Having an estate plan should be a priority in 2024. At the start of a new year, many people reflect on the past and set goals for the next twelve months. For many, this involves dusting off the old dumbbells to "get fit." Others may elect to "shop the perimeter" of the grocery store to […]
Beneficiary forms overrule last will and testament wishes for assets. A last will is an important estate planning document. It is used to name executors, designate guardians for minor children, and provide instructions for distributing assets. When an estate plan is referenced in news articles or television shows, only the last will is typically addressed. […]
A revocable trust may not be necessary. People who love fluffy bread but do not understand the chemistry of baking may believe more yeast yields larger loaves. A baker knows the best results require a delicate balance of the key ingredients and the proper kneading and proofing of the dough rather than simply adding more […]
Inherited IRAs can be complicated for heirs. Some assets are simpler to inherit than others. Not too long ago, IRAs were a flexible and desirable asset for estate planning. This is no longer the case. According to a recent yahoo! finance article titled “What Happens When I inherit an Annuity?,” the SECURE Act is responsible for […]
Naming contingent beneficiaries is a key step in estate planning. In athletic competition, it is not enough to have one star player. Illness or injury could quickly sideline this exceptional athlete. Instead, it is essential to have a deep bench so your team can handle such unfortunate situations. According to a recent The Mercury article titled “PLANNING […]
Estate planning is fraught with myths. What people believe influences what they do. For example, children who think monsters are under their beds tend to avoid their rooms at night. When doctors believe their patients have specific ailments, they order certain tests. If people believe integrity is important, they will not speed on a road […]
Making mistakes on beneficiary designations is common. Preparing for death is an unpleasant reality. For this reason, people often avoid estate planning. When taking action at the approach of death, stress and urgency can impair thinking. According to a recent yahoo! Finance article titled “5 Retirement Plan Beneficiary Mistakes to Avoid,” taking steps in advance […]
Failing to name a life insurance beneficiary can cause significant problems. The end of one year and the start of another year is often a time to reflect on the past and plan for the future. People often reminisce about happy memories and hard losses. These reflections can inform the goals people make for the […]
Estate planning mistakes can be costly in time and money. Everyone makes mistakes. It is part of being human. Sometimes these missteps are made out of ignorance. Other times they arise from forgetfulness. According to a recent Kiplinger article titled “5 Common Estate Planning Mistakes to Avoid,” the reasons for estate planning mishaps do not […]
It can be helpful to reduce the size of a probate estate. The probate courts exist to oversee the passing of property between people and their heirs. Like many legal systems, it can be slow. When time is money, the costs can certainly add up. According to a recent Indianapolis Business Journal article titled “Try […]
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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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