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
Posted on Tue Feb 2, 2016, on Trusts
From our “Ask a Question” mailbag: I have heard that if I form a trust, I can help reduce the federal estatetax due at my death, is that true?
There are many types of trusts. Some help reduce the federal estate tax and others do not.
Klenk Law
Posted on Thu Jan 14, 2016, on Trusts
From our “Ask a Question” mailbag: My CPA told me that I should form a trust to help the save federal estate tax payable at my death. I think he may have called it a Revocable Living Trust. Is that good advice?
Klenk Law
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
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
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
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
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Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
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"I worked for Peter Klenk for 4 wonderful years. I can’t speak highly enough of everyone at the firm. Everyone truly cares about their clients and has a strong sense of responsibility to get things done right. I would highly recommend Klenk Law!"
Flora Novick
We came to this firm based because of the online reviews we read and were not disappointed. Peter and the staff were a pleasure to work with - Peter was friendly, knowledgeable and patient with all our questions and the office staff were extremely responsive and efficient with all the scheduling and follow up needed to get us ready for the signing. We also like that all documents are housed in a portal that is easily accessible. Thank you to Peter and the team for helping us cross 'update estate planning documents' off our list.
Had our will done with Peter and his team. Made the process super easy and understandable. His team lead by Laura Parisi were always available for questions and assistance. Professional and personable they made what can be a challenging experience hopeful and graceful. Cannot recommend their services enough!
The Klenk Law team was a pleasure to deal with! Peter was responsive and helpful, and took good care of our needs!
Klenk Law is a professional and class act from start to finish. Peter, and all of his staff members are patient, clear, and trustworthy, all within the context of a user friendly, kind, and comfortable ambience.
Very friendly and easy to work with - definitely a better experience than I've had with other lawyers! Peter is very detailed and thorough. I've worked on previous versions of my will with other lawyers, and he pointed out things they'd never mentioned. Fast turnaround and very responsive to emails and phone calls.
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