STEVEN J. FROMM & ASSOCIATES, P.C.

		Steve Fromm View lawyer's profile

OVERVIEW OF LEGAL SERVICES PROVIDED

Steven J. Fromm has been engaged in the practice of law in Philadelphia for 33 years. His legal practice concentrates on addressing each of his client's unique financial, tax, and legal concerns in light of their particular family needs. He believes that carefully listening to the needs, concerns and fears of each client is at the heart of finding the best strategy or solution to their tax or legal problems. He takes pride in giving each client the benefit of his years of practice, experience, training, and technical experience, and his continuous and never-ending study of the tax law.

Mr. Fromm has represented and continues to represent individuals, professionals, small business owners, professional corporations, C corporations, S corporations, LLCs, partnerships, estates and trusts in developing strategies to meet their income tax, business, estate and gift tax, retirement, and wealth transfer goals.

He continuously addresses client's ongoing concerns and keeps them aware of tax planning opportunities and events that may require their attention. For example, he has found that the following so called "hot buttons" should trigger the need to seek legal help:

Illness or death of spouse
Serious or life threatening illness
Contemplation of divorce
Birth, death or illness of parent, sibling, child or grandchild, or business partner
Marriage or divorce of a child or grandchild or business partner
Business has grown (or declined) significantly in the last few years
Net worth has grown (or declined) significantly in last few years.
Added or lost business partners
Within 5 years of retirement
Within 5 years on contemplating sale of business
Job loss or business litigation

The following services have aided Mr. Fromm's clients in solving many of the problems and issues listed above and have provided them with peace of mind:

1. ESTATE PLANNING: Development and implementation of estate plans from both an estate and income tax perspective, including the use of marital deduction, qualified terminable interest property (QTIP), unified credit trusts, irrevocable life insurance trusts, qualified domestic trusts (QDOTs); special needs trusts for families with children or family members with disabilities or addiction problems; durable powers of attorney and advance medical directives (Living Wills), etc.

2. ESTATE ADMINISTRATION: Estate administration for the routine or complicated estates including probate administration and Orphans Court accounting. Related estate and income tax strategies and minimization techniques, including post-mortem estate and income tax planning.

3. BUSINESS FORMATIONS: Determining and forming the proper entity for various business operations. Exploring the usual question: Should the business be organized as a regular C corporation, S corporation, LLC, limited partnership? Advise on making the initial elections for the entity chosen as well as providing the initial documentation and various registrations for the new business entity.

4. BUYING AND SELLING OF BUSINESSES: Planning with an eye toward the financial, tax, family and business considerations associated with buying and selling of businesses. Determine the choice of entity (regular C corporation, S corporation, LLC, limited partnership, etc.) to optimize the tax benefits of an acquisition. Use of various tax-free reorganizations, mergers or Section 355 spin-offs, to facilitate the rearrangemnt of business operations for tax or practical reasons.

5. BUY-SELL AGREEMENTS: Shareholder or partnership agreements in conjunction with estate and/or business planning. Implementation of the most efficient exit strategies for senior ownership from a tax, financial and practical perspective.

6. CORPORATE HOUSEKEEPING AND COMPLIANCE: Corporate minutes and other compliance and corporate housekeeping matters. Clients often neglect keeping regular minutes that document tax sensitive positions such as officer loans, inter-company loans, tax elections, and other important matters.

7. FAMILY LIMITED PARTNERSHIPS: Implementation and drafting of family limited partnerships and the related gift giving strategies to minimize gift and estate taxes by using minority interest, lack of marketability and other discounts.

8. CHARITABLE TRUSTS: Use of charitable trusts, including charitable remainder uni-trusts, charitable remainder annuity trusts, charitable lead trusts and tax exempt organizations, etc.

9. RETIREMENT PLANS AND RETIREMENT PLANNING: Retirement plan drafting and annual administration. 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.

10. TAX COURT AND IRS REPRESENTATION: Tax Court representation or administrative negotiations with IRS.

RECOMMENDATIONS

To see recommendations please go to my blog at the "about Steven J. Fromm" tab at frommtaxes.wordpress. For members of LinkedIn, recommendations can be found at Mr. Fromm's profile.

WEBSITE AND BLOG

This website has been designed to become a helpful resource tool to you, our valued clients and visitors. As you browse through our website, you will see that we have highlighted background information on our firm and the services we provide. We have also included useful resources such as informative articles (in our Newsletter section and to the right) and interactive financial calculators (in our Financial Tools section). In addition, we have gathered some links to external websites that we think would be of interest to our clients and visitors (in our Internet Links section).

Be sure to visit our ESTATE AND TAX BLOG that explores current and evolving issues involving wills, trusts, probate and estate administration and estate planning. The blog can be found at frommtaxes.wordpress

Please feel free to contact us with any questions or comments you may have - we'd love to hear from you. We pride ourselves on being proactive, creative and responsive to our clients' needs, inquiries and suggestions. Readers of this website can call 215-735-2336 for an initial 20 minute free consultation.

PHONE NUMBER: 215-735-2336

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