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Tag: Trusts

In my will, can I form trusts to hold my jewelry in Camden County?

Posted on Thu Aug 20, 2015, on Trusts

From our “Ask a Question” mailbag: I have some very nice pieces of jewelry that I would like to make sure stays in the family, passing from oldest daughter to oldest daughter. Can I form a trust in my will to hold jewelry?

Yes, in your will, you can form a trust to hold almost anything. In the past, I have formed trusts to hold real estate, artwork, and even a rather unique chair. The trust’s terms can be crafted to suit your needs, including making sure your jewelry is held for the eldest daughter.

Klenk Law

If my son doesn’t get a prenup, can I shelter his share of my Philadelphia estate?

Posted on Wed Aug 12, 2015, on Trusts

From our “Ask a Question” mailbag: My son is getting married this fall and his fiancé refuses to sign a prenuptial agreement. I am worried that if I die, his share of my estate will end up going to her in a divorce. What can I do?

As part of your estate plan, we could incorporate in your will a trust to hold your son’s share of the estate. Simply put, if your money pours into a properly drafted trust rather than into your son’s hands, then your future daughter-in-law will have no claims to the assets in a divorce.

Klenk Law

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

New Jersey Rule of Thumb: Wills and Trusts

Posted on Fri Mar 20, 2015, on Trusts

I am a resident of Camden County, New Jersey. If I have recently formed a Revocable Living Trust and moved all my New Jersey assets into the trust, do I still need a Will?

If the goal in forming your Revocable Living Trust was to avoid probate, then you must either transfer all your assets that would otherwise be Probate Assets into the Revocable Trust during your lifetime, or have them pour into the Revocable Trust at your death. That is often done by using a Payable on Death Account or naming the Trust as Beneficiary.

Klenk Law

The New Jersey Pour Over Will – A Safety Net for Your Trust

Posted on Fri Jan 30, 2015, on Revocable Trusts and Living Trusts

I am a resident of Gloucester County, New Jersey. If I have recently formed a Revocable Living Trust and moved all my New Jersey assets into the trust, do I still need a will?

If the goal in forming your Revocable Living Trust was to avoid probate, then you must either transfer all your assets that would otherwise be Probate Assets into the trust during your lifetime or have them pour into the Revocable Trust at your death. That is often done by using a Payable on Death Account or naming the Trust as Beneficiary.

Klenk Law

The Importance of Periodically Reviewing Your Pennsylvania Estate Plan

Posted on Mon Jan 12, 2015, on Estate Planning

Periodically reviewing your Pennsylvania estate plan is critical. Significant life events including marriages, children and moving can dramatically affect how your assets are distributed. Other issues such as changes in state and federal laws can also affect your intended estate plan. In addition to your plan failing, old and unreviseddocuments can delay probate, and in some cases end up in litigation. These are some of the many reasons reasons to periodically review your estate plan to ensure it still reflects your intentions.

Klenk Law

Providing for Family After Death Through Marital Trusts in Montgomery County, PA

Posted on Thu Jan 1, 2015, on Trusts

Ensuring the financial well being of family after death is a fundamental concern for clients when estate planning. By Trust or by Will, various strategies exist to satisfy that concern. Keeping up to date on real cases helps ensure our strategies are appropriately tailored to your needs.

The Orphans’ Court of Common Pleas of Montgomery County, Pennsylvania recently ruled on one family’s strategy in Zucker Estate. This case provides insight into how accurate trust drafting can achieve your financial support goals. The court focuses on the marital trust and critical difference between exclusive and non-exclusive powers of appointment. A factual background will serve as a point of reference for the key takeaways in Zucker.

Klenk Law

What Does My Estate Include?

Posted on Wed Apr 2, 2014, on Estate Planning

In estate planning, “my estate” can mean different things. Your probate estate includes all your assets that will pass through your will at your death, while your taxable estate includes all your assets that will be taxed at your death. Many assets are included in your taxable estate, but not your probate estate, such as assets in your revocable living trust, your IRAs, assets held jointly with a right of survivorship and all of your payable on death accounts.

Klenk Law

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Linda F.

I'm totally satisfied with Klenk Law. Peter has a great legal mind with the personality of the guy next door.

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Dylan Small

Peter provided outstanding advice and preparation of a will and trusts.

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Ellen G.

I have had Peter Klenk prepare and revise my will. Always professional, knowledgeable and offers great advice. Highly recommend

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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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Brian M.

Peter explained a complex subject very clearly, helped us to decide the best approach to managing our estate and then made it very easy for us to execute the required documents. He will be a valuable resource for years to come and clearly has a great understanding of estate law that will lead to innovative solutions for us. I would unhesitatingly recommend him for estate planning.

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