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 […]
Neither the probate court nor the probate process itself need be frightening. It is normal for people to have fears. Fear can be healthy and protective. It encourages people to be cautious and careful. One common fear is becoming entangled with the probate court and its process. According to a recent Investopedia article titled “What […]
Gifts can be a helpful way of reducing estate tax liability. Estate taxes can cost certain estates significantly. Because taxes can reduce inheritances to heirs, it is not surprising when people try to plan strategically to reduce these costs. Sometimes these give rise to cases and questions in Tax Court. Rut row. According to a […]
Young adults should prioritize estate planning. Although your chances of dying increase as you get older, death can come at any age. As my maternal grandfather would say, "The old must die and the young may die." Most people do not enjoy thinking about their own mortality. I get that. Who does? Against this backdrop, […]
The unexpected death of a spouse is devastating. Many factors in life cannot be controlled. Some of these can lead to untimely deaths. Even those who make healthy decisions can become victims of tragic accidents, sudden illnesses, or unfortunate genetics. According to a recent New Haven Register article titled “Are you prepared if your spouse […]
Portability election rules have been changed. For the better. Taxes are a common consideration in estate planning. The state and federal governments have several means of taxing assets left behind after a person dies. These can include inheritance taxes at the state level and gift and estate taxes at the state and federal levels. People […]
People often leave behind a house filled with items when they die. People often live as if they can take their things with them when they die. They are sorely mistaken. All people leave behind their belongings when they die. Each of them and each of their things. Trust me on this. According to a […]
It is possible to refuse an inheritance. Many people and cultures consider it rude to decline a gift. Chances are you were told to smile and thank your relative for the Christmas or birthday present you did not like. In fact, you may even have had to wear it the next time you saw this […]
Most Americans do not understand probate. Isn't there anyone who knows what probate is all about?!! This question is reminiscent of Charlie Brown's desperate cry of frustration in "A Charlie Brown Christmas," albeit in a different context. I digress. You have likely heard of probate. Perhaps it has been in the context of a loved […]
An estate plan review ensures your plan will work when needed. Most things in life require maintenance. If you do not invest in your marriage, you will likely grow apart from your partner. Failing to change the oil in your car will kill your engine. According to a recent Forbes article titled “5 Reasons To […]
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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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