Posted on Wed Nov 19, 2014, on Probate and Estate Administration
The Pennsylvania Inheritance Tax is levied on the net estate value, meaning the fair market value of the estate’s assets less expenses and debts.
Posted on Wed Nov 19, 2014, on Probate and Estate Administration
The Pennsylvania Inheritance Tax is levied on the net estate value, meaning the fair market value of the estate’s assets less expenses and debts.
Klenk Law
Posted on Mon Nov 10, 2014, on Probate and Estate Administration
The Pennsylvania Inheritance Tax is levied on the net estate value at the date of death, meaning the fair market value of the estate’s assets less the expenses of the estate administration and existing debts.
Klenk Law
Posted on Sun Nov 9, 2014, on Probate and Estate Administration
The Pennsylvania Inheritance Tax is levied on the net estate value, meaning the fair market value of the estate’s assets less expenses and debts.
If repairing the house for sale is reasonable, and the expenses paid are reasonable, they will be deducted from the sale proceeds when calculating the net estate.
Klenk Law
Posted on Thu Sep 20, 2012, on Estate Planning
If you are an art collector interested in giving a piece of art to a charity, what factors should you consider in order to maximize your income tax deduction?
Short Answer: If a person as a collector contributes highly appreciated art purchased and held over one year to a qualified public charity and reports the contribution along with a supporting appraisal (if the art exceeds $5,000.00 in value) the person will avoid recognizing the built in capital gains, avoid paying inheritance and estate taxes and the person will be able to deduct the full fair market value of the donation as of the date of the contribution.
Long Answer: The Tax Code encourages the contribution of art to tax exempt organizations by allowing deductions against income for the gift. The size of the deduction will depend on several factors.
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
Peter explains things in a practical way to help guide you through a rather daunting process. We have been using Klenk Law for years. Highly recommend.
The whole process of ensuring that I can provide my mother her wishes upon her death, was made easy by working with the team at Klenk Law. I received my documents quickly and properly.
Wonderful Experience working with the team
I can't tell you how satisfied I am with this law firm. They were competent and helped me with a very difficult situation. They got the job done in a timely fashion and I am so happy I found them. If you find yourself in a difficult and contentious probate situation I highly recommend this firm. There is just no way I could have had this positive outcome without them. I worked with 2 different lawyers prior to hiring them and neither of them could get the job done like Klenk. Daniella Horn was a pleasure to work with and highly competent.
Jackie M. at Klenk Law is dynamite.!! She is certainly an asset to this firm. Knowledgeable, personable, and dedicated to her craft.
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