David M. Watts, Jr.

David M. Watts, Jr.

McNees Wallace & Nurick LLC

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Latest Publications


Year End Tax Planning 2016

Proper year-end planning can help alleviate any unnecessary tax burden. While little happened in the way of tax legislation in 2016, there are certain tax breaks from which you may benefit and certain strategies that can be...more

12/8/2016 - Alternative Minimum Tax Deductions Foreign Banks Health Insurance Health Savings Accounts Income Taxes Medical Expenses Mortgage Insurance Penalties Tax Credits Tuition Year-End Planning Year-End Tax Planning

McNees Insights – Estate Planning - June Newsletter

Education Tax Credits - There are two tax credits available to help you offset the costs of higher education: the American opportunity credit and the lifetime learning credit. Tax credits are more favorable than...more

6/3/2016 - American Taxpayer Relief Act Credit Shelter Trusts Education Tax Credits Estate Planning Intestacy Prince Tax Credits Wills

Year-End Tax Planning 2015

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the challenge include turbulence in the stock...more

12/9/2015 - Income Taxes Medicare Taxes Tax Deductions Tax Liability Year-End Tax Planning

On The Road Again: Where Does Jurisdiction Lie for a Traveling Employee's Out of State Work Injury?

For companies that employ traveling employees, such as truck drivers, dealing with work injuries sustained by such employees can be challenging, because predicting which state will have jurisdiction over the employee's injury...more

11/17/2015 - Choice-of-Law Commercial Truck Drivers Extraterritoriality Rules Jurisdiction Traveling Employee Workers' Compensation Claim

Have You Considered A Reverse Mortgage?

Are you at least 62 years of age and have 50% or more equity in your primary residence? Then the reverse mortgage, also referred to as a home equity conversion mortgage, is something you might want to think about. Reverse...more

10/2/2015 - Fees Home Equity HUD Income Taxes Mortgage Insurance Reverse Mortgages Social Security

Asset Protection Strategies

During the estate planning process a question we are frequently asked relates to the best way to protect assets from creditors. The easy answer, although not the most satisfactory, is to give the assets in question away,...more

6/22/2015 - Asset Protection Creditors Estate Planning Gifts

Who will get Your Assets – The Hazards of Beneficiary Designations

Most people assume that their Wills will control where their assets go after they die. Increasingly, however, beneficiary designations are controlling how assets are distributed, and sometimes with unexpected results. ...more

3/19/2015 - Bank Accounts Beneficiaries

McNees Insights - Estate Planning - Fall 2014

In This Issue: - Year-End Tax Planning 2014 - Pennsylvania Makes Significant Changes to Power of Attorney Law - Have You Reviewed Your Estate Plan Recently? - Excerpt from Year-End Tax...more

11/19/2014 - Legislative Agendas Year-End Planning Year-End Tax Planning

Year-End Tax Planning 2014

Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but...more

11/13/2014 - IRS Tax Planning Year-End Tax Planning

McNees Insights: Estate Planning - Summer 2014

In This Issue: - Transitioning The Family Business to the Next Generation - Charitable Trusts and Estate Planning - Recent Tax Developments - Excerpt from Transitioning The Family Business to the...more

7/24/2014 - Estate Planning Estate Tax

Recent Tax Developments

The following is a summary of the most important tax developments that have occurred in the past several months that may affect you, your family, your investments, and your livelihood. Please call us for more information...more

7/23/2014 - 401k Affordable Care Act Beneficiaries Consumer Bankruptcy Health Savings Accounts IRA IRS Longevity Annuity Tax Deductions Tax Planning Taxpayers' Bill of Rights

McNees Insights - Estate Planning

In This Issue: Who Gets Your IRA? – Six Common Mistakes; Estate Planning for Digital Assets; and Post-Production Issues and Oil & Gas Leases. Excerpt from Who Gets Your IRA? – Six Common Mistakes: Do you...more

4/1/2014 - Estate Planning Estate Tax

Who Gets Your IRA? – Six Common Mistakes

Do you want your heirs to have to chase after your 401K or IRA money? It is important to make sure you have an up-to-date beneficiary form. On January 26, 2009, the United States Supreme Court unanimously ruled in the case of...more

3/31/2014 - Estate Planning IRA

McNees Insights - Asset Planning & Federal Taxation: Fall 2013

In This Issue: Timely Year-End Tax Planning Can Reduce Taxes; Income Tax Cost Basis Planning; and Marriage and Taxes in 2013. Excerpt from Timely Year-End Tax Planning Can Reduce Taxes - Year-end tax...more

12/2/2013 - Federal Taxes Income Taxes Marriage Year-End Planning Year-End Tax Planning

Timely Year-End Tax Planning Can Reduce Taxes

Year-end tax planning could be especially productive this year because timely action could nail down tax breaks that won’t be around next year unless Congress acts to extend them, which at the present time, looks doubtful....more

11/26/2013 - Estate Tax Gift Tax Income Taxes IRA Medicare Taxes Tax Deductions Year-End Planning Year-End Tax Planning

Payable on Death Accounts – Pros and Cons

Many banks encourage the use of payable on death (“POD”) accounts, in part because such accounts do not have to go through the estate administration process. If someone in a bank asks who should receive a bank account at...more

8/22/2013 - Estate Planning

McNees Insights - Asset Planning & Federal Taxation -- Summer 2013

In This Issue: Qualified Family Business Exemption for Inheritance Tax; 3.8% Medicare Tax on Net Investment Income; and Payable on Death Accounts – Pros and Cons. Excerpt from Qualified Family Business...more

8/22/2013 - Estate Planning Estate Tax

McNees Insights - Fall 2012

In This Issue: Year-End Tax Planning - Year-end planning is a bigger challenge this year than in past years because, unless Congress acts, tax rates will go up next year, many more individuals will be snared by...more

11/15/2012 - 3.8% Medicare Tax Adjusted Gross Income Alternative Minimum Tax Bush-Era Tax Cuts Flexible Spending Accounts Harvesting Losses Health Savings Accounts IRA Required Minimum Distributions Year-End Planning Year-End Tax Planning

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