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Klenk Law

Tag: Irrevocable Trust

Directed-trusteeship

Directed Trusteeship; How to Keep Your Trusted Wealth Advisor.

Posted on Fri Sep 9, 2016, on Directed Trust

From Our “Ask a Question” mailbag: The Directed Trustee maybe the answer to your problem!

“I am considering setting up an Irrevocable Trust to hold assets for my children. But, I want my current wealth manager investing the trust property. Unfortunately, if I pick a corporate trustee, they will use their money manager. How do I force the corporate trustee to use my financial advisor?”

What Type of Life Insurance Policy is Best For My Estate Plan?

Posted on Thu Jun 30, 2016, on Life Insurance

Ask a Question” mailbag: I need life insurance as part of my estate plan to cover the cost of my son’s college tuition and pay off the mortgage. What policy best fits my needs?

First, focus on the reasons for why you are purchasing life insurance. Life insurance is an excellent Estate Planningtool, but only if you are clear as to its purpose.

Protection From Scams; Revocable Living Trusts & Irrevocable Trusts

Posted on Wed Feb 17, 2016, on Elder Financial Scams

From our “Ask a Question” mailbag addresses providing protection from scams.

“My mother is having trouble managing her finances, and I discovered she wrote a check to some person who called her on the phone. It wasn’t much, but she was confused and in the future might get scammed out of a large sum by some telemarketer or criminal. She needs protection from scams. Can a revocable living trust or an Irrevocable Trusthelp protect her?”

Can a Trust Help Avoid Probate?

Posted on Thu Jan 28, 2016, on Trusts

From our “Ask a Question” mailbag: I have been reading about trusts to avoid probate. Can a trust help my estate avoid probate?

Trusts come in all shapes and sizes and can help you meet many different goals. If your goal is to avoid probate, you could use a Revocable Living Trust, or you could use any number of different Irrevocable Trusts. Both categories help your estate avoid probate.

How do I protect my father from my brother’s undue influence?

Posted on Wed Dec 30, 2015, on Estate Planning

From our “Ask a Question” mailbag: My father has been diagnosed with the beginning stages of Alzheimer’s. He is having some memory issues, but is still doing very well on his own with one exception. My brother has always been the black sheep of the family. He has never held a steady job. He recently declared bankruptcy and has been pressuring my father to give him money and to change his will to give my brother more money. My father and my deceased mother’s wills have always divided their estate equally between the four children. My father has told me that he does not want to change his will, but that he is worried that as the Alzheimer’s progresses, he may give into the pressure my brother is putting on him. How do I protect my father from my brother’s undue influence?

Should I consider an ILIT (irrevocable life insurance trust)? What are the benefits?

Posted on Tue Dec 15, 2015, on Trusts

From our “Ask a Question” mailbag: My wife’s and my estates are worth about $3,000,000, including a one million dollar life insurance policy on my life. At my death, my wife will receive the benefits from that policy. Upon both of our deaths, our assets pass to my son. Now that the federal estate taxexemption is over five million dollars, does an Irrevocable Life Insurance Trust provide me any benefit?

Who gets the remainder of my son’s Special Needs Trust?

Posted on Thu Oct 22, 2015, on Special Needs Trust

From our “Ask a Question” mailbag: I am planning to set up a Special Needs Trust for my son and place a gift in the trust each year to help provide care for my son after my death. If he dies without the entire amount being used, whom can I name as the beneficiary?

If I have the facts correct, you are thinking about forming an Irrevocable Trust for your son during your lifetime (“inter vivos”) and then placing money into the trust every year to create a pool of funds to provide care for your son after your death. I also assume, in order to provide the maximum tax benefits, you will use Crummey Powers to make these transfers free of Federal Estate Tax, and you will not serve as trustee.

What Our clients are saying

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I've worked with and known Peter Klenk and his associates for years. They are highly professional, diligent and truly experts in their field. By focusing on just wills, trusts, and estates, Klenk law has experienced every angle of estate planning and applied that knowledge to help prepare our clients with thorough and comprehensive documents.

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Peter and his staff handled all of our needs in a very professional and timely matter.

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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.

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Peter Klenk & Associates is my go-to firm for estate planning and advice in probate and estate administration. Peter and his attorneys are top-notch and exceptionally responsive. Peter has the knack of being able to explain extremely complex tax and estate planning issues in a manner that clients are easily able to understand and comprehend allowing them to confidently make important decisions.

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Stars

Peter Klenk ESQ is a thoughtful and capable attorney who we work with on estate planning issues. His firm recently provided us with new Wills, Power of Attorneys and our instructions regarding major health issues. These documents are important for estate and life planning. Peter and his team are masters in the complexities of Estate Law. We highly recommend Peter and his Associates to provide thoughtful advice and outstanding work on these complex issues of the law. Make sure your estate planning documents are up to date, and Peter can be relied on to do an excellent job. Well done Peter!

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