Estate planning and estate taxes can be complicated; this is why you need the help of an estate tax advice lawyer Philadelphia, PA residents can rely on from Klenk Law. You may not realize the importance of estate planning and how it can help with taxes. However, when you plan your estate properly, it can help you avoid major stressors like probate and minimizing the amount of estate taxes you owe or even eliminating these taxes. If you already have an estate plan in place or if you are considering putting an estate plan in place, it is best to speak with an attorney who can guide you through the process and help you create a plan that makes the most sense for you. Call our office now.
What are estate taxes?
As the saying goes, it is true that the only things we are guaranteed in this life are death and taxes. Unfortunately, these two things go together. When you have estate taxes, it means that once you pass away your estate owes certain taxes and must pay certain taxes. Depending on how much your estate is worth, the estate tax rate could be a whopping 40%. This is not the number you want.
What are gift taxes?
Gift taxes, on the other hand, are taxes that are paid on gifts. This means that when assets or property are transferred from the owner of the estate to another party while the estate owner is still alive, taxes can be imposed. Again, not everyone will owe gift taxes and typically if you come under a certain giving threshold, this is not something you will need to be concerned about.
What should I do if I am in jeopardy of hitting the threshold for these taxes?
The first thing you should do is seek guidance from your Philadelphia, Pennsylvania estate tax advice lawyer. It’s true that these estate taxes often miss people because their estate is not worth as much as the threshold. However, if you are worried about exceeding this number, the taxes may hit your estate hard. Your attorney can give you guidance and advice on how best to proceed.
Is having an attorney the right move?
Tax laws are never simple and, unfortunately, they are always changing. This makes it incredibly hard to know what to do on your own. This is why it is helpful to speak with a tax advice attorney to see what you can do to minimize your taxes if this is even something you need to be concerned about.
Want to learn more about minimizing or avoiding taxes regarding your estate? Contact a trusted estate tax advice lawyer in Philadelphia, Pennsylvania from Klenk Law now.
Peter provided outstanding advice and preparation of a will and trusts.
Peter was excellent. He explained everything very clearly and is super friendly. My wife and I originally tried using a lawyer through group legal coverage, but unfortunately the old adage - "you get what you pay for" - applied to the other lawyer, and we decided to go with a real professional.
When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...
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!
Great friendly staff
Tremendous firm with bright, kind and tenacious people. Great representation for our family.
I'm totally satisfied with Klenk Law. Peter has a great legal mind with the personality of the guy next door.
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 and his staff are very responsive and always willing to help my clients and in a cost efficient manner.
Like another reviewer, I contacted Peter through his website using the free consultation link, for a question regarding PA inheritance taxes. The question was quite technical and difficult to explain, and the answer was nowhere to be found on the web. Peter grasped precisely what I was asking, and provided a clear, helpful response (with a touch of humor) the very next day.
Answered my question quickly and referred me to a colleague that could handle my problem
Mr. Klenk, quickly understood the circumstances presented and provided clear and concise advice. This advice provided me with the information I required to progress the case to my advantage.
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.
Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! He was extremely knowledgeable and provided valuable information to the group. People were very engaged and asked several questions, all of which Peter thoroughly answered. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. Thank you, Peter!
Peter provided outstanding advice and preparation of a will and trusts.
Peter explained things in a way that was easy to understand. Everything was done in the time frame he said it. Could not have been better!
You & your staff are the best thank you for everything.
Peter and his staff handled all of our needs in a very professional and timely matter.
Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.
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.
Fantastic customer service. Very personable and most importantly they provide great explanations of what is required based on your individual needs. Highly recommend Klenk Law for anyone that needs to create a will and estate documents.
Always professional and very responsive. Everyone on the staff that I have worked with. I look forward to continuing our relationship.
Affable...yet surprisingly cerebral estate planning atty. High marks all the way around.
Peter and his associates made things easy for us.