Kansas and Missouri Estate Planning Blog

Marital Trusts

Who Can Benefit From Marital Trusts?

POSTED ON: December 19, 2023 BY: Kyle Krull
Marital trusts protect couples and their families. Family gatherings are common during the holidays. For some, these are fairly simple logistically and emotionally. Loved ones live nearby and get along reasonably well. For many, the time is filled with stress around scheduling and relationship dynamics. It can be hard enough to manage holidays between the […]
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Advance directives

Why Would I Need Advance Directives?

POSTED ON: December 12, 2023 BY: Kyle Krull
Advance health care directives are a vital component of incapacity planning. It never hurts to be prepared. This statement rings true whether you are studying for a test, dressing for the weather forecast, or getting food ready for family gatherings. Preparation is also necessary for unexpected events like accidents, injuries, or illness. In short, the […]
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Charitable contribution

How Can a Charitable Contribution Benefit the Giver?

POSTED ON: December 5, 2023 BY: Kyle Krull
Making a charitable contribution can benefit the giver and receiver. It is now the month of December. Whether you celebrate Christmas or Hanukkah, holiday preparations are well underway. Travel is being planned, lights and decorations are going up, and treats are being baked. You have likely started preparing gifts for your friends and family. Perhaps […]
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Disinheriting

What Challenges Could Arise When Disinheriting Someone?

POSTED ON: November 14, 2023 BY: Kyle Krull
Disinheriting a family member is the choice of the person who creates the estate plan. People are responsible for their own money. They can choose to spend it all before they die, donate it to charity, or leave some, all, or none of it to loved ones. Essentially, an inheritance is a gift, not a […]
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Mick Jagger

Is Mick Jagger Working on Estate Planning?

POSTED ON: November 10, 2023 BY: Kyle Krull
Mick Jagger may have estate planning on his mind. Musicians are not generally known for their estate planning successes. In recent years, artists like Prince and Aretha Franklin have made headlines for leaving a mess for probate courts and loved ones to manage. Prince had no estate plan in place, while Franklin left loved ones […]
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Trust funds

Why Would People Create Trust Funds?

POSTED ON: November 9, 2023 BY: Kyle Krull
Trust funds and wills are both estate planning documents. The average person has likely heard of last wills and trust funds. Last wills receive attention as plot devices in books, television shows, and films. Trust funds are often mentioned when people discuss families with generational wealth, like the Rockefeller family. While these contexts can provide […]
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power of attorney documents

What Can Power of Attorney Documents Do?

POSTED ON: November 7, 2023 BY: Kyle Krull
Power of attorney documents are necessary for incapacity planning. Although a trust is functional while the trustmaker is still alive, a last will and testament is only effective after death. Assets titled to a revocable living trust could be managed seamlessly by co-trustees or successor trustees if the trustmaker becomes incapacitated. Still, any property outside […]
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Inheritance

How Can I Wisely Use My Inheritance?

POSTED ON: November 3, 2023 BY: Kyle Krull
An inheritance should be used wisely. Money earned just spends differently than gifted money. Paychecks are readily used for supporting charitable causes, paying bills, reducing debt, and preparing for retirement. Gifted money is often allocated to impulse spending, vacations, or big-ticket items. According to a recent Go Banking Rates article titled “Suze Orman: 3 Things You […]
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Taxes

Can Taxes Be Reduced with Estate Planning?

POSTED ON: November 2, 2023 BY: Kyle Krull
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 […]
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Primary

What Primary Documents Govern Estate Plans?

POSTED ON: November 1, 2023 BY: Kyle Krull
Estate planning includes a primary document. Comprehensive estate planning typically does not involve one document. Instead, several components work together to provide instructions for your affairs after incapacity or death. Like any good team, estate plans have a document that directs how the plan should work together. According to a recent The News-Enterprise article titled “Make […]
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