Klenk Law

Tag: Estate Tax

Is Collecting Life Insurance Before Filing The Will Allowed?

Posted on Fri Sep 9, 2016, on Probate and Estate Administration

From Our “Ask a Question” mailbag: “My father died recently, and I am the executor. I will file his Will next week. But my siblings have already contacted the life insurance company to collect the life insurance. Can they receive the life insurance before I file the Will? Is collecting life insurance before filing the Will proper?”

What is the Generation Skipping Tax? (Part I)

Posted on Tue Jul 17, 2012, on Estate Planning

Prologue

This is the first of a series of Articles about the Generation Skipping Tax, one of the more complex taxes that most people will come up against and which is often overlooked in Estate Planning. The goal is to introduce the non-practitioner to the concepts of the Generation Skipping Tax so the planning options and techniques which we will explore together will make more sense. I find that some clients have avoided estate planning techniques which would save their families potentially millions of dollars, because they are uncomfortable with their understanding of the taxes being discussed. My hope is that after reading these articles my clients will have a working knowledge of the Generation Skipping Tax and, with as much enthusiasm a non-tax geek can have, embrace planning techniques that help reduce or even avoid the Generation Skipping Tax.

Using an Irrevocable Trust to Reduce Taxes

Posted on Mon Jul 11, 2011, on Trusts

The new tax rules for 2011 and 2012 increase the applicable exclusion amount that can be used to give away $5 million free of gift tax. This provides a unique opportunity to shift wealth out of your estate to your children or other heirs and a vehicle to reduce estate tax. By using an irrevocable trust the wealth can be protected from your children’s divorces, creditors and from estate and inheritance taxes when those same assets later pass to or in further trust for your grandchildren when your children die.

Let us put our expertise to work for you.

Free consultation within 24 hours.