Estate Matters
The Klenk Law Blog



Posted on Monday, December 8th, 2014 by admin

The Pennsylvania Bar Institute, the continuing education arm of the Pennsylvania Bar Association, selected Peter Klenk, the principal at Klenk Law, to teach their CLE seminar on the estate planning impact of Pennsylvania’s Uniform Trust Act. Peter was part of a panel of attorneys chosen for their estate planning expertise and familiarity with Pennsylvania’s Uniform Trust Act.

The seminar was held on December 8th in the CLE Conference Center in Philadelphia. Topics covered included:

Fundamental General Changes
Notices
Revocable Trusts vs. Wills
Representation (includes conflicts)
Charitable Trusts and Judicial Proceedings
Non-Judicial Proceedings Modification/Reformation Trust Protectors
Annual Accountings

The seminar provided important information on the practical implications of the Uniform Trust Act, how it impacts estate planning practices and what techniques can be utilized for accounting, filing, claims and virtual representation

Some examples of crucial techniques:

  • Details on when notices of a trust’s existence must be provided to trust beneficiaries
  • The new revocable trust regime and if advantages remain for revocable trusts over wills
  • Beneficiaries’ new authority to modify trusts, including irrevocable trusts
  • Conditions when adult family members can represent minor or future unborn beneficiaries in proceedings or agreements to interpret or modify trusts
  • Drafting trust documents to offer more flexibility to beneficiaries

If you have questions about Pennsylvania’s Uniform Trust Act, feel free to contact our office for a free consultation. Wills, Trusts and Estates, It’s All We Do!

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Posted on Thursday, November 20th, 2014 by Peter Klenk

Summary: In 2014, a trust utilizing Crummey powers allows an individual to contribute $14,000 a year ($28,000 for married couples) into a trust without diminishing the lifetime gift tax exemption. Instead, the gift is exempt from the gift tax under the Annual Gift Tax Exclusion. These gifts can help avoid the 40% Federal Gift Tax, preserving wealth for the family. Read more »

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Posted on Thursday, November 20th, 2014 by Peter Klenk

Addressing your blended LGBT family in your estate plan is a good idea. Though you may not wish to treat your Partner’s children the same way you treat your biological children, by at least mentioning them or giving them a small gift you may avoid hurt feelings and potential conflict. Read more »

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Posted on Wednesday, November 19th, 2014 by Peter Klenk

The Pennsylvania Inheritance Tax is levied on the net estate value, meaning the fair market value of the estate’s assets less expenses and debts. Read more »

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Posted on Wednesday, November 19th, 2014 by Peter Klenk

Pennsylvania allows you to form a Revocable Living Trust. These trusts can own almost any asset including bank accounts, autos, stocks, gold, and Bucks County real estate. While Revocable Trusts can serve many purposes, the primary goal is to avoid probating the will with the Bucks County Register of Wills. Read more »

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Posted on Wednesday, November 19th, 2014 by Peter Klenk

Addressing your blended family in your estate plan is a good idea. Though you may not wish to treat your step-children the same way you treat your biological children, by at least mentioning them or giving them a small gift you may avoid hurt feelings and potential conflict. Read more »

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Posted on Tuesday, November 18th, 2014 by Peter Klenk

Addressing your blended LGBT family in your estate plan is a good idea. Though you may not wish to treat your Partner’s children the same way you treat your biological children, by at least mentioning them or giving them a small gift you may avoid hurt feelings and potential conflict. Read more »

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Posted on Tuesday, November 18th, 2014 by Peter Klenk

Addressing your blended family in your estate plan is a good idea. Though you may not wish to treat your step-children the same way you treat your biological children, by at least mentioning them or giving them a small gift you may avoid hurt feelings and potential conflict. Read more »

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Posted on Monday, November 17th, 2014 by Peter Klenk

With one exception, if a Pennsylvania resident dies before reaching the age 59½ his IRA is not subject to the Pennsylvania Inheritance Tax. This is because of a Pennsylvania rule stating that there will be no tax levied on the value of any retirement plan for which the deceased would have been penalized had he removed the funds during his lifetime. Read more »

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Posted on Sunday, November 16th, 2014 by Peter Klenk

Life insurance is not subject to the Pennsylvania Inheritance Tax, making it an excellent tool to make gifts to those who would otherwise be subject to the tax. Read more »

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