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: Federal 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?”

Klenk Law

Estate Tax Update February 2015

Posted on Tue Feb 3, 2015, on Estate Planning

In this recurring piece, I’d like to key you into recent tax news that can affect or guide your estate planning. In this edition, we’ll cover estate tax legislation affecting State tax laws in 2014 and beyond. Specifically, we’ll cover the inheritance and/or estate taxes in New York, Pennsylvania and New Jersey.

Klenk Law

Components of a Philadelphia Estate

Posted on Tue Jul 15, 2014, on Estate Planning

All your assets are included in your estate. For estate planning purposes, your estate includes all the assets that you own at your death that could be used to pay your debts. This would include things that you own in your own name or things that you own jointly with others, including real property and bank accounts. It also includes your personal property, such as jewelry, cars or furniture. Your assets may also include your qualified plans (IRAs, 401ks, etc.) and life insurance, assets that you typically would have beneficiary designations.

Klenk Law

Estate Planning Opportunities; Use Them or Lose Them!

Posted on Mon Sep 17, 2012, on Estate Planning

Only a little over three months remain to maximize estate tax and gift tax opportunities that are scheduled to disappear in 2013. There is still time, but if you are going to act you need to start working with your estate planning lawyer soon.

Never have the Gift Tax and Estate Tax exemptions been higher than they are currently. The Federal Estate and Gift Tax Exemptions are currently $5,120,000.00. If congress takes no actions, these exemptions fall to $1,000,000.00 in 2013. This change exposes to taxation an additional $4,120,000 to those who die or gift in 2013 vs. 2012, increasing the tax due by hundreds if not millions of dollars.¹

Klenk Law

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.

Klenk Law

What Our clients are saying

Klenk Law Logo
Stars

AJK

Peter has done our family's trust and estate work since our children were born. He is not only extremely knowledgeable and honest but makes sure that our arrangements remain current with the changing legal landscape. I would give him my highest recommendation as a professional in his field.

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

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.

Klenk Law Logo
Stars

CHARLES TOLL

Excellent, knowledgeable team handled a complicated issue with superb results.

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.

Let us put our expertise to work for you.

Free consultation within 24 hours.