We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. We remain open during the shutdown period, so please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!
Happily, 2014 continues to bring stability in the federal estate, gift and generation skipping taxes. For decades these taxes have been used as a political football, bouncing up and then down as politicians used the tax to drum up votes…and their campaign funds…rather than address the tax in a reasonable manner. Finally, things seem to have fallen into place and we can make long-term plans for our clients without guesswork. Of course things can always change, but the politicians have moved onto other issues, and the taxes now effect so few people, the political will to make change has dissipated.
Under the current rules, the federal estate tax exemption protects the vast majority of families from paying any federal estate tax. And, because the federal estate tax exemption is adjusted, over the years inflation will not grow estates so they are subject to the tax. For now, only the most wealthy families are subject to the estate tax and the number of federal estate tax returns Form 706 filed continues to shrink. From 2003 to 2102 the number fell 87%.
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!
What Our clients are saying
Peter explained things in a way that was easy to understand. Everything was done in the time frame he said it. Could not have been better!
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.
Peter provided outstanding advice and preparation of a will and trusts.
Excellent, knowledgeable team handled a complicated issue with superb results.
Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.