Klenk Law

Tag: Estate Plan

IRA-trust

An IRA Trust Can Ensure Your Estate Passes Only To Direct Descendants

Posted on Thu Jul 7, 2016, on IRA Trust

The IRA Trust, An Underutilized Estate Planning Tool.

To ensure that your money passes on only to your direct descendants, consider forming an IRA Trust.

All qualified plans (IRA, Roths, 401ks, SEPs, TIAA-CREF, etc.) allow you to name a beneficiary to receive the plan at your death. But, if this person is your child, they will have the chance to defer income tax recognition by converting the plan into an “Inherited IRA”. BUT, with an “Inherited IRA” your child, not you, has the ability to name a beneficiary. And it is likely this beneficiary will be your daughter-in-law or son-in-law rather than your grandchildren.

Maintaining Your Hosting Account After Death

Posted on Thu Nov 19, 2015, on Estate Planning

From our “Ask a Question” mailbag: My friend died and his executor is allowing his hosting account to lapse. Could he have set aside funds to maintain his website?

It is possible to set up a trust to maintain the cost of a website. This needs to be carefully done to provide checks and balances to make sure the trustee carries out your intent. I find a trusted Protector an excellent and inexpensive tool. If a person has a website that he wishes to continue after death, it is important to make sure access data is easily available to the executor.

The Pennsylvania Guardianship Process – How to Prevent Abuse of Power

Posted on Tue Oct 6, 2015, on Guardianship

From our “Ask a Question” mailbag: My sister suffers from mental illness, and is currently so depressed she cannot get out of bed. She is a smart woman and has a house and plenty of savings. Our brother is a parasite, and has filed a petition to have her declared incapacitated so he can be put in charge of her money. I am sure he will steal her money if he is given the chance. What can I do?

The Guardianship process in Pennsylvania gives all interested parties the chance to bring to the court’s attention concerns about the incapacitated person and the security of their assets. You, as an interested person, have the right to retain an attorney who is experienced in Guardianship hearings to bring your concerns to the court’s attention.

Dying Without a Will in New Jersey with Stepchildren

Posted on Wed Nov 12, 2014, on Estate Planning

If you die without a will in New Jersey you are said to die “intestate”. If you die intestate, your probate assets are divided up under the New Jersey Intestate Rules. These rules can easily be avoided by writing a will, but if you do not have a will, the Intestacy Rules are in place to clearly state who inherits your probate property in order to avoid conflict.

Dying Without a Will – Intestacy Succession for Foster Kids

Posted on Fri Nov 7, 2014, on Estate Planning

If you die without a will in New Jersey you are said to die “intestate”. If you die intestate, your probate assets are divided up under the New Jersey Intestate Rules. These rules can easily be avoided by writing a will, but if you do not have a will, the Intestacy Rules are in place to clearly state who inherits your probate property in order to avoid conflict.

Choosing Your Executor in Chester County, PA

Posted on Fri Oct 3, 2014, on Estate Planning

If you are a Chester County resident with a will, following your death your executor will take your death certificate, the original copy of your will, a checkbook and an ID card to the Chester County Register of Wills Office to be sworn in as the executor of your estate.

Being an executor means that this person is a fiduciary with many responsibilities and duties. Selecting the correct person for the job is a vital part of your estate plan.

What is a Will?

Posted on Thu Jul 17, 2014, on Estate Planning

A Will is a legal document which:

Specifies the beneficiaries who are to inherit your assets either outright or in trust.
Names a representative (an executor or personal representative) to administer the estate, pay your debts and any taxes and then to be responsible for distributing your assets to the beneficiary or to a trustee.
Nominates a guardian for your minor children.

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