Posted on Mon Sep 19, 2022, on Probate and Estate Administration
From Our “Ask a Question” Mailbag: “My mother died in Jenkintown, PA. Are you a Probate Lawyer Montgomery County, PA? What does a Probate Lawyer do?” Probate Lawyer Montgomery County, PA. Most estate executors need a team. Executors need not know how to carry out all the required tasks. […]
Klenk Law
Posted on Wed Dec 19, 2018, on Estate Planning
From Our “Ask a Question” Mailbag: “Please give me Examples of Estate Planning Reducing or Avoiding Taxes.” Examples of Estate Planning Reducing or Avoiding Taxes: Transfer a house to your child during your life, or at death? Example, Mrs. Jones purchased her Philadelphia house 40 years ago for $30,000.00 and […]
Klenk Law
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 Fri Sep 9, 2016, on Probate and Estate Administration
From Our “Ask a Question” mailbag: “My father at his death gave my brother, and I equal amounts. My brother got life insurance, and I got the house and cash. The Will says the residue pays all taxes. Do we split the New Jersey Estate Tax on life insurance?
Klenk Law
Posted on Tue Sep 8, 2015, on Probate and Estate Administration
From our “Ask a Question” mailbag: My mother died and I was named Executor of her estate. The estate is divided equally between myself and my brother and sister. She had so many things in her house that none of us want. Can I give these to charity and then take a deduction on the Pennsylvania Inheritance Tax return?
If I have the facts correct, all assets are equally divided between you three siblings. This includes all personal property. If so, then the right to collect the property is with the children and the Commonwealth’s Inheritance Tax is due on the fair market value of those things. The tax for children is 4.5%.
Klenk Law
Posted on Thu Aug 13, 2015, on Probate and Estate Administration
From our “Ask a Question” mailbag: Does the Pennsylvania Inheritance Tax include my mother’s antiques?
If your mother died a Pennsylvania resident, then the estate must pay the Pennsylvania Inheritance Tax on the fair market value of all of her taxable assets, including her antiques.
If these antiques are passing to you, the tax rate will be 4.5%, due within nine months of her death.
Klenk Law
Posted on Tue Aug 11, 2015, on Probate and Estate Administration
From our “Ask a Question” mailbag: I am the executor of my father’s estate and it is pretty straightforward, but I need some help completing the Pennsylvania Inheritance Tax return. Can you just help me finish that return?
Klenk Law
Posted on Fri Jun 19, 2015, on Probate and Estate Administration
From our “Ask a Question” mailbag: My mother transferred her Philadelphia County home to me two years ago. She recently died. I am going to sell the house soon, but do I have to pay Pennsylvania Inheritance Tax?
Not in your case. The Pennsylvania Inheritance Tax of 4.5% applies to transfers to children at death, and includes all gifts made within one year of the date of death. If the house was transferred properly into your name 2 years ago, it will not be subject to the Pennsylvania Inheritance Tax.
Klenk Law
Posted on Fri May 8, 2015, on Estate Planning
From our “Ask a Question” mailbox: My father wants to transfer a rental property he owns in Delaware County into my name. If he does, will this gift avoid Pennsylvania Inheritance Tax?
As a Delaware County resident, at your father’s death, all assets he leaves you at death (except life insurance) will be subject to the Pennsylvania Inheritance Tax at the 4.5% children’s rate.
Klenk Law
Posted on Sun Apr 5, 2015, on Probate and Estate Administration
My Mother transferred her Lehigh County home to me two years ago. She recently died. I am going to sell the house soon, but do I have to pay Pennsylvania Inheritance Tax?
Not in your case. The Pennsylvania Inheritance Tax of 4.5% applies to transfers to children at death and includes all gifts made within one year of the date of death. If the house was transferred properly into your name 2 years ago, it will not be subject to the Pennsylvania Inheritance Tax.
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
The Klenk team smoothly helped my family with the often thick and cumbersome estate planning documents. We would recommend them for this type of work! Thank you, Klenk Law!
A very friendly knowledgeable experience. I would recommend and use them again.
Very easy to deal with. Like the fact they are focused on estate planning and their expertise in this area shows. Peter and staff were helpful and easy to communicate with.
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.
My family and I was pleased with the service, and insight of Klenk Law. All of our questions and concerns were patiently answered. I will be referring this firm to many family and friends to assist with real estate planning etc. Thank Klenk Law
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