see “What is Probate?” below).
• Contacting Social Security.
• Notifying insurance companies for any life insurance benefits.
• Notifying your loved one’s employer for any benefits you may be due.
• Submitting outstanding medical claims.
• Notifying banks to close any accounts.
• Notifying creditors.
• Notifying your accountant to file the final tax returns.
• Notifying the Department of Veterans Affairs, if your loved one was in the service, for any benefits you may be entitled to.

ESTATE PLANNING - WHAT IS PROBATE?

Probate is the process through which your estate is settled with local court supervision.  The court determines if a valid will exists, decides who represents your estate as executor or administrator, provides an opportunity for creditors to collect from the executor and approves a plan for distribution of the estate.

Your will designates who will be the executor of your estate.  If you die and do not have a will, the court appoints an administrator.  Probate costs can consist of court costs, executor’s commissions, legal fees, tax preparation fees and appraisal fees.