Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Tag: Estate Planning

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?

Klenk Law

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.

Klenk Law

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.

Klenk Law

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.

Klenk Law

How do I manage medical decisions for my son if he is in another state?

Posted on Thu Oct 29, 2015, on Medical Power of Attorney Living Will

From our “Ask a Question” mailbag: My son does not get along with his stepfather and wants to move to another state to live with relatives. He won’t turn 18 for another year. How do I manage medical decisions for him if he is in another state?

For non-emergency medical care, there is likely no problem as you can communicate with his local doctor and give authorization for examinations or minor care. Work with his doctor and give their office the authorization that they request.

Klenk Law

Can my future son-in-law claim my daughter’s inheritance if no prenup is signed?

Posted on Wed Oct 21, 2015, on Estate Planning

From our “Ask a Question” mailbag: What if my future son-in-law refuses to sign a prenuptial agreement? Can he claim a share of what I leave my daughter?

If your daughter marries her fiancé without a prenuptial agreement, and commingles with her husband’s assets what she inherits from you, then—in a divorce—she may lose a share or all of her inheritance. Further, if she dies after receiving the inheritance, she may give all of her inheritance to her husband who is free to then leave those assets as he sees fit at his death.

Klenk Law

What Our clients are saying

Klenk Law Logo
Stars

Kevin K.

I was referred to Peter after my divorce to put documents together to protect my assets. He suggested a number of documents that would help protect my children and their future. Also, he put together wills, power of attorney and living wills. I initially spoke with him on the phone, he took 30-40 minutes to understand my situation and explain the benefits of having such documents. After a week or two, I met with him in his office and signed the documents. Everything else was remote phone calls and emails. He re-explained these documents and what whom to share. I am in good hands.

Klenk Law Logo
Stars

Peter G.

Very knowledgeable! Peter Klenk always has a thorough answer, and the associates have more experience than you'll find at most firms. They really only do estate work.

Klenk Law Logo
Stars

Anita R.

Peter came highly recommended by a close friend to do our estate planning. We have been putting off for years. He is knowledgeable, professional and easy to work with.

Klenk Law Logo
Stars

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.

Klenk Law Logo
Stars

Andrea Wilson

Peter is excellent. I had a very complicated situation with my parents' estate planning and potential Medicaid needs. Peter was very knowledgeable in estate planning matters, able to define the best solution for the situation. Additionally, he was congenial and able to communicate effectively to my senior citizen parents the benefits of estate planning. He earned my trust, and more importantly, my parents' trust in a 45 mins consultation period. Highly recommend Peter. He is very easy to work with.

Let us put our expertise to work for you.

Free consultation within 24 hours.