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 […]
A step-up in basis can reduce capital gains tax liability on assets. Some assets can appreciate in value or lose value while owned. Examples include stocks and real estate. According to a recent Forbes article titled “What Is Step-Up In Basis?,” capital gains taxes are levied on the sale of assets when the value or “cost […]
You can give an inheritance while you are living. Timing can make a big difference. A split second late on a baseball swing can leave you with a strike rather than a home run, yes? Being born a few minutes before midnight on New Year’s Eve gives parents a tax break. According to a recent […]
Wealth transfer can be complicated by a number of factors. Not everyone has a job earning them large sums of money each year. This does not necessarily mean they will have fewer assets to transfer. Rather, many build their wealth through wise money management over the course of their careers. Think Dave Ramsey. According to […]
A home is a large investment physically and financially. Owning a home requires commitment. A lot of it. Becoming a homeowner involves monthly mortgage payments as well as property taxes. Properly maintaining the home is also not cheap. According to a recent Real Simple article titled “For Retirees, a Home Could Be Your Largest Asset—or […]
Passing a house to heirs can be complicated whether it is a vacation home or a primary residence. For many homeowners, their personal residence is one of their most significant assets. In addition to its monetary value, the family home or vacation home also holds memories. There may be a lot of laughter in the […]
Divorcing when in retirement can be quite messy. Divorce is complicated at any stage of life. Young families have to navigate co-parenting and support. Often for the sake of the children, people choose to divorce later in life. When people are divorcing in their 60s or 70s, this is often referred to as “gray” or […]
Personal and financial maturity are fundamental to being prepared to receive an inheritance. Your children are adults. Each of them has embarked on higher education, technical training, done a stint in the military, or gone right into the workforce. As you prepare your estate plan, you begin to wonder whether your children are capable of […]
The family vacation home holds memories and estate planning challenges. Summertime is coming. Perhaps your travel plans have been adjusted in response to COVID-19. You will be unable to visit Europe or Disney World. You can still travel to your family vacation home. The memories you make there can be passed down, perhaps through the […]
Jointly owning property can be precarious to say the least. You are considering owning property jointly with a non-spouse. Maybe you are considering doing so with another family member. Perhaps a friend or business associated has made the suggestion. Should you do it? According to a recent Inside Indiana Business article titled “Risky: Property Owned […]
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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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