Posted on Sun Feb 10, 2019, on Revocable Trusts and Living Trusts
From Our “Ask a Question” Mailbag: “Can you provide examples of Revocable Trusts being used successfully?” Examples of Revocable Trusts Being Used Successfully: To begin, I am assuming that you are somewhat familiar with Revocable Trusts. If you are not, or if you wish to refresh your memory, follow this […]
Posted on Sat Nov 10, 2018, on Revocable Trusts and Living Trusts
New Jersey Trust Lawyer Divorce can be a huge adjustment not only for you but for your children as well. The life you once knew is likely to change completely. During this time, you will be making a number of changes to your life. Unfortunately, it’s not uncommon for people […]
Posted on Fri Nov 3, 2017, on Revocable Trusts and Living Trusts
From our “Ask a Question” Mailbag: Pros and Cons of a Living Trust Most Recently Updated August 10, 2018. Pros and Cons of a Living Trust A living trust is just like a will. It is a legal document. It spells out all of their desires regarding assets, dependents, and heirs. […]
Posted on Mon Dec 12, 2016, on Revocable Trusts and Living Trusts
Our “Ask a Question” mailbag addresses a question about Amending a Revocable Trust. “Is amending a Revocable Trust difficult? How do I go about amending a Revocable Trust I formed in 1998, as I have some necessary updates?”
Posted on Thu Nov 3, 2016, on Revocable Trusts and Living Trusts
From Our “Ask a Question” mailbag: “After being diagnosed with early-stage Alzheimer’s, I have been thinking about forming a Revocable Trust. Who pays the income tax on a Revocable Trust?”
A Revocable Living Trust can be a reliable tool in helping you manage your assets while suffering from Alzheimer’s. But, you should plan carefully and implement checks and balances.
Posted on Fri Sep 9, 2016, on Revocable Trusts and Living Trusts
From Our “Ask a Question” mailbag: “I have been diagnosed with early stage Alzheimers. I have heard that setting up an “unfunded trust” for long-term care might be a good idea. What is an unfunded trust and how is a trustthat is unfunded useful?”
When planning for Alzheimers, the term “unfunded trust” refers to a Revocable Living Trust which you set up but in which you currently put no assets. Because it is currently not “funded” with any assets, we call it an “unfunded trust.”
Posted on Wed Sep 9, 2015, on Revocable Trusts and Living Trusts
From our “Ask a Question” mailbag: I had a Revocable Living Trust created several years ago, but I have not put anything into it. I own my Philadelphia home, a few bank accounts and investment accounts. I want everything to pass to my daughter at my death, but she lives in California, so I want the transfer to be easy. Should I move my house from my name into the Revocable Trust?
The goal you have stated in forming your Revocable Living Trust was to make things easier on your daughter who lives in California. Though your intentions are good, without moving the house into the trust you really have done nothing to help her.
The basic idea surrounding a Revocable Living Trust is that during your lifetime you either move your assets into the trust or you set things up so that at your death, they pour into the trust.
Posted on Wed Sep 2, 2015, on Revocable Trusts and Living Trusts
From our “Ask a Question” mailbag: I have been diagnosed with the early stages of Alzheimer’s and need to create a way to have my son assist me as the disease progresses. Can a Revocable Living Trust help my son assist me with my diminished capacity and against any creditors that may arise in the future?
You are wise to start planning now to address your Alzheimer’s. Most people put off this planning, and that rarely ends well.
Creating a Revocable Living Trust that names both you and your son as co-trustees, each able to act independently, is a good system to help prepare for the future.
Posted on Mon Aug 31, 2015, on Revocable Trusts and Living Trusts
From our “Ask a Question” mailbag: My son refuses to get a prenuptial agreement, how do I shelter the money I will leave him from my future daughter-in-law?
If your son refuses to protect himself, you have other options to protect the money you leave him. Instead of leaving him his inheritance outright, through your will or Revocable Living Trust you can form a protective trust to hold his inheritance.
Posted on Fri Aug 14, 2015, on Revocable Trusts and Living Trusts
From our “Ask a Question” mailbag: < strong>My estate is worth about $4,000,000, which includes a $1,000,000 life insurance policy. At my death, my estate passes to my two children. Now that the Federal Estate Tax Exemption is at $5,000,000.00, what good is an Irrevocable Life Insurance Trust for me?
In rough terms, as long as your estate stays under $5,000,000.00 (adjusted for inflation) at your death your estate will not owe any Federal Estate Tax, but you are a resident of Camden County, New Jersey, so you are forgetting about the New Jersey Inheritance Tax and the New Jersey Estate Tax. If your assets pass to your children, the New Jersey Inheritance Tax will be zero, but the New Jersey Estate Tax taxes all assets over $675,000.00.
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!
Dylan. S
Peter provided outstanding advice and preparation of a will and trusts.
Brandon. L
Peter was excellent. He explained everything very clearly and is super friendly. My wife and I originally tried using a lawyer through group legal coverage, but unfortunately the old adage - "you get what you pay for" - applied to the other lawyer, and we decided to go with a real professional.
Nafeesha. B
When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...
Chris B.
AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!
Qiana Wright
Great friendly staff
Susan W.
Tremendous firm with bright, kind and tenacious people. Great representation for our family.
Linda F.
I'm totally satisfied with Klenk Law. Peter has a great legal mind with the personality of the guy next door.
Sheldon P.
Everything about my experience was a 10+! Peter and his staff made what I thought would be a difficult process easy and understandable. Every detail was handled correctly. No other firm could possibly do better than Klenk Law!
Ronald W.
Peter and his staff are very responsive and always willing to help my clients and in a cost efficient manner.
D.P.
Like another reviewer, I contacted Peter through his website using the free consultation link, for a question regarding PA inheritance taxes. The question was quite technical and difficult to explain, and the answer was nowhere to be found on the web. Peter grasped precisely what I was asking, and provided a clear, helpful response (with a touch of humor) the very next day.
Darryl J.
Answered my question quickly and referred me to a colleague that could handle my problem
Ian Marchant
Mr. Klenk, quickly understood the circumstances presented and provided clear and concise advice. This advice provided me with the information I required to progress the case to my advantage.
Andrea Wilson
Peter is excellent. I had a very complicated situation with my parents' estate planning and potential Medicaid needs. Peter was very knowledgeable in estate planning matters, able to define the best solution for the situation. Additionally, he was congenial and able to communicate effectively to my senior citizen parents the benefits of estate planning. He earned my trust, and more importantly, my parents' trust in a 45 mins consultation period. Highly recommend Peter. He is very easy to work with.
Chantee C.
Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! He was extremely knowledgeable and provided valuable information to the group. People were very engaged and asked several questions, all of which Peter thoroughly answered. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. Thank you, Peter!
Dylan Small
Peter provided outstanding advice and preparation of a will and trusts.
Christopher F.
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!
Albert A.
You & your staff are the best thank you for everything.
Stephen T.
Peter and his staff handled all of our needs in a very professional and timely matter.
Maxine G.
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.
Brian M.
Peter explained a complex subject very clearly, helped us to decide the best approach to managing our estate and then made it very easy for us to execute the required documents. He will be a valuable resource for years to come and clearly has a great understanding of estate law that will lead to innovative solutions for us. I would unhesitatingly recommend him for estate planning.
Chris Curcio
Fantastic customer service. Very personable and most importantly they provide great explanations of what is required based on your individual needs. Highly recommend Klenk Law for anyone that needs to create a will and estate documents.
Joe Peters
Always professional and very responsive. Everyone on the staff that I have worked with. I look forward to continuing our relationship.
Michael Patete
Surprisingly easy
MJG
Affable...yet surprisingly cerebral estate planning atty. High marks all the way around.
A.R.
Peter and his associates made things easy for us.
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