Jointly owned property may avoid probate. When more than one person has concurrent ownership of an asset, it is considered jointly owned. Some couples choose to combine all of their assets when married. Others decide to keep all or some assets separate. According to a recent TBR News Media article titled “Everything you need to […]
The generous Trump era estate and gift tax exemptions are in countdown mode. According to an article in The Wall Street Journal titled “Estate and Gift Taxes 2021—2022: What’s New This Year and What You Need to Know,” these important exemptions are set to lapse in 2025. Does time seem to be flying for you, […]
Investing in cryptocurrency can have financial and estate planning impacts. Making investments is a risky business by definition. Even so, stocks and bonds and other investments are a common and necessary practice for outpacing inflation and for preparing for retirement. With the introduction of cryptocurrency, the landscape of investing looks a little different now. According […]
It is important to adjust estate planning for changes in tax law. It has been said “the only constant is change.” People get older, trends come and go, and technology is constantly developing. Similar to updating an operating system on your phone so it can continue to function well, estate plans should be updated regularly […]
The federal estate tax is likely to affect more people under the President Biden administration. The estate tax threshold has been farm, ranch, small business, and entrepreneur friendly in recent years under President Donald J. Trump. The current threshold sits at $11.7 million for an individual and $23.4 million for a couple filing jointly. Any […]
A Donor-Advised Fund can help those with charitable hearts distribute donations. Many who do have money choose to give to others. One way is by giving to loved ones. Another way is to donate to a charitable organization. According to a recent Fort Worth Magazine article titled “Choosing Charity: How Donor-Advised Funds Benefit Your Contributions,” […]
Estate planning laws may change under Joe Biden. New leadership brings changes. This is true of companies, teams, and the United States government. The recent elections shifted the White House and Senate to Democrat majority. According to a recent St. Louis Business Journal article titled “Estate planning in light of a new presidential administration: What […]
You could save money on your Medicare plan with appropriate planning. The start of autumn means Medicare open enrollment is drawing near. If you are currently enrolled in Medicare, you are likely aware of this fact. In fact, you have likely received an “annual notice of change” from your Medicare plan. According to a recent […]
Trust beneficiaries may need to pay taxes on distributions. A trust is a useful estate planning tool. It holds assets and distributes them to the trust beneficiaries according instructions provided in the trust itself. It also provides greater control and protection of assets in estate planning. A common question with estate planning involves whether beneficiaries […]
Family businesses require careful planning for future longevity. Very careful. You are a small or mid-sized business owner. In fact, your business is a family business. Perhaps you started it yourself. Maybe you inherited it from your parents. You want to pass this legacy on to your own children and grandchildren. Unfortunately, times are uncertain […]
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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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