Posted on Sun Feb 2, 2025, on Estate Planning
From Our “Ask a Question” Mailbag: “What are the major tax changes for 2025?”“ Major Tax Changes for 2025 Including Some Updates. Each year brings fresh hope for a better, brighter new year. And changes to the tax code. What is new and exciting in the world of taxes? I […]
Klenk Law
Posted on Fri Jul 12, 2024, on Estate Planning
From Our “Ask a Question” Mailbag: “I want to start giving cash gifts to my children and grandchildren yearly. I know there is a Gift Tax Exclusion amount I can give away over my lifetime without paying any tax, but I am not sure how the Gift Tax works. How […]
Klenk Law
Posted on Fri Mar 1, 2024, on Estate Planning
From Our “Ask a Question” Mailbag: “My mother gave me a cash gift early this year. Do I need to report this on my income tax return? Is a gift subject to income tax?” Is a Gift Subject to Income Tax? At the end of the year, it is not […]
Klenk Law
Posted on Thu Jan 11, 2024, on Estate Planning
From Our “Ask a Question” Mailbag: “I would like to give my children a cash gift this year, but I hear it might be subject to Gift Tax. Is that true? How does the annual Gift Tax exclusion work?” What is Annual Gift Tax Exclusion? In short, the annual gift […]
Klenk Law
Posted on Wed Jan 10, 2024, on Estate Planning
From Our “Ask a Question” Mailbag: “Last year, I gave each grandchild the 2023 Annual Gift Tax exclusion of $17,000.00. What is the IRS Gift Tax Annual Exclusion for 2024?” IRS Gift Tax Annual Exclusion Rate for 2024. Now that 2023 is in the rearview mirror, it is time to […]
Klenk Law
Posted on Thu Sep 20, 2012, on Estate Planning
Rightfully so, much emphasis is being put on utilizing Gift Giving strategies that are scheduled to disappear on January 1, 2013. But when considering these strategies, don’t forget gift strategies that have worked in the past and continue to be cornerstones of most estate plans.
Take Advantage of The Annual Gift Exemption: When congress created the Gift Tax to plug loopholes that existed in the Federal Estate Tax, they created several categories of gifts that were considered “good gifts”, not subject to the gift tax. One of these exemptions is an annual gift to any number of persons. That rate is now adjusted for inflation, and for 2013 is a maximum of $13,000. Couples can lend each other the exemption so together can give $26,000 to any number of individuals. These gifts are then excluded from the estate and pass Gift and Estate Tax free to the recipient.¹
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 Aug 20, 2012, on Revocable Trusts and Living Trusts
A revocable trust, or its more popular name a “Living Trust”, is an increasingly popular estate planning tool. The Living Trust serves many useful purposes, but many people are told that one purpose is to reduce taxes. This is not true. A Revocable Trust does not reduce income taxes, estate taxes, gift taxes, generation skipping taxes or inheritance taxes. In short, there is no tax advantage gained by a Living Trust. If someone is trying to sell you on the idea of forming a Revocable Trust based on tax savings, run away!
Some trusts do create various tax benefits. So why does a Living Trust provide no tax benefit?
Klenk Law
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!
"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
My experience with Klenk Law was nothing shy of amazing. I had done some quick research when searching for an estate attorney and was immediately drawn to Klenk Law being a veteran owned business and due to their support for veterans, first responders, and teachers . Every member of their staff was knowledgeable and patient through every step of the process and with all of my questions. They were honest and transparent with pricing and expectations. They were very timely with communications and kept me in the loop throughout the process. I will definitely recommend Klenk Law to friends and family.
Our experience with Klenk Law has been exceptional. We’ve had help with estate planning and pre-nuptial agreements. They really take the time to explain everything and let us know our options. All of the staff are very professional, courteous and knowledgeable. They are very prompt with responding to calls and messages. We will continue to use them and recommend to friends and family.
Wonderful Experience working with the team
Peter Klenk was a joy to work with. He made sure I understood every element of the process of estate planning and his firm made the process seemless and uncomplicated. Very grateful!
Extremely professional services with courteous, responsive communication. Would recommend to anyone.
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