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Tag: Estate Planning

Jointly Owned Property with Children in Estate Planning; Pros, Pitfalls and Alternatives

Posted on Wed Jun 4, 2014, on Estate Planning

Parents are often tempted to place property in Joint Tenancy with children. Because the child becomes a co-owner of the asset, the child is able to have easy access to the account to help the parent pay bills and manage the asset. Further, at the parent’s death the asset automatically passes outright to the child. While this type of ownership might first appear convenient, it is important to realize the potential pitfalls that come with joint ownership. Sometimes convenience comes at a high price.

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What Can’t I Do With my Philadelphia Will?

Posted on Tue Jun 3, 2014, on Estate Planning

A well-drafted Philadelphia will can appoint a responsible executor to manage your estate, name a responsible guardian to care for your underage children and ensure that your assets are divided as you wish at your death. While the will can address many of your goals, there are certain things that it cannot do, which is the principal reason why developing an estate plan must include more planning than simply drafting a will.

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Definition of Family – Grandparents Seeking Visitation

Posted on Wed Apr 16, 2014, on Guardianship

It was not long ago when the definition of a family, and to whom a court would allow visitation to minor children, was simple; biological mother and biological father. Then times changed.

If you are reading this article, it is possible that by the time your issue appears before a magistrate or judge the rules in your county will have changed from what they are today. The rules, like the definition of family, are changing.

Reading the facts and the decision in Arrington v. Thrash , from the Mississippi Court of Appeals allow you to see the law change before your eyes. The court ruled that the facts and circumstances in that case justified an award of grandparent visitation comparable to that which would have been given to a noncustodial parent. The court reasoned that this decision was in the best interest of the minor child.

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What Does My Estate Include?

Posted on Wed Apr 2, 2014, on Estate Planning

In estate planning, “my estate” can mean different things. Your probate estate includes all your assets that will pass through your will at your death, while your taxable estate includes all your assets that will be taxed at your death. Many assets are included in your taxable estate, but not your probate estate, such as assets in your revocable living trust, your IRAs, assets held jointly with a right of survivorship and all of your payable on death accounts.

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Can I file my Will with the Montgomery County Register of Wills after I have signed it, but before my death?

Posted on Wed Apr 2, 2014, on Estate Planning

The Montgomery County Register of Wills cannot hold or file your Will until after you have died. Your executor will go to the Register’s office in Norristown with the original Will, an original death certificate, an ID and a check. After verifying all is in order, the Register will then file the Will. There is no Pennsylvania procedure to hold Wills of the living.

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Retirement Plan Estate Planning

Posted on Sun Mar 30, 2014, on Estate Planning

If you are like most Philadelphians, you are provided the option of participating in a qualified plan program, such as a 401k, 503(b) or TIAA-CREF program. Otherwise, you may have an Individual Retirement Account (IRA) or a Roth-IRA that you have formed and funded yourself. These plans are designed to hold assets tax deferred and earmarked for retirement but, with the exception of a ROTH-IRA, when the funds are removed, the deferred income taxes come due.

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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.

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Anne W.

I saw four lawyers and was told by all of them; I should just forget contesting my mother's will. I knew what happened, but it is very hard to prove undue influence. I contacted the Law Offices of Peter L. Klenk & Associates. Attorney Amanda DiChello took my case. They were very honest and upfront about what would be involved trying to prove what I knew was true. Attorney DiChello may be young but she is extremely knowledgeable and skilled. She listened and understood what I conveyed to her. She knew exactly what information to use and crafted an outstanding interrogatory and many powerful depositions. Attorney DiChello understood the various emotional feelings this case created for my family and me; she was always there for us with a kind and encouraging word. We went to trial. The amount of work which she and her Paralegal did for the trial was incredible. They both knew my case inside and out! Attorney DiChello's powerful interrogative and thinking skills produced a positive outcome. Attorney DiChello did what other seasoned lawyers said was impossible!

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Peter J. Gutekunst, CFP®

I've worked with and known Peter Klenk and his associates for years. They are highly professional, diligent and truly experts in their field. By focusing on just wills, trusts, and estates, Klenk law has experienced every angle of estate planning and applied that knowledge to help prepare our clients with thorough and comprehensive documents.

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A Google User

Peter is a model attorney who puts his clients first at all costs. His extensive expertise in estate planning and tax planning was a great comfort as we began, and have expanded, our family. He is very thoughtful, generous, and quick witted. His approach towards his business has been an inspiration to his peer group, and his zest for life is extremely infectious. Without reservation, I highly recommend Peter as trusted and cherished counsel

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Bill

I met Peter soon after he started his practice in Philadelphia, PA. He and his team have always been there for me and my various inquiries throughout my life-changing events, corporate relocations. I have lived in various cities throughout the nation, I have never had a problem in contacting Peter or a member of his team. He and his office responds quickly and returns calls to me to fulfill my requests for information or to revise my estate needs while posing relevant thought-provoking questions that I need to consider to secure my future. One of Peter's best qualities is his ability to answer clients complicated questions in a simple way to ensure comprehension.

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