Both methods and amounts of giving impact taxes. What comes to mind when you think of gifting? Do you imagine weddings, birthdays, and graduation? Chances are you did not think of taxes. According to a recent My Edmonds News article titled “Excess gift giving could cause a tax surprise,” gifting without strategy or thoughtfulness can lead to […]
The lifetime gift tax exemption will increase in 2023. As 2022 draws to a close, people are more interested in tax guidelines in 2023. Tax laws and exemptions are often impacted by the economy. Knowing these numbers is helpful for estate and tax planning in the coming years. According to recent Forbes article entitled “Lifetime […]
Certain wealth transfer could require the filing of a gift tax return. Some people really like giving gifts and do so any chance they get. That is their love language. Others struggle to give presents for one reason or another, even on special occasions like birthdays and holidays. Wherever you naturally fall when it comes […]
The generous Trump era estate and gift tax exemptions are in countdown mode. According to an article in The Wall Street Journal titled “Estate and Gift Taxes 2021—2022: What’s New This Year and What You Need to Know,” these important exemptions are set to lapse in 2025. Does time seem to be flying for you, […]
Gifts can be a helpful way of reducing estate tax liability. Estate taxes can cost certain estates significantly. Because taxes can reduce inheritances to heirs, it is not surprising when people try to plan strategically to reduce these costs. Sometimes these give rise to cases and questions in Tax Court. Rut row. According to a […]
Gifting can help you minimize the value of your estate. The federal estate tax exclusion amount is $11.58 million in 2020. This is an appealing number for those with large estates. Gifts in excess of this exclusion amount will taxed at 40 percent. This tax will be owed by April 15 of the following year. […]
Taxes should be considered when making wealth transfers. Nobody knows the number of their days. Although people can die at any time from illness, injury, or accident, older individuals are at greater risk as a result of declining health associated with aging. Seniors cannot afford to neglect incapacity and estate planning. According to a recent […]
Estate tax planning attorneys will be busy in 2025. Certain events make people more stressed. Leading up to Y2K, individuals and businesses were uncertain how computers would handle the change of the millennium. When news of possible COVID lockdowns was announced, stores quickly ran out of water, bread, and toilet paper. According to a recent […]
The lifetime estate tax exemption is set to decrease in 2026. Unless you are a tax accountant, taxes likely confuse and intimate you. Both state and federal lawmakers pass legislation governing what citizens owe the government and for what reasons. These taxes are consistently changing and can be difficult to follow. According to a recent […]
Commercial solicitations are permitted by the Missouri Rules of Professional Conduct but are neither submitted to nor approved by the Missouri Bar or the Supreme Court of Missouri.
Overland Park Estate Planning Attorney Kyle Krull assists clients in Kansas and Missouri with Estate Planning, Wills, Trusts, Revocable Living Trusts, Charitable Planning, 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.
REMEMBER: “The choice of a lawyer is an important decision and should not be based solely upon advertisements.” This statement is required by rule of the Supreme Court of Missouri.
