Kansas and Missouri Estate Planning Blog

Living trust

What Can Be Used to Fund a Living Trust?

POSTED ON: May 23, 2022 BY: Kyle Krull
Placing larger assets in a revocable living trust could simplify distribution. Many people want to simplify their estate planning. Their definition of a simple estate plan will guide what documents are included. If simple means a basic estate plan, the individuals will likely opt for a last will and testament over a trust. If they […]
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Michael Nesmith

What is Wrong with the Estate of Michael Nesmith?

POSTED ON: May 16, 2022 BY: Kyle Krull
The fate of the Michael Nesmith estate is uncertain at this time. It is an all-to-common story. A celebrity dies and leaves behind either no estate plan or an inadequate estate plan. This results in confusion surrounding the fate of the estate. According to a recent Monterey County Weekly article titled “Michael Nesmith's four children […]
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Estate planning mistakes

Are Most Mistakes in Estate Planning Avoidable?

POSTED ON: April 7, 2022 BY: Kyle Krull
Making mistakes in a last will and testament is costly. Everyone makes mistakes. It is part of being human. Learning lessons from experience allows people to avoid repeating these actions. Sometimes there is not an opportunity for a second chance. In these instances, it is wise to consider the experiences of others. According to a […]
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Estate planning conversations

What Estate Planning Conversations Should I Initiate?

POSTED ON: March 31, 2022 BY: Kyle Krull
Parents and adult children should have estate planning conversations. Communication is important in all areas of life. Both work and relationships suffer from a lack of good communication. Some dialogues are relatively simple to approach while others can trigger tension and anxiety. When the latter is true, people tend to avoid conversations. According to a […]
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Distributing a house through a trust

What Trust Should I Use to Pass my Home to Heirs?

POSTED ON: March 24, 2022 BY: Kyle Krull
Placing a home in a trust can be helpful or harmful. Protecting wealth and distributing assets can feel overwhelming. People worry about protecting their assets from bad life choices made by their heirs. They also worry about tax implications and whether their heirs will be able to pay these after they have died. According to […]
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Siblings splitting an inheritance

Can I Split My IRA Inheritance with My Siblings?

POSTED ON: March 22, 2022 BY: Kyle Krull
Splitting an inheritance with a sibling after the death of a loved one can be complicated. Your family is close. All siblings are equally responsible and none has any marital strife (of which you are aware). In short, your family has few liabilities but has ample love and respect for each other. Your parents explained […]
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Life insurance

Should Minor Children be Life Insurance Beneficiaries?

POSTED ON: March 17, 2022 BY: Kyle Krull
Life insurance provides protection for families with young children. Life insurance is not always necessary. If you are single and have enough saved to bury you when you die and pay any additional expenses or debts, you likely could bypass a policy. But what if you later marry, have children, and become "uninsurable" for some […]
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Trusts

Who Can Use Trusts in Estate Planning?

POSTED ON: March 4, 2022 BY: Kyle Krull
Trusts have several estate planning benefits. Many misunderstandings exist around estate planning. One of the most common misconceptions involves trusts. People tend to think this estate planning tool is only for those who are ultra-wealthy. According to a recent US News article titled “Trusts Explained,” a trust can address a number of estate planning goals […]
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Minor grandchildren

Can I Leave an Inheritance to Minor Grandchildren?

POSTED ON: March 1, 2022 BY: Kyle Krull
Several circumstances should be considered when planning to leave an inheritance to minor grandchildren. Becoming a grandparent brings fresh joys. There is something special about seeing your children have children, yes? Your love grows and expands as your family changes. According to a recent Nj.com article titled “How can I leave my money to my […]
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Prince

Was the Messy Prince Estate Avoidable?

POSTED ON: February 28, 2022 BY: Kyle Krull
Prince left no directions for his estate when he died. The sudden death of Prince triggered a variety of heavy emotions. Family and fans were devastated at the news of his fentanyl overdose in 2016. Can you believe it has been six years? Yikes! Some eyed his estate and were filled with greed. Others saw […]
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