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Tag: Estate Planning Attorney

20 Nov, 2014

An Explanation of Crummey Powers and Crummey Trusts

Summary: In 2014, a trust utilizing Crummey powers allows an individual to contribute $14,000 a year ($28,000 for married couples) into a trust without diminishing the lifetime gift tax exemption. Instead, the gift is exempt from the gift tax under the Annual Gift Tax Exclusion. These gifts can help avoid the 40% Federal Gift Tax, preserving wealth for the family.

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12 Nov, 2014

Dying Without a Will in New Jersey with Stepchildren

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.

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11 Nov, 2014

Is my IRA subject to the Pennsylvania Inheritance Tax?

Your IRA is subject to the Pennsylvania Inheritance Tax, which can prove to be a tax trap.

For example, if you leave $100,000 from your IRA to a friend, that gift is subject to the 15% Pennsylvania Inheritance Tax rate. To avoid interest and penalties on the Pennsylvania Inheritance Tax, within 9 months of your death your friend must pay the Commonwealth $15,000. If your friend does not have $15,000 of liquid assets, she may have to remove the $15,000 from the IRA. If she does, this will trigger her to recognize $15,000 of income. If she does not have the liquid assets to pay the income taxes due on the $15,000, she may have to remove the money from the IRA, which triggers even more income taxes.

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Shana Goldson

I had a wonderful experience with Peter and his team preparing my estate documents. The experience was very personalized and his team was very knowledgeable, polite, and patient through the process.

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Paul A

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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Cathy Goodwin

Very friendly and easy to work with - definitely a better experience than I've had with other lawyers! Peter is very detailed and thorough. I've worked on previous versions of my will with other lawyers, and he pointed out things they'd never mentioned. Fast turnaround and very responsive to emails and phone calls.

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Richard Test

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This law firm was super helpful with answering all my questions! Huge props specifically to Riley for their enormous assist with helping me get where I needed to go. They were fantastic!!!

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