Posted on Tue Nov 18, 2014, on LGBT Estate Planning
Addressing your blended LGBT family in your estate plan is a good idea. Though you may not wish to treat your Partner’s children the same way you treat your biological children, by at least mentioning them or giving them a small gift you may avoid hurt feelings and potential conflict.
Klenk Law
Posted on Sun Nov 16, 2014, on Estate Planning
Making gifts to nieces and nephews for Pennsylvanians forces the calculation of the Pennsylvania Inheritance Tax. The tax is levied on the transfer of your assets at your death, and the rates differ depending on who is the recipient.
Klenk Law
Posted on Sun Nov 16, 2014, on Life Insurance
Life insurance is not subject to the Pennsylvania Inheritance Tax, making it an excellent tool to make gifts to those who would otherwise be subject to the tax.
Klenk Law
Posted on Mon Dec 16, 2013, on Estate Planning
If you have life insurance, you likely have determined that if you die there is a financial need that must be addressed by your absence. Because of this determination, you pay a small amount each year in premium to the life insurance company for the guarantee that if you die a larger sum of money will be delivered to the named beneficiary.
Klenk Law
Posted on Mon Jun 17, 2013, on Estate Planning
Crafting an estate plan for a client means listening to what the client wants, explaining options to the client and then drafting a plan to meet the option selected. At times, a client’s circumstances require imaginative ideas. Here are some examples of imaginative estate planning that Klenk Law has utilized recently.
1. Protectors:
It remains a mystery to me why more estate planning attorneys do not use Protectors. A Protector is a person or persons you appoint to oversee a trustee with the power to fire and replace the trustee without the need of an attorney or a court hearing. No court hearing or attorney is necessary? Perhaps that is the reason why estate planning lawyers don’t use them? I use them in almost every trust. Even the most trusted person or bank can have problems, and if these problems negatively affect the trust, the Protector can “protect” the beneficiary without months of litigation.
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
A very friendly knowledgeable experience. I would recommend and use them again.
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!
My wife and I were thoroughly satisfied. We had very clear explanations of complicated subjects.
This law firm was super helpful with answering all my questions! Huge props specifically to Riley for their enormous assist with helping me get where I needed to go. They were fantastic!!!
Recently hired this firm to help me write a will (something I had been procrastinating on doing for too long). The process was quick, easy, painless and I'm glad that thanks to the great team at this firm I was able to cross this off my "to do" list!!
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