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 minimize the amount of estate taxes you owe or eliminate these taxes.
If you already have an estate plan in place or 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.
Documents commonly in an estate plan include a durable power of attorney, advance health care directive, revocable living trust, list of assets and beneficiaries, and more. Following guidance from an Estate Tax Advice Lawyer, a Philadelphia lawyer can help you avoid mistakes or forgetting details when establishing your estate plan. We encourage our clients to review their estate plan every five years or so or when there is a major life change. Here are just a few things to keep in mind when writing your estate plan.
When writing your estate plan, you must take an inventory of all the items you own. This includes tangible and intangible property. This may sound like a big task, and it may take some time to complete. However, by doing so, you are taking important steps towards planning a future for yourself and the legacy you will leave behind with loved ones. Items on this inventory list can include:
Your main home, vacation houses, rental properties, etc.
Obtain statements regarding your bank accounts, investment accounts, annuities, retirement accounts, and insurance policies.
Such as jewelry, collectibles, art, or anything else you want specifically passed down to someone else.
A Philadelphia, PA estate tax advice lawyer can meet with you to discuss the process of creating an estate plan and what your wishes are for the future. We can assist you as you create essential documents to see that your items are passed down to loved ones as you so wish. Two of the main documents often included in an estate plan is a will and trust. A will describes how you want assets to be distributed to dependents and beneficiaries in the event of your passing.
To make your will as strong and legally-binding as possible, it must be appropriately signed by you and signed by a witness.
A trust allows you to pick someone who will manage your assets. You can also dictate when and how the trustee will release these assets when the time comes. This may sound quite similar to a will. However, a trust won’t succumb to the probate process, which can be long and grueling for loved ones. This means that your beneficiaries or charities will receive a portion of your assets more quickly. Furthermore, these assets are not taxed like they would be if it went through probate. There are various types of trusts, so choosing the right one is crucial.
Turning to a reputable lawyer when writing your estate plan is strongly recommended.
As the saying goes, 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 your estate owes certain taxes and must pay certain taxes once you pass away. Depending on how much your estate is worth, the estate tax rate could be a whopping 40%. This is not the number you want. Estate Tax Advice Lawyer Philadelphia can help.
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 estate owner to another party while the estate owner is still alive, taxes can be imposed. Again, not everyone will owe gift taxes. 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 a lawyer. Indeed, these estate taxes often miss people because their estate is not worth as much as the threshold. Your attorney can give you guidance and advice on how best to proceed.
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. Your Estate Tax Advice Lawyer Philadelphia can help minimize your taxes.
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.