Posted on Sun Nov 6, 2016, on Life Insurance
Our “Ask a Question” mailbag addresses the question, how much life insurance should I have?
“I recently had a baby, and it is time to buy some life insurance. But, I feel like I am being sold rather than advised. How much life insurance should I have? Lastly, is there a general rule about how much life insurance I should have as part of my estate plan?”
Klenk Law
Posted on Thu Sep 8, 2016, on Life Insurance
From Our “Ask a Question” mailbag: Life Insurance is a Non-Probate Asset, Unaffected by You Will:
“My sister went to jail, so mother changed her Will and gave me the entire estate. She forgot to remove my sister from her life insurance. Now I hear life insurance is a Non-Probate Asset. Who gets the life insurance?”
Klenk Law
Posted on Thu Jun 30, 2016, on Life Insurance
Ask a Question” mailbag: I need life insurance as part of my estate plan to cover the cost of my son’s college tuition and pay off the mortgage. What policy best fits my needs?
First, focus on the reasons for why you are purchasing life insurance. Life insurance is an excellent Estate Planningtool, but only if you are clear as to its purpose.
Klenk Law
Posted on Wed May 11, 2016, on Life Insurance
The “Ask a Question” mailbag addresses the question, how much life insurance do I need?
“How do I calculate how much life insurance do I need as part of my estate plan? My principal goal is making sure I provide for my children until they graduate from college.”
Klenk Law
Posted on Sun Apr 17, 2016, on Life Insurance
Our “Ask a Question” mailbag addresses naming children as beneficiary.
“Should my life insurance name my children as beneficiary?”
Klenk Law
Posted on Tue Jul 28, 2015, on Life Insurance
From our “Ask a Question” mailbag: My mother is incapacitated and living in an assisted living facility in Camden County, New Jersey. She appointed my brother agent under her Power of Attorney. My mother has a life insurance policy that names me as beneficiary. My brother refuses to make the payment, so the policy will soon lapse. Can I make the payment?
You certainly can make the payment, as the insurance company does not care who sends the check. The life insurance company will only care if the check clears.
Klenk Law
Posted on Thu Jul 9, 2015, on Life Insurance
From our “Ask a Question” mailbag: My mother is incapacitated and living in an assisted living facility in Burlington County, New Jersey. She appointed my brother agent under her power of attorney. My mother has a life insurance policy on her life that names me as beneficiary. My brother refuses to make the payment, so the policy will soon lapse. Can I make the payment?
You certainly can make the payment, as the insurance company does not care who sends the check. The life insurance company will only care if the check clears. If the policy is a term policy, you should consider when the policy lapses.
Klenk Law
Posted on Fri Jun 5, 2015, on Life Insurance
From our “Ask a Question” mailbag: My mother is incapacitated and living in an assisted living facility in Atlantic County, New Jersey. She appointed my brother Agent under her Power of Attorney. My mother has a life insurance policy that names me as beneficiary. My brother refuses to make the payment, so the policy will soon lapse. Can I make the payment?
The insurance company does not care who sends the check. Therefore, you certainly can make the payment.
The real question you should be asking here is: should you make the payment?
Klenk Law
Posted on Fri May 29, 2015, on Life Insurance
From our “Ask a Question” mailbag: Last year, my mother died in Philadelphia and named me as beneficiary of her life insurance. As my children were the contingent beneficiaries, I decided to disclaim the inheritance, and the insurance money passed to my children. I was recently in a car accident. If I am sued can they claim that life insurance money?
No one can force you to take an inheritance. If you properly disclaimed your interest in the life insurance, then you never received it.
Klenk Law
Posted on Thu Nov 20, 2014, on Life Insurance
Summary: In 2014, a trust utilizing Crummey powers allows an individual to contribute $14,000 a year ($28,000 for married couples) into a trust without diminishing the lifetime gift tax exemption. Instead, the gift is exempt from the gift tax under the Annual Gift Tax Exclusion. These gifts can help avoid the 40% Federal Gift Tax, preserving wealth for the family.
Klenk Law
Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
"I worked for Peter Klenk for 4 wonderful years. I can’t speak highly enough of everyone at the firm. Everyone truly cares about their clients and has a strong sense of responsibility to get things done right. I would highly recommend Klenk Law!"
Flora Novick
Great firm. Great people. Happy to refer folks in need to estate planning to Peter and his team. They do great work.
Mr. Klenk has been easy to work with. I am confident he has given me good advice whenever I have called upon him. He has shown good work ethic and depth of knowledge in preparation of estate, wills, and trusts that I have worked with him on.
I met Peter soon after he started his practice in Philadelphia, PA. He and his team have always been there for me and my various inquiries throughout my life-changing events, corporate relocations. I have lived in various cities throughout the nation, I have never had a problem in contacting Peter or a member of his team. He and his office responds quickly and returns calls to me to fulfill my requests for information or to revise my estate needs while posing relevant thought-provoking questions that I need to consider to secure my future. One of Peter's best qualities is his ability to answer clients complicated questions in a simple way to ensure comprehension.
Integrity, exceeding the client's expectations. In-depth knowledge of the law
Very knowledgeable! Peter Klenk always has a thorough answer, and the associates have more experience than you'll find at most firms. They really only do estate work.
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