Posted on Sun Jan 20, 2019, on Trusts
Estate Attorney It is an honor to be named a loved one’s successor Trustee. As the name implies, you’ve been given a position of trust and responsibility, and it means that your loved one thinks highly of your skill and ability, not to mention your integrity. So, what does a successor […]
Klenk Law
Posted on Mon Oct 10, 2016, on Trusts
From Our “Ask a Question” mailbag: Can I leave my watch collection to my son in Trust? “Over the years I have put together an extensive watch collection. My wife and I recently had a son, and I wish to leave him the collection. Can I leave him the collection in Trust? Can a Trust protect an inheritance?”
Klenk Law
Posted on Fri Sep 9, 2016, on Trusts
From Our “Ask a Question” mailbag: “I am thinking about forming a trust for my minor child, but I read that a trust could be a “simple trust” or a “complex trust,” what is a complex trust?”
Klenk Law
Posted on Tue Feb 2, 2016, on Trusts
From our “Ask a Question” mailbag: I have heard that if I form a trust, I can help reduce the federal estatetax due at my death, is that true?
There are many types of trusts. Some help reduce the federal estate tax and others do not.
Klenk Law
Posted on Thu Jan 28, 2016, on Trusts
From our “Ask a Question” mailbag: I have been reading about trusts to avoid probate. Can a trust help my estate avoid probate?
Trusts come in all shapes and sizes and can help you meet many different goals. If your goal is to avoid probate, you could use a Revocable Living Trust, or you could use any number of different Irrevocable Trusts. Both categories help your estate avoid probate.
Klenk Law
Posted on Thu Jan 14, 2016, on Trusts
From our “Ask a Question” mailbag: My CPA told me that I should form a trust to help the save federal estate tax payable at my death. I think he may have called it a Revocable Living Trust. Is that good advice?
Klenk Law
Posted on Mon Dec 21, 2015, on Trusts
From our “Ask a Question” mailbag: My only asset is a large individual retirement account (IRA). I am 79 years old and am worried that, in the next few years, I may have to move into assisted living or a nursing home. Can I move my IRA into an Irrevocable Trust to shelter it from creditors?
Klenk Law
Posted on Tue Dec 15, 2015, on Trusts
From our “Ask a Question” mailbag: My wife’s and my estates are worth about $3,000,000, including a one million dollar life insurance policy on my life. At my death, my wife will receive the benefits from that policy. Upon both of our deaths, our assets pass to my son. Now that the federal estate taxexemption is over five million dollars, does an Irrevocable Life Insurance Trust provide me any benefit?
Klenk Law
Posted on Sun Oct 18, 2015, on Trusts
From our “Ask a Question” mailbag: There seem to be many different types of trusts. Which one is the best to avoid probate?
Trusts are very flexible estate planning tools. They can be used to avoid creditors, shelter assets from divorce, reduce taxes, and to avoid probate. To avoid probate in New Jersey, you could use a Revocable Living Trust or you could use any number of different Irrevocable Trusts.
Klenk Law
Posted on Fri Oct 16, 2015, on Trusts
From our “Ask a Question” mailbag: I have a collection of Curt Schilling memorabilia that I have been gathering since he started pitching for the Phillies in 1992. It is worth some money, but is mostly something that my son and I have shared together and is near to our hearts. I am remarrying soon and I am worried that — should I die — this collection will become a problem between my wife and my son. I would give the collection to my son now, but he has no place to keep it yet. Any suggestions?
You are right to worry about the impact a second marriage can have on the children from your first marriage. No matter how well they get along, after you die there are going to be opportunities for conflict between your second wife and your children.
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
Peter provided outstanding advice and preparation of a will and trusts.
We recently used Peter's firm to update our wills and trusts. We found he and his staff to be well-informed, professional and highly efficient. And equally valuable, Peter explains the law in terms that a layperson can readily understand.
I met Peter soon after he started his practice in Philadelphia, PA. He and his team have always been there for me and my various inquiries throughout my life-changing events, corporate relocations. I have lived in various cities throughout the nation, I have never had a problem in contacting Peter or a member of his team. He and his office responds quickly and returns calls to me to fulfill my requests for information or to revise my estate needs while posing relevant thought-provoking questions that I need to consider to secure my future. One of Peter's best qualities is his ability to answer clients complicated questions in a simple way to ensure comprehension.
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.
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