A testamentary trust can be created after you die. Some people really like the idea of using a trust in their estate planning. The control over the eventual inheritance distribution is appealing. These individuals are often torn between the appeal of a trust and the work it takes to maintain a trust. According to a […]
Probate is how the government oversees estate settlement. Most Americans do not understand probate. They have read news articles about celebrity estate battles or have heard stories from friends about the challenges they have faced. Stories like these often lead to people to feel fear and dread about the future of their own assets. According […]
Married couples can utilize a bypass trust to provide more estate planning control. Both married and single people must face the challenges of life. They must go to work, pay bills, and navigate the deaths and illnesses of loved ones. Eventually, they must face their own deaths. It is best to have an estate plan […]
Transfer on Death accounts and trusts can be useful for assets bypassing probate. Not all assets are treated the same in estate planning. Some assets are best distributed through probate via a last will and testament or outside of probate via a revocable living trust (RLT). Other assets pass through beneficiary designations or transfer on […]
A successor trustee is responsible for the management of a trust. Although many individuals designate themselves as the trustee when they create a revocable living trust (RLT), they may not be able to serve forever. While a RLT allows you to manage your own assets while alive, a RLT also provides directions for assets after […]
Gifting money before death can be a wise estate planning move. Money and taxes cannot be separated. When purchasing and selling, taxes are usually in the mix. With estate taxes, the government tries to take a cut of your money postmortem. Although the current federal estate and gift tax exemption is $11.7 million per person […]
Cryptocurrency functions differently from traditional money. Much has changed over just the past several decades. Computers can now be taken from one location to another. Phones now do more than simply make phone calls. Asset holdings have even changed as people hold cryptocurrency. According to a recent The Indiana Gazette article titled “Millennial Money: What […]
A revocable living trust can protect assets for you and your loved ones. Selecting the right tool for a task is critical. Although one could eat chili with a fork, a spoon is superior. Both deliver food to the mouth, but one would be more efficient given the circumstances. Similarly, estate planning documents should be […]
An inherited IRA is more complicated for heirs who are not a surviving spouse. An IRA is an important source of income in retirement. For this reason, they are often significant assets in estate planning. With the recent passage of the SECURE Act, how IRAs are passed to heirs has become more complicated. No surprise […]
It may be necessary to protect inheritances from in-laws and addictions. It is not uncommon for adult children to make poor decisions. Sometimes this means they will choose undesirable spouses. For others, it may involve the development of a substance or behavior addiction. Whatever the issue, an outright inheritance may be unwise. After all, you […]
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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.
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