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Estate Tax Planning
in Kansas and Missouri

Contact The Law Offices of
Kyle E. Krull, P.A.

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Historically speaking, the federal estate tax is an excise tax levied on the transfer of a person's assets after death. In actuality, it is neither a death tax nor an inheritance tax, but more accurately a transfer tax. There are three distinct aspects to federal estate taxes that comprise what is called the Unified Transfer Tax: Estate Taxes, Gift Taxes, and Generation-Skipping Transfer Taxes. Legal planning to avoid or minimize federal estate taxes is both a prudent and an important aspect of comprehensive estate planning.

The latest iteration of the federal estate tax was signed into law on December 17, 2010, as part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (TRA 2010).

Good news: The federal estate tax exemption (ETE) is $5 million for singles and (a nearly "automatic") $10 million for married couples, with a 35% maximum tax rate.

Caution: This law expires on December 31, 2012 (along with the nearly "automatic" $10 million ETE for married couples). So, what changes does this new law bring and, more importantly, what steps should you take to ensure that your overall estate planning will stand the test of time?

Estimate Your Estate Tax Liability with our Estate Tax Calculator

Whatever the state of the federal estate tax, knowing your potential estate tax liability is an essential part of your financial and estate planning. Use this Estate Tax Calculator to learn more about the updated federal estate tax and estimate your estate tax liability.

Click here to use
the Estate Tax Calculator

Overland Park Estate Planning Attorney Kyle Krull assists clients in Kansas and Missouri with Estate Planning, Wills, Trusts, Revocable Living Trusts, Charitable Planning, Probate and Estate Administration, Asset Protection and Business Succession Planning in the greater Kansas City area including Overland Park, Leawood, Olathe, Lenexa, Johnson County Kansas and Jackson County Missouri.

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