Posted on Fri Sep 9, 2016, on Directed Trust
From Our “Ask a Question” mailbag: The Directed Trustee maybe the answer to your problem!
“I am considering setting up an Irrevocable Trust to hold assets for my children. But, I want my current wealth manager investing the trust property. Unfortunately, if I pick a corporate trustee, they will use their money manager. How do I force the corporate trustee to use my financial advisor?”
Klenk Law
Posted on Fri Sep 9, 2016, on Probate and Estate Administration
From Our “Ask a Question” mailbag: “My father died recently in Burlington County, New Jersey. The executor told me that my dad set up a Trust Under Will for me. What is a Trust Under Will?”
Klenk Law
Posted on Fri Sep 9, 2016, on Probate and Estate Administration
From Our “Ask a Question” mailbag: “My father died recently, and I am the executor. I will file his Will next week. But my siblings have already contacted the life insurance company to collect the life insurance. Can they receive the life insurance before I file the Will? Is collecting life insurance before filing the Will proper?”
Klenk Law
Posted on Fri Sep 9, 2016, on Trusts
From Our “Ask a Question” mailbag: “I am thinking about forming a trust for my minor child, but I read that a trust could be a “simple trust” or a “complex trust,” what is a complex trust?”
Klenk Law
Posted on Fri Sep 9, 2016, on Estate Planning
From Our “Ask a Question” mailbag: “I am forming a trust for my minor children. I could use my brother as Trustee or choose a Corporate Trustee. What are the reasons to use a Corporate Trustee rather than my brother?”
Klenk Law
Posted on Fri Sep 9, 2016, on Special Needs Estate Planning
From Our “Ask a Question” mailbag: “I am setting up a Special Needs Trust for my son in my Will. I am trying to decide if I should pick my daughter or a bank as the Special Needs Trust Trustee. Who should I pick as the Special Needs Trust Trustee?”
Klenk Law
Posted on Fri Sep 9, 2016, on Probate and Estate Administration
From Our “Ask a Question” mailbag: “My father at his death gave my brother, and I equal amounts. My brother got life insurance, and I got the house and cash. The Will says the residue pays all taxes. Do we split the New Jersey Estate Tax on life insurance?
Klenk Law
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.”
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 Wed Sep 7, 2016, on Power of Attorney
From Our “Ask a Question” mailbag: “I have heard stories about Power of Attorney abuse and theft. So, where do I keep my Power of Attorney?”
Power of Attorney abuse is a real problem. A typical durable general power of attorney gives your “Agent” the authority to access your accounts and sell your assets. These capabilities are essential so your Agent can take care of you. But, they are also powers that can lead to theft and fraud.
Klenk Law
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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!
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"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
Peter offers excellent service in a easy friendly atmosphere. Highly recommended!
Both Melissa and I thank Jackie and Daniella, and your firm for excellence in the handling of Mary's estate!!!
We look forward to working with you in the future on other family estate matters.
We had an excellent experience. Everyone was very personable, professional and efficient.
My experience with Klenk Law was nothing shy of amazing. I had done some quick research when searching for an estate attorney and was immediately drawn to Klenk Law being a veteran owned business and due to their support for veterans, first responders, and teachers . Every member of their staff was knowledgeable and patient through every step of the process and with all of my questions. They were honest and transparent with pricing and expectations. They were very timely with communications and kept me in the loop throughout the process. I will definitely recommend Klenk Law to friends and family.
Klenk was efficient and professional in designing and executing the necessary documents for my trust, will and associated paperwork after my moving to pa from out of state. This allowed an inherently unpleasant responsibility to be completed with minimal agony and diligence. His web site further enables executed document update and distribution with minimal fuss.
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