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 17, 2014, on Probate and Estate Administration
With one exception, if a Pennsylvania resident dies before reaching the age 59½ his IRA is not subject to the Pennsylvania Inheritance Tax. This is because of a Pennsylvania rule stating that there will be no tax levied on the value of any retirement plan for which the deceased would have been penalized had he removed the funds during his lifetime.
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 Estate Planning
Changing your bank account into a Joint-Ownership account with your daughter or making her the account’s Payable-On-Death beneficiary avoids probate, but these are different tools addressing different situations and goals.
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 Sat Nov 15, 2014, on Probate and Estate Administration
To avoid interest and penalties, the Pennsylvania Inheritance Tax must be paid within 9 months of the date of death. As executor, you are responsible to make the payment. If you delay and interest or penalties are created, the beneficiaries may demand that you be held responsible.
Klenk Law
Posted on Fri Nov 14, 2014, on Probate and Estate Administration
To avoid interest and penalties, the Pennsylvania Inheritance Tax must be paid within 9 months of the date of death. The date you filed the Will does not matter. Otherwise, executors would simply hold off filing the Will to delay making the tax payment.
Klenk Law
Posted on Fri Nov 14, 2014, on Probate and Estate Administration
For some estates, spending a little money now to avoid probate at death can create a substantial savings for the family. Typical techniques used to avoid probate include Revocable Living Trusts, Jointly Owned Accounts and Payable-on-Death designations on bank accounts and stock accounts.
Klenk Law
Posted on Thu Nov 13, 2014, on Probate and Estate Administration
Each Pennsylvania estate is subject to two potential estate related taxes; the Pennsylvania Inheritance Tax and the Federal Estate Tax. When you mention a “limit”, you are speaking about the Federal Estate Tax, not the Pennsylvania Inheritance Tax.
Klenk Law
Posted on Wed Nov 12, 2014, on Estate Litigation
Beneficiaries of Philadelphia County estates will often approach us asking our help in keeping an eye on the estate’s executor. This is often the result of the executor not sharing information about the estate with the beneficiary, the executor’s unreasonable delays, or when the executor’s behavior has raised the beneficiary’s concern.
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
Affable...yet surprisingly cerebral estate planning atty. High marks all the way around.
Answered my question quickly and referred me to a colleague that could handle my problem
Tremendous firm with bright, kind and tenacious people. Great representation for our family.
Very knowledgeable! Peter Klenk always has a thorough answer, and the associates have more experience than you'll find at most firms. They really only do estate work.
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