Estate Planning: Everything You Need to Know
At Klenk Law, we don’t do this part-time; we are laser-focused on Estate Planning. We will provide you with a well-crafted estate plan that protects loved ones, saves money, and avoids costly litigation. Though licensed in many states, we focus our work on Pennsylvania and New Jersey.
What is Estate Planning? It is just the process of getting you the right plan. We can do this for you by listening to your story and then helping explain what plan fits your situation well.
Our goal is to be as efficient and time conscious as possible. While your situation may require a different method, typically, we can assist a client using these steps.
You will have your specific concerns, but typically we will talk about a plan that addresses the following issues:
If you are looking for an Estate Planning Lawyer in New Jersey or an Estate Planning Attorney in Pennsylvania, you found them!
Should you be a single person leaving your assets all to charity, then a simple will, Power of Attorney, and Living Will might be enough. If you have minor children, you will likely need to name a Guardian for your children should you die and a Temporary Guardian to step in if you ever have a medical emergency and need someone with the legal right to take your children home from the hospital. There are plans for people with large IRAs, people with real estate in more than one state, and even people in blended families.
Your situation is unique; let’s brainstorm.
Example: Bob and Linda are in a second marriage, and each has children from their first marriage. Linda sold her house, and she now lives in Bob’s home. If Bob dies first, he wants Linda to live in the house, so he is thinking about putting her name on the deed. But, he wants to ensure that the house goes back to his children at her death.
We brainstormed with Bob and Linda. Putting Linda’s name on the deed is simple but presents potential problems. Should Bob die first, the house passes to Linda. The house could be lost if she had creditors, leaving nothing for Bob’s children. Further, Bob only wanted Linda to live in the house. If she moved to a retirement home and Linda’s name were on the deed, she would still own the house even if she didn’t live there.
Answer: After some brainstorming, Bob and Linda agreed. We drafted a new Will for Bob. In the Will, at Bob’s death, his Will forms a trust for the h use. The trust gives Linda the right to live in the house during her lifetime as long as she uses it as her primary residence and pays all utility bills. This way, if Linda decided to move from the house, the house is sold, and the proceeds pass to Bob’s children free of any creditors that Linda may have. Further the house is not tied up for years if Linda is not using it as her primary home if Linda did has any creditors, she could live in the house rent-free. A benefit for Linda and the children being that they don’t have to watch the other with suspicion; the rules and obligations are clearly spelled out.
There usually is an way to address everyone’s concerns. Let’s talk!
It’s All We Do!
My wife and I were thoroughly satisfied. We had very clear explanations of complicated subjects.
The whole process of ensuring that I can provide my mother her wishes upon her death, was made easy by working with the team at Klenk Law. I received my documents quickly and properly.
Our experience with Klenk Law has been exceptional. We’ve had help with estate planning and pre-nuptial agreements. They really take the time to explain everything and let us know our options. All of the staff are very professional, courteous and knowledgeable. They are very prompt with responding to calls and messages. We will continue to use them and recommend to friends and family.
We worked with the firm to update our Estate Plan. The whole team made the process simple and easy. Thanks!
I knew I needed to update my Estate Planning documents created 15 years ago, yet I kept putting it off. Peter, in his no pressure way nudged me to finally check it off my list. The admin staff of Klenk law were very respectful and responsive in working with me to set up dates and times that work for me to talk with Peter over the phone regarding what I wanted to update. Peter answered my questions and explained some things to me. This helped me on some of my estate decision. After our phone talk, I received a draft of the updated documents, and was allowed ample time to review them prior to a final review with Peter over the phone. This pre-signing reviews made the in-person signing time very short. I would highly recommend Klenk Law, because Peter and his staff were professional but friendly, and thorough in the estate planning work they did for me. Thank you, Peter!
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