Estate Matters
The Klenk Law Blog



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

Changing your bank account into a Joint-Ownership account with your daughter or making her the account’s Payable-On-Death beneficiary avoids probate, but these are different tools addressing different situations and goals. Read more »

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