U.S., Canada move forward with FATCA The U.S. Department of Treasury has announced that U.S. and Canada have signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). The U.S.–Canad...
Steven J. Fromm has been a lawyer engaged in the practice of estate, probate, tax and business law in Philadelphia and Pennsylvania for over 35 years. Individuals, estates and trusts, professionals, small business owners, professional corporations, C corporations, S corporations, limited liability corporations (LLCs), sole proprietorship's and partnerships rely on him for sound and practical legal and tax counsel, to save them money and taxes, and to solve their particular legal, tax, estate or business law problems.
Clients can expect and be assured that he will carefully listen to their particular and specific family, business or tax concerns. Income, estate and gift taxes, business, retirement, or wealth transfer needs and goals are considered and weighed. Mr. Fromm's legal experience in estate planning, probate, tax and business law is carefully applied to develop appropriate, practical and cost effective legal and tax strategies and solutions.
With active client input, legal documents are drafted to meet the particular and specific income tax, business, estate and gift tax, retirement, or wealth transfer needs and goals. This care, attention to detail, and diligence is at the heart of finding the best strategy or solution to a client's unique tax or legal problems.
Each and every client will get the benefit of his 35 years of practice, experience, training, technical expertise, his diligence and concern for their problems, and his continuous and never-ending study of tax, estate and business law.
I found Steven Fromm online while searching for a lawyer to help me set up my Non-Profit company. I was very concerned about giving another lawyer my money because I had worked with a different lawyer a couple months before and that lawyer did not do anything that he had promised. Mr. Fromm is one of the best, if not the best, tax attorney that I've ever met. I've worked with many lawyers throughout my career and he is the best that I have ever worked with. He takes on your case like he would his own. He is also incredibly knowledgeable in his field. When he says he's going to do something, he does it immediately. He is not just a wonderful lawyer, but also a wonderful person. I would recommend Mr. Fromm to anyone." ~ Erica Matthews
Click the Recommendations tab above for more client, professional and peer attorney endorsements. Mr. Fromm's Avvo professional profile, rating, his answers to questions posed by the public and his legal guides provided to the public can be seen by clicking Philadelphia Estate and Tax Attorney.
Durable powers of attorney and advance medical directives ("living wills")
Special needs trusts for families with children, dependants or other family members with physical and mental disabilities or addiction or emotional problems. Special needs trusts offer a unique mechanism to protect and provide for such family members suffering from various disabilities or functional limitations.
Charitable Trusts. Implementing charitable giving while maximizing tax benefits through the use of charitable remainder uni-trusts, charitable remainder annuity trusts, charitable lead trusts. These trusts are often employed to coordinate clients' charitable goals with their overall income, gift, estate and charitable tax planning needs. For an article that explores these considerations please read Charitable Lead Trusts.
When elderly parents are involved, a discussion about estate planning and the related financial implications is essential. This can be a sensitive and emotionally charged area. For some ideas on this topic go to Estate Planning For Elderly Parents.
Philadelphia and Pennsylvania Probate and Estate Administration Lawyer
As an Philadelphia estates and probate attorney, Mr. Fromm assists executors, administrators, trustees and beneficiaries in the complicated, detailed, and time sensitive tasks of estate and probate administration from beginning to end. As a Pennsylvania estate attorney, he probates estates in Philadelphia, Montgomery, Bucks, Chester, Delaware and other outlying counties in Pennsylvania.
Here are some of the more important services he provides to assist his clients in this estate administration and probate process:
Preparation of all probate documents including drafting and obtaining letters of administration and letters testamentary.
Assist the executor or administrator in the collection and preservation of estate assets whether they are probate or non-probate assets.
Make sure all required notices, filings with the register of wills and orphans court are completed as required.
Determination of what creditors and claimants need to be paid and the order of priority of payment. For a discussion of the Pennsylvania priority rules click PA Probate: What Debts Take Priority
He helps insure that all legal and tax deadlines are met to take advantage of income and estate tax savings and avoidance of interest and penalties. For example, to give you an overview of how Pennsylvania determines the amount of inheritance taxes that are due upon the death of a Pennsylvania resident, explore Pennsylvania Inheritance Tax: The Basics.
Preparation of fiduciary income tax returns, final income tax returns of the decedent as well as federal estate tax returns and Pennsylvania Inheritance Tax Returns.
Recommend tax savings strategies and tax elections: Provides estate and income tax strategies and overall tax minimization techniques for the estate and surviving spouse and other family members.
Post-mortem estate and income tax planning to maximize tax savings for both the estate and surviving members of the family.
Drafting the filing of the formal estate accounting submission to Orphans Court in Philadelphia, Montgomery, Bucks, Chester, Delaware and other outlying counties in Pennsylvania.
Drafting of a family settlement agreement and other required forms to complete the administration of the estate.
Warning: The above discussion is a general overview and does not cover all of the complexities and steps in the estate and probate process. It is essential to have a trained estates attorney assist in this detailed and technical area of the law. Do not hesitate to contact us with any questions or if you need our assistance.
Philadelphia and Pennsylvania Tax Attorney: Tax Court, IRS, Pennsylvania, Philadelphia Tax Representation
Tax Court representation or administrative negotiations with the IRS, the Pennsylvania Department of Revenue and the City of Philadelphia Department of Revenue as well as other taxing authorities. He assists clients concerning all aspects of federal, state and Philadelphia taxes.
The IRS often looks at shareholders, officers, key employees, and bookkeepers as responsible persons who can be held personally liable for corporate payroll taxes. For an article looking at what the IRS looks for in these cases see Personal Liability For Corporate Employment Taxes.
Pennsylvania and Philadelphia Corporate Lawyer: Business Formations
Determining the proper legal entity for the particular business operations contemplated by the client requires an analysis of the particular type of business, the parties to the business, and the financial short and long term goals. Tax considerations must also be evaluated to come up with the proper business entity for the client's particular business needs.
Depending on these considerations, the appropriate legal entity may be any one of the following:
LLC. For some of the basics concerning the LLC see LLCs: The Basics and for an explanation of how an LLC is treated as a disregarded entity for tax purposes click Disregarded Entity. For a discussion of the advantages of holding real estate within an LLC explore the article LLCs and Real Estate.
Partnership or limited partnership
Qualified Sub-chapter S subsidiary (Q-Sub). For the Q-Sub treated as a disregarded entity for tax purposes click Disregarded Entity.
Legal assistance can also be provided for the following needed services:
Initial documentation and registration with the state where the organization is to be formed
Assisting with the initial tax elections for the entity chosen
Various registrations with Philadelphia or any other city, county or states where required.
Pennsylvania and Philadelphia Corporate Attorney: Buying and Selling of Businesses
This law firm provides planning with an eye toward the financial, tax, family and business considerations associated with buying and selling of businesses. Determining the choice of entity (regular C corporation, S corporation, LLC, limited partnership, family limited partnerships, etc.) for the acquisition to optimize tax benefits is also considered and determined.
In certain situations, the use of various tax-free reorganizations, mergers or Section 355 spin-offs, to facilitate the re-organization of business operations for tax or practical reasons may be employed for maximum tax effect.
Pennsylvania and Philadelphia Business Attorney: Business Succession Planning Buy-Sell Agreements and Exit Strategies
Pennsylvania and Philadelphia Business Lawyer: Corporate Housekeeping and Compliance
Mr. Fromm regularly assists clients in the preparation of corporate minutes and other compliance and other corporate housekeeping matters. Many owners of small businesses often are not aware of the legal and tax importance of corporations having regular, annual board of director and shareholder meetings. As a result they neglect drafting regular minutes that document such meetings. Such meetings and related documentation through board of director and shareholder minutes are essential for the following reasons:
Tax Protection: In the event of a tax audit, documented minutes support tax sensitive positions such as officer loans, inter-company loans, tax elections, and other tax positions taken on corporate returns. For a discussion concerning the issues concerning reasonable salaries and the auditing of S corporations in this context explore "Reasonable" Compensation: IRS Auditors Favorite Issue.
Prevent Loss of Corporate Charter: The failure to attend to corporate compliance details can sometimes result is serious legal problems. For example, in Pennsylvania the failure to be compliant can result in loss of corporate name or having it being made available for anyone to use as discussed in the hypertext article entitled Filing Deadline Fast Approaching For Decennial Report for PA Corporations.
Corporate Tax Planning Attorney: Reorganizations, Spin-Offs, F Reorganizations, Liquidations
Tax Free Reorganizations or Corporate Alterations: Corporations may need to alter their form of operation or organization. Corporations may use tax free reorganizations for various reasons to change the structure or form of their organization. Tax free mergers under Section 368 of the Internal Revenue Code or spin-offs or splits offs under Section 355 of the Internal Revenue Code are often tax planning strategies used to accomplish such goals.
The following are some of the major services provided in this area of tax law:
Formation of tax exempt organizations under state law
Submission of application to the IRS for tax exempt approval.
Legal guidance as to tax and governance compliance requirements
Drafting of initial organizational documentation including articles of organization, by-laws and initial corporate minutes.
Annual compliance matters including corporate minutes and other required legal documents as needed
Tax return preparation
Philadelphia Tax Attorney Expert Witness and Litigation Consultant: Tax, Estate and Pension Matters
Practicing tax law for over 35 years with an LL.M. in taxation from the New York University graduate tax program and as a former CPA has provided Mr. Fromm with the necessary credentials and experience to function as a consultant for litigation attorneys and as an expert witness in legal malpractice cases involving tax, estates and pension matters.
Philadelphia Tax Attorney: Retirement Plan and Retirement Planning
Here are some of the services provided:
Retirement plan drafting and annual administration and submission to the IRS for plan approval.
Legal representation and tax assistance for IRS audits of retirement plans.
Determining the choice of beneficiaries of retirement plans from an estate and income tax planning
perspective. Layering of contingent beneficiaries to allow for post-mortem planning for the beneficiaries. Using trusts as beneficiaries for retirement plans or IRAs. For a discussion of the tax requirements for employing a trust as beneficiary review Trust As Beneficiary of Retirement Plans.
Be sure to visit our Philadelphia Estate and Tax Attorney Blog that explores current and evolving issues involving estate planning, wills, trusts, probate and estate administration, as well as tax planning.
We welcome you to contact us with any questions or comments you may have. We take pride in being proactive, creative, timely and responsive to our clients' needs, inquiries and suggestions. Readers of this website can call the following telephone number or can contact us through the following email address:
From their offices in Philadelphia, PA, the law firm of Steven J. Fromm & Associates, P.C. provides a full range of estate planning and estate and probate administration, tax, business and corporate legal services to clients throughout eastern Pennsylvania and the Delaware Valley, the Lehigh Valley Area, the Five-County Area, Bucks County, Delaware County, Montgomery County, Chester County, Philadelphia County, Berks County, Lehigh County, Lancaster County, York County, Harrisburg, Norristown, Doylestown, Media, West Chester, Allentown, Lancaster, and Reading.