Posted on Wed Nov 12, 2014, on Probate and Estate Administration
The amount of Pennsylvania Inheritance Tax due will depend on the beneficiary’s relation to the deceased. For example, the tax rate for siblings is 12% while the tax rate for someone who was only a close friend is 15%.
Klenk Law
Posted on Tue Nov 11, 2014, on Estate Planning
Your IRA is subject to the Pennsylvania Inheritance Tax, which can prove to be a tax trap.
For example, if you leave $100,000 from your IRA to a friend, that gift is subject to the 15% Pennsylvania Inheritance Tax rate. To avoid interest and penalties on the Pennsylvania Inheritance Tax, within 9 months of your death your friend must pay the Commonwealth $15,000. If your friend does not have $15,000 of liquid assets, she may have to remove the $15,000 from the IRA. If she does, this will trigger her to recognize $15,000 of income. If she does not have the liquid assets to pay the income taxes due on the $15,000, she may have to remove the money from the IRA, which triggers even more income taxes.
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 Mon Nov 3, 2014, on Estate Planning
If you die without a will in Pennsylvania you are said to die “intestate”. If you die intestate, your probate assets are divided up under the Pennsylvania Intestate Rules. These rules can easily be avoided by writing a will, but if you do not have a will, the Intestacy Rules are in place to clearly state who inherits your probate property in order to avoid conflict.
Klenk Law
Posted on Mon Oct 27, 2014, on Intestacy, Dying Without a Will
If you die without a will in Pennsylvania you are said to die “intestate”. If you die intestate, your probate assets are divided up under the Pennsylvania Intestate Rules. These rules can easily be avoided by writing a will, but if you do not have a will, the Intestacy Rules are in place to clearly state who inherits your probate property in order to avoid conflict.
Klenk Law
Posted on Fri Oct 17, 2014, on Probate and Estate Administration
Question: As the Executor, if I sell my mother’s Chester County home, do I have to pay the Pennsylvania probate tax before dividing up the sale proceeds with my siblings?
First, let’s clarify a few things. In Pennsylvania the “probate tax” is the Pennsylvania Inheritance Tax. Because the estate is being divided up between the mother’s children, that rate is 4.5% on the date of death value of her entire taxable estate. The house is included in that taxable estate.
Klenk Law
Posted on Thu Oct 16, 2014, on Estate Litigation
Question: My son’s Godparents both died in Philadelphia with a will and a Revocable Living Trust and the executor will not give me a copy. How do I get a copy of the will and the Revocable Living Trust?
First, the father needs to understand the documents he is requesting. The Will is the document that is filed with the Philadelphia Register of Wills and which then dictates where the deceased’s assets pass after death.
Klenk Law
Posted on Sun Oct 12, 2014, on Probate and Estate Administration
Beneficiaries of Delaware 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.
When we are asked about what steps a beneficiary can take to keep an eye on the executor, I will outline various options, such as:
Klenk Law
Posted on Sun Oct 12, 2014, on Probate and Estate Administration
Beneficiaries of Bucks 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.
When we are asked about what steps a beneficiary can take to keep an eye on the executor, I will outline various options, such as:
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!
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AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!
Peter Klenk was great in leading us in the estate planning process.He was clear in describing the various steps and what they would accomplish. We were well satisfied and pleased that we had Peter to guide us.
I contacted Peter through his website using the free consultation link for a question regarding a will. While I was expecting only a few minutes, it was a lengthy conversation. He made sure he understood the situation by asking many questions before offering advice. He then went through my options and results of each one. He left it up to me to decide if I wanted to proceed and did not push me toward one or another. His website has very useful information which I definitely researched before I called him. While I decided not to proceed at this time, I feel I had enough information to make that decision. I would not hesitate to hire him should I need to in the future.
I met Peter soon after he started his practice in Philadelphia, PA. He and his team have always been there for me and my various inquiries throughout my life-changing events, corporate relocations. I have lived in various cities throughout the nation, I have never had a problem in contacting Peter or a member of his team. He and his office responds quickly and returns calls to me to fulfill my requests for information or to revise my estate needs while posing relevant thought-provoking questions that I need to consider to secure my future. One of Peter's best qualities is his ability to answer clients complicated questions in a simple way to ensure comprehension.
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