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Tag: Estate Planning

How do I protect my father from my brother’s undue influence?

Posted on Wed Dec 30, 2015, on Estate Planning

From our “Ask a Question” mailbag: My father has been diagnosed with the beginning stages of Alzheimer’s. He is having some memory issues, but is still doing very well on his own with one exception. My brother has always been the black sheep of the family. He has never held a steady job. He recently declared bankruptcy and has been pressuring my father to give him money and to change his will to give my brother more money. My father and my deceased mother’s wills have always divided their estate equally between the four children. My father has told me that he does not want to change his will, but that he is worried that as the Alzheimer’s progresses, he may give into the pressure my brother is putting on him. How do I protect my father from my brother’s undue influence?

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I want to leave my Special Needs Child money when I die, but I don’t want to disqualify her for Medicaid. What can I do?

Posted on Sat Dec 26, 2015, on Special Needs Estate Planning

From our “Ask a Question” mailbag: My adult daughter is a Special Needs Child who has always lived in Burlington County, New Jersey. She will likely always live here and always need care. She is currently eligible for and using Medicaid. When I die, I want to leave her some money, but I don’t want to disqualify her for Medicaid. What can I do?

Klenk Law

Can my creditors go after a disclaimed life insurance policy in Chester County?

Posted on Wed Dec 23, 2015, on Estate Planning

From our “Ask a Question” mailbag: Last year, my mother died in Chester County and named me as beneficiary of her life insurance. As my children were the contingent beneficiaries, I decided to disclaim the inheritance, so the insurance money passed to my children. I was recently in a car accident. If I am sued, can they claim that life insurance money?

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Should I consider an ILIT (irrevocable life insurance trust)? What are the benefits?

Posted on Tue Dec 15, 2015, on Trusts

From our “Ask a Question” mailbag: My wife’s and my estates are worth about $3,000,000, including a one million dollar life insurance policy on my life. At my death, my wife will receive the benefits from that policy. Upon both of our deaths, our assets pass to my son. Now that the federal estate taxexemption is over five million dollars, does an Irrevocable Life Insurance Trust provide me any benefit?

Klenk Law

How can I lend my son some money without the risk of creating a dispute between my children at my death?

Posted on Tue Dec 1, 2015, on Estate Planning

From our “Ask a Question” mailbag: I want to loan my son some money at a low rate, but I do not want to create a fight between him and my other children at my death. What do you suggest?

Interfamily loans can become the source of much conflict between the children of a deceased parent. I find the best way to defuse the situation is to document everything very clearly, to keep the family informed about the loan, and to address the loan in your will.

Documenting the loan can be very straightforward and the loan terms can be written out on one or two pages.

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An Introduction to the Substantial Advantages of The IRA Trust

Posted on Fri Nov 27, 2015, on IRA Trust

If you have named your children as beneficiaries of your individual retirement account (IRA), you have likely made a mistake that exposes the IRA to your children’s spouses, to their creditors and to easily avoidable future inheritance and estate taxes. Forming and naming an IRA Trust for your child as the beneficiary easily corrects this mistake.

Congress requires that all qualified retirement plans—including IRAs, SEP-IRAs, 401(k) plans, and 403(b) plans—must allow an IRA Trust to be named as a beneficiary. By doing so, Congress allows you to form an IRA Trust for your child that allows the Inherited plan to remain tax-deferred.

Klenk Law

Drafting a Sharia-Compliant Islamic Will and Estate Plan in New York

Posted on Wed Nov 25, 2015, on Estate Planning

At Klenk Law, we are often asked to incorporate our clients’ religious principles into their estate plans. Recently, we have noticed a significant increase of inquiries regarding Sharia Compliant Wills, which is an excellent topic for discussion.

Source of Principles

The four sources for the principles that guide Sharia Compliant Wills are:

the Qur’an,
Sunnah,
Ijma, and
the Qiyas.

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What Our clients are saying

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Mr. Klenk has been easy to work with. I am confident he has given me good advice whenever I have called upon him. He has shown good work ethic and depth of knowledge in preparation of estate, wills, and trusts that I have worked with him on.

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Sharon A.

We recently used Peter's firm to update our wills and trusts. We found he and his staff to be well-informed, professional and highly efficient. And equally valuable, Peter explains the law in terms that a layperson can readily understand.

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Ronald W.

Peter and his staff are very responsive and always willing to help my clients and in a cost efficient manner.

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A Google User

Peter Klenk & Associates is my go-to firm for estate planning and advice in probate and estate administration. Peter and his attorneys are top-notch and exceptionally responsive. Peter has the knack of being able to explain extremely complex tax and estate planning issues in a manner that clients are easily able to understand and comprehend allowing them to confidently make important decisions.

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D.P.

Like another reviewer, I contacted Peter through his website using the free consultation link, for a question regarding PA inheritance taxes. The question was quite technical and difficult to explain, and the answer was nowhere to be found on the web. Peter grasped precisely what I was asking, and provided a clear, helpful response (with a touch of humor) the very next day.

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