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Tag: Peter Klenk

Changes to New York Revocable Living Trusts – Trustees

Posted on Thu Jul 16, 2015, on Revocable Trusts and Living Trusts

From our “Ask a Question” mailbag: I formed a Revocable Living Trust to avoid New York probate and named my two sons as the co-successor trustees. It seemed a good idea at the time, but now they are not speaking to one another. Should I change the trust?

Many New Yorkers have formed Revocable Living Trusts to avoid the expensive New York probate process. For the trust to work properly, after your death, you need a successor trustee to step in to pay your final bills, taxes and to then distribute the trust assets to your heirs.

Klenk Law

What happens after I sign a release sent by an Executor?

Posted on Thu Jul 2, 2015, on Probate and Estate Administration

From our “Ask a Question” mailbag: The attorney handling my uncle’s Delaware County estate mailed me a Receipt, Release, Refunding and Indemnification Agreement. The release document includes no details about how much he spent or other expenses. If I sign this, do I waive my rights to ask any questions?

A Receipt, Release, Refunding and Indemnification Agreement is a probate tool that allows the executor to distribute estate funds to a beneficiary with the promise from the beneficiary to return the funds if it later turns out they were distributed in error. The same form can contain language that, if you sign, means that you agree to take the funds without an accounting and waive your rights to ask future questions.

Klenk Law

Should I sign the Executor’s release in Lehigh County?

Posted on Wed Jun 3, 2015, on Probate and Estate Administration

From our “Ask a Question” mailbag: The attorney handling my uncle’s Lehigh County estate mailed me a Receipt, Release, Refunding and Indemnification Agreement. There are no details about how much he spent or other expenses. If I sign this, do I waive my rights to ask any questions?

A Receipt, Release, Refunding and Indemnification Agreement is a probate tool that allows the executor to distribute estate funds to a beneficiary with the promise from the beneficiary to return the funds if it later turns out they were distributed in error. The same form can contain language that, if you sign, means that you agree to take the funds without an accounting and waive your rights to ask future questions.

Klenk Law

Please Explain the Pennsylvania Inheritance Tax!

Posted on Fri Jun 27, 2014, on Probate and Estate Administration

Whenever I am helping my Pennsylvania clients with estate planning, or working with the executor of a Pennsylvania estate, I am given the opportunity to explain how the Pennsylvania Inheritance Tax works.

First, let’s break the tax down to its roots. The Pennsylvania Inheritance Tax is a Transfer Tax. It is different from the other taxes which you might pay regularly, like income tax, real estate tax or sales tax. A transfer tax is a tax levied when an asset is transferred from one owner to another. In this case, the transfer tax is taxing the transfer from the deceased to the beneficiary. You have paid transfer taxes in the past if you have ever bought a house or a vehicle with a title. To get the deed or title transferred you paid a fee to the state or county…a transfer tax.

Klenk Law

Genealogical Research in Bucks County

Posted on Tue Jun 24, 2014, on Probate and Estate Administration

The Bucks County Register of Wills possesses a wealth of data for those interested in genealogical research. When a Bucks County will is probated, the Register collects a copy of the person’s death certificate, the person’s original will, an inventory of the person’s probate assets and a copy of the person’s inheritance tax return.

The Bucks county probate file might also include many other family related items. All of these documents can provide invaluable family information to a person working on a family tree.

Klenk Law

Estate Planning for Same-Sex Couples in New Jersey

Posted on Mon Jun 16, 2014, on LGBT Estate Planning

After the landmark U.S. Supreme Court decision in United States v. Windsor, which found unconstitutional the portion of the Defense of Marriage Act (“DOMA”) that defined “marriage” as a union between a man and woman, and “spouse” as only a person of the opposite sex, and the decision in Garden State Equality v. Dow, where the New Jersey courts found that the New Jersey Constitution required same sex marriage, New Jersey residents can enter into same-sex marriages and same-sex marriages from other states will be recognized as valid in New Jersey.

Klenk Law

What Happens if my Same-Sex Spouse Dies Without a Will?

Posted on Tue Jun 10, 2014, on LGBT Estate Planning

In Pennsylvania if a person dies without a will his or her assets are divided up under the Pennsylvania intestacy rules. If you are married without children all your assets pass to your surviving spouse. If you are married but have children your spouse does not receive everything. Pennsylvania presumes that if a deceased person without a will had children, then some of the assets should pass to the children.

Klenk Law

What is a Trust? An Introduction

Posted on Fri Jun 6, 2014, on Trusts

For centuries, trusts have been formed to provide safety and protection for valued assets. Recent changes in the law have made this old institution even more popular by reducing trust’s ongoing maintenance costs. You might think that only the very wealthy need the protection of a trust, but the truth is that a trust is a huge benefit to anyone having an asset in need of protection from their children’s creditors, divorce or from self-destructive beneficiaries.

Klenk Law

What Our clients are saying

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Sheldon P.

Everything about my experience was a 10+! Peter and his staff made what I thought would be a difficult process easy and understandable. Every detail was handled correctly. No other firm could possibly do better than Klenk Law!

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Glenn P.

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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Kevin K.

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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Maggie K

Peter Klenk is an extraordinary attorney with positive guidance and knowledge for all of your Trust and Estate needs. We have used him for over 20 years.

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Sean Quinn

Great firm. Great people. Happy to refer folks in need to estate planning to Peter and his team. They do great work.

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