Posted on Tue Mar 31, 2020, on IRA Trust
From Our “Ask a Question” Mailbag: “Can I Withdraw Funds from My Retirement Account for Costs Related to Coronavirus? Are there any penalties for Coronavirus Related IRA Withdrawals?” Can I Make Penalty-Free Coronavirus Related IRA Withdrawals? On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security […]
Klenk Law
Posted on Thu Jul 7, 2016, on IRA Trust
The IRA Trust, An Underutilized Estate Planning Tool.
To ensure that your money passes on only to your direct descendants, consider forming an IRA Trust.
All qualified plans (IRA, Roths, 401ks, SEPs, TIAA-CREF, etc.) allow you to name a beneficiary to receive the plan at your death. But, if this person is your child, they will have the chance to defer income tax recognition by converting the plan into an “Inherited IRA”. BUT, with an “Inherited IRA” your child, not you, has the ability to name a beneficiary. And it is likely this beneficiary will be your daughter-in-law or son-in-law rather than your grandchildren.
Klenk Law
Posted on Fri Nov 27, 2015, on IRA Trust
If you have named your children as beneficiaries of your individual retirement account (IRA), you have likely made a mistake that exposes the IRA to your children’s spouses, to their creditors and to easily avoidable future inheritance and estate taxes. Forming and naming an IRA Trust for your child as the beneficiary easily corrects this mistake.
Congress requires that all qualified retirement plans—including IRAs, SEP-IRAs, 401(k) plans, and 403(b) plans—must allow an IRA Trust to be named as a beneficiary. By doing so, Congress allows you to form an IRA Trust for your child that allows the Inherited plan to remain tax-deferred.
Klenk Law
Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
"I worked for Peter Klenk for 4 wonderful years. I can’t speak highly enough of everyone at the firm. Everyone truly cares about their clients and has a strong sense of responsibility to get things done right. I would highly recommend Klenk Law!"
Flora Novick
very happy to deal with Peter Klenk law firm over many decades
I can't tell you how satisfied I am with this law firm. They were competent and helped me with a very difficult situation. They got the job done in a timely fashion and I am so happy I found them. If you find yourself in a difficult and contentious probate situation I highly recommend this firm. There is just no way I could have had this positive outcome without them. I worked with 2 different lawyers prior to hiring them and neither of them could get the job done like Klenk. Daniella Horn was a pleasure to work with and highly competent.
I've been through the process of creating and revising estate documents several times over the years and it's never been easier than it was with Peter Klenk. Always available and a master at explain arcane tax and legal issues in plain English for "dummies". I recommend the firm without reservation.
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!
My family and I was pleased with the service, and insight of Klenk Law. All of our questions and concerns were patiently answered. I will be referring this firm to many family and friends to assist with real estate planning etc. Thank Klenk Law
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