One can pass wealth to heirs using a variety of options. Whether you have been working for decades or years, you likely have accumulated assets. While you are alive, you use these to keep you fed, clothed, sheltered, and safe. After you have died, these assets no longer benefit you. According to a recent AARP […]
Conversations with aging parents about their finances can benefit their estate planning. Young children often know little about their parents. This is partly because children are interested in few things but themselves. It also can stem from a family rule about certain topics being off limits. Finances is often one such topic. According to a […]
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 […]
Estate planning requires attention to detail. If you are an American adult, you should have an estate plan. This planning is not reserved for those who exceed the 2021 federal estate tax exemption of $11.7 million per person. Effective estate plans are essential to protecting you, your assets, and your loved ones. Poor estate planning […]
Terminating an ILIT may require the creation of additional documents. Some people with life insurance utilized an irrevocable life insurance trust (ILIT). The purpose for many was to decrease their taxable estate and provide "liquidity" to pay potential estate taxes to ransom an otherwise illiquid estate (think farm, ranch, or other family business operation). Perhaps […]
It is no small task to settle an estate plan? Your loved one recently died. You have not only lost your loved one. You are also at a loss for what to do next. All you feel capable of? Deeply missing your loved one. According to a recent Cleveland Jewish News article titled “Funeral arrangements, […]
Following specific steps is important to a successful estate plan. It is not uncommon to make mistakes. These frequently occur in areas outside of our areas of experience. Although blunders are common, they can be costly. To err is human; to forgive, divine. (Alexander Pope) According to a recent Forbes article titled “7 Steps To […]
Estate planning can be a difficult subject to discuss with loved ones. You may be perfectly comfortable talking about death, incapacity, and estate planning. This does not mean your loved ones will feel the same way. Thinking about mortality can be uncomfortable for many. Taking stock of everything required when organizing an estate can feel […]
A trust provides benefits beyond what beneficiary designations accomplish. When it comes to estate planning, every family and individual family member is different. Although people may have similar assets, they have unique goals and circumstances. All of these variables influence whether a trust should be including in an estate plan. According to a recent Nj.com […]
Inherited IRAs are more complicated under the SECURE Act. When you started working, you opened an Individual Retirement Account (IRA). Over the years, you have placed money in this account, and it has grown in value through that miracle of deferred compound interest. What if there are funds in the account when you die? According […]
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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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