Posted on Mon Jun 20, 2016, on Prenups and Prenuptial Agreements
From our “Ask a Question” Mailbag: Does a Prenup Agreement cover what happens if I die during my marriage?
Posted on Mon Jun 20, 2016, on Prenups and Prenuptial Agreements
From our “Ask a Question” Mailbag: Does a Prenup Agreement cover what happens if I die during my marriage?
Klenk Law
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?”
Klenk Law
Posted on Sun Jan 24, 2016, on Probate and Estate Administration
From our “Ask a Question” mailbag: My grandmother died in a senior living facility in Philadelphia. She died without any real assets except for a small bank account and some stock held just her name. Her will said the stock was supposed to be used to pay her last bills and then anything left over would be divided among the grandchildren. We’re confused as to how to sell the stock once we do the transfer paperwork. Do we have to sell it through Computershare or can we sell it through any brokerage?
Klenk Law
Posted on Mon Jan 11, 2016, on Estate Planning
From our “Ask a Question” mailbag: My caregiver has been with me for over two years and is a saint. I want to give her a gift in my will, but I am worried my children will think that this was her idea and try to stop the gift. What do you suggest?
Klenk Law
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?
Klenk Law
Posted on Thu Dec 17, 2015, on Estate Planning
From our “Ask a Question” mailbag: My friend who lives in Philadelphia asked me to pay off his bills from his checking account if he passes away. Am I able to use that as proof or do I need something signed saying so?
Klenk Law
Posted on Mon Dec 14, 2015, on LGBT Estate Planning
From our “Ask a Question” mailbag: My partner is much older than I and I am worried about the costs of carrying for him in his old age. Would long term care Insurance be a good idea?
Klenk Law
Posted on Tue Dec 1, 2015, on Estate Planning
From our “Ask a Question” mailbag: I want to loan my son some money at a low rate, but I do not want to create a fight between him and my other children at my death. What do you suggest?
Interfamily loans can become the source of much conflict between the children of a deceased parent. I find the best way to defuse the situation is to document everything very clearly, to keep the family informed about the loan, and to address the loan in your will.
Documenting the loan can be very straightforward and the loan terms can be written out on one or two pages.
Klenk Law
Posted on Fri Nov 27, 2015, on IRA Trust
If you have named your children as beneficiaries of your individual retirement account (IRA), you have likely made a mistake that exposes the IRA to your children’s spouses, to their creditors and to easily avoidable future inheritance and estate taxes. Forming and naming an IRA Trust for your child as the beneficiary easily corrects this mistake.
Congress requires that all qualified retirement plans—including IRAs, SEP-IRAs, 401(k) plans, and 403(b) plans—must allow an IRA Trust to be named as a beneficiary. By doing so, Congress allows you to form an IRA Trust for your child that allows the Inherited plan to remain tax-deferred.
Klenk Law
Posted on Thu Nov 19, 2015, on Estate Planning
From our “Ask a Question” mailbag: My friend died and his executor is allowing his hosting account to lapse. Could he have set aside funds to maintain his website?
It is possible to set up a trust to maintain the cost of a website. This needs to be carefully done to provide checks and balances to make sure the trustee carries out your intent. I find a trusted Protector an excellent and inexpensive tool. If a person has a website that he wishes to continue after death, it is important to make sure access data is easily available to the executor.
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
Mr. Klenk has been easy to work with. I am confident he has given me good advice whenever I have called upon him. He has shown good work ethic and depth of knowledge in preparation of estate, wills, and trusts that I have worked with him on.
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!
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.
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!
Peter is excellent. I had a very complicated situation with my parents' estate planning and potential Medicaid needs. Peter was very knowledgeable in estate planning matters, able to define the best solution for the situation. Additionally, he was congenial and able to communicate effectively to my senior citizen parents the benefits of estate planning. He earned my trust, and more importantly, my parents' trust in a 45 mins consultation period. Highly recommend Peter. He is very easy to work with.
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