Posted on Tue Feb 2, 2016, on Trusts
From our “Ask a Question” mailbag: I have heard that if I form a trust, I can help reduce the federal estatetax due at my death, is that true?
There are many types of trusts. Some help reduce the federal estate tax and others do not.
Klenk Law
Posted on Thu Jan 14, 2016, on Trusts
From our “Ask a Question” mailbag: My CPA told me that I should form a trust to help the save federal estate tax payable at my death. I think he may have called it a Revocable Living Trust. Is that good advice?
Klenk Law
Posted on Tue Sep 1, 2015, on Estate Planning
From our “Ask a Question” mailbag: Has the Angel of Death Tax Loophole been closed?
No, the Angel of Death Tax Loophole continues to exist, even though presidents from JFK to Obama have asked for it to be closed. In short, the Angel of Death Tax Loophole refers to all capital gains in an estate being forgiven at a person’s death.
Klenk Law
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.
Klenk Law
Posted on Fri Jun 19, 2015, on Probate and Estate Administration
From our “Ask a Question” mailbag: My mother transferred her Philadelphia County home to me two years ago. She recently died. I am going to sell the house soon, but do I have to pay Pennsylvania Inheritance Tax?
Not in your case. The Pennsylvania Inheritance Tax of 4.5% applies to transfers to children at death, and includes all gifts made within one year of the date of death. If the house was transferred properly into your name 2 years ago, it will not be subject to the Pennsylvania Inheritance Tax.
Klenk Law
Posted on Fri May 8, 2015, on Estate Planning
From our “Ask a Question” mailbox: My father wants to transfer a rental property he owns in Delaware County into my name. If he does, will this gift avoid Pennsylvania Inheritance Tax?
As a Delaware County resident, at your father’s death, all assets he leaves you at death (except life insurance) will be subject to the Pennsylvania Inheritance Tax at the 4.5% children’s rate.
Klenk Law
Posted on Sun Apr 5, 2015, on Probate and Estate Administration
My Mother transferred her Lehigh County home to me two years ago. She recently died. I am going to sell the house soon, but do I have to pay Pennsylvania Inheritance Tax?
Not in your case. The Pennsylvania Inheritance Tax of 4.5% applies to transfers to children at death and includes all gifts made within one year of the date of death. If the house was transferred properly into your name 2 years ago, it will not be subject to the Pennsylvania Inheritance Tax.
Klenk Law
Posted on Sat Apr 4, 2015, on Estate Planning
My father wants to transfer a rental property he owns in Chester County into my name. If he does, will this gift avoid Pennsylvania Inheritance Tax?
As a Chester County resident, at your father’s death, all assets he leaves you at death (except life insurance) will be subject to the Pennsylvania Inheritance Tax at the 4.5% children’s rate. That includes all gifts made within one year of the date of his death. So, if he transfers the rental property into your name and lives for at least one more year, at his death you will avoid Pennsylvania Inheritance Tax payment.
Klenk Law
Posted on Thu Mar 19, 2015, on Probate and Estate Administration
My Mother transferred her Delaware County home to me two years ago. She recently died. I am going to sell the house soon, but do I have to pay Pennsylvania Inheritance Tax?
Not in your case. The Pennsylvania Inheritance Tax of 4.5% applies to transfers to children at death and includes all gifts made within one year of the date of death. If the house was transferred properly into your name 2 years ago, it will not be subject to the Pennsylvania Inheritance Tax.
Klenk Law
Posted on Thu Mar 12, 2015, on Estate Planning
My father wants to transfer a rental property he owns in Bucks into my name. If he does, will this gift avoid Pennsylvania Inheritance Tax?
As a Bucks resident, at your father’s death, all assets he leaves you at death (except life insurance) will be subject to the Pennsylvania Inheritance Tax at the 4.5% children’s rate.
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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Flora Novick
We were extremely pleased with the work done by Peter Klenk and members of the staff at Klenk Law. They were very thorough and did the work in a timely fashion. Peter's explanations of the legal system were very clear and helpful. I highly recommend this firm and Peter.
I can't tell you how satisfied I am with this law firm. They were competent and helped me with a very difficult situation. They got the job done in a timely fashion and I am so happy I found them. If you find yourself in a difficult and contentious probate situation I highly recommend this firm. There is just no way I could have had this positive outcome without them. I worked with 2 different lawyers prior to hiring them and neither of them could get the job done like Klenk. Daniella Horn was a pleasure to work with and highly competent.
Peters' firm has prepared and updated our Wills and Trusts for the last 15 to 20 years. They know the law and help with your decision making to use the law to your best advantage. Response time to your requests is very reasonable, and final reviews and signing is executed in a timely manor with a thorough coverage of the documents. Our most recent updates to our Wills & Trusts were somewhat complicated, in our opinion, but Peter and his staff handled them effortlessly. As you can tell from this review Peter Klenk's firm is top notch.
My wife and I were thoroughly satisfied. We had very clear explanations of complicated subjects.
Peter explains things in a practical way to help guide you through a rather daunting process. We have been using Klenk Law for years. Highly recommend.
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