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Tag: Probate Attorney

Choosing Your Montgomery County Executor

Posted on Wed Oct 8, 2014, on Estate Planning

If you are a Montgomery County resident with a will, following your death your executor will take your death certificate, the original copy of your will, a checkbook and an ID card to the Montgomery County Register of Wills Office to be sworn in as the executor of your estate.

Being an executor means that this person is a fiduciary with many responsibilities and duties. Selecting the correct person for the job is a vital part of your estate plan.

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Executors Obtaining a Release of Liability in Montgomery County, PA

Posted on Sat Oct 4, 2014, on Probate and Estate Administration

Question: I am the Executor of a Montgomery County estate and the trustee of the trust into which the estate assets pour. The trust is for my brother. He is the beneficiary of the estate. What do I do when the beneficiary’s lawyer does not engage me?

Careful! First, the executor needs to understand that the beneficiary of the estate is not the brother; the beneficiary of the estate is the trust for the brother. The brother is a beneficiary of the trust, but he is not the heir of the estate. He may have an attorney, but the executor may be giving that attorney too much power over estate matters.

Klenk Law

Distributing Estate Assets Safely in Gloucester County, NJ

Posted on Fri Oct 3, 2014, on Probate and Estate Administration

Question: I am the executor of my mother’s estate in Gloucester County, New Jersey. How do I know when it’s safe to distribute the assets of an estate?

As the executor of an estate, that person is a fiduciary, and owes a duty to the beneficiaries. The executor also is the representative responsible to satisfy all valid estate debts prior to making distributions. Creditors include any taxes due, such as the mother’s final income tax return and the New Jersey Estate Tax return.

Klenk Law

PA Inheritance Tax in Chester County, PA

Posted on Thu Oct 2, 2014, on Probate and Estate Administration

If an executor sells his mother’s Chester County home, does he have to pay the Pennsylvania probate tax before dividing up the sale proceeds with his 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 taxable estate includes the house.

Klenk Law

Re-Opening an Estate in Atlantic County, NJ

Posted on Wed Oct 1, 2014, on Probate and Estate Administration

Question: How do I reopen a closed estate in Atlantic County? My brother served as executor of my father’s estate and in the will I was named as the successor executor. My brother has since died, and I have discovered more assets.

First, understand that an estate is never “closed”. Estates run out of things to do and the file might be moved from the Atlantic County Surrogate’s Office long-term storage area, but once someone is named as executor, they continue to be the executor.
That being said, if the successor executor has discovered more assets that belong to the father and, if the original executor were still alive, it would be a simple matter to get updated paperwork from the Atlantic County Surrogate to prove he is still the executor.

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

What Happens if I die Without a Will in Camden County, New Jersey?

Posted on Sat May 17, 2014, on Intestacy, Dying Without a Will

If you die in Camden County, New Jersey without a will, you are said to die “intestate”. Each state has developed its own rules about how the assets of intestate estates are divided among the living. These rules vary from state to state, but in general, your assets will be divided between your spouse and children. How your estate is divided between your spouse and child depends on your state of residence at the time of your death.

Klenk Law

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Peter has done our family's trust and estate work since our children were born. He is not only extremely knowledgeable and honest, but makes sure that our arrangements remain current with the changing legal landscape. I would give him my highest recommendation as a professional in his field.

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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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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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