Kansas and Missouri Estate Planning Blog

Beneficiary forms

How Important are Beneficiary Forms?

POSTED ON: October 30, 2023 BY: Kyle Krull
Beneficiary forms overrule last will and testament wishes for assets. A last will is an important estate planning document. It is used to name executors, designate guardians for minor children, and provide instructions for distributing assets. When an estate plan is referenced in news articles or television shows, only the last will is typically addressed. […]
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Dianne Feinstein

Who Inherited from Dianne Feinstein?

POSTED ON: October 27, 2023 BY: Kyle Krull
Dianne Feinstein left a large estate to her loved ones. Most people do not accumulate vast wealth during their lifetimes. Although they may leave inheritances to their loved ones, the assets are usually meager to moderate. They create estate plans not to address tax implications but to ensure the proper individuals are listed as heirs. […]
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Revocable trust

Do I Need a Revocable Trust?

POSTED ON: October 25, 2023 BY: Kyle Krull
A revocable trust may not be necessary. People who love fluffy bread but do not understand the chemistry of baking may believe more yeast yields larger loaves. A baker knows the best results require a delicate balance of the key ingredients and the proper kneading and proofing of the dough rather than simply adding more […]
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Financial

Can Estate Planning Assumptions Create Financial Frustrations?

POSTED ON: October 23, 2023 BY: Kyle Krull
Estate planning reduces financial frustrations when settling an estate. Perhaps you have heard the phrase, "failing to prepare is preparing to fail." Although many attribute this to educational, business, or athletic endeavors, it applies to estate planning. The stakes are often higher with estate planning. Why? There is no learning from your mistakes after you […]
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Inherited IRAs

Do Inherited IRAs Have Tax Consequences?

POSTED ON: October 19, 2023 BY: Kyle Krull
Inherited IRAs can be complicated for heirs. Some assets are simpler to inherit than others. Not too long ago, IRAs were a flexible and desirable asset for estate planning. This is no longer the case. According to a recent yahoo! finance article titled “What Happens When I inherit an Annuity?,” the SECURE Act is responsible for […]
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Storing estate plan documents

Where Should I Be Storing Legal Documents?

POSTED ON: October 17, 2023 BY: Kyle Krull
Storing a last will and testament safely is a key step in estate planning. Many would argue the ending is more important than the beginning. Although a sports team may be ahead early in a game, it does little good if they make many mistakes and eventually lose the game. The win will go to […]
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Life settlement

What is a Life Settlement?

POSTED ON: October 16, 2023 BY: Kyle Krull
A life settlement can provide an alternative return on investment. Life insurance is one way to invest in the future support of your loved ones. At the same time, it can also feel like a financial risk. Some people find they never need their policy and receive little to no return on their investment. According […]
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revocable living trust

When Is a Revocable Living Trust the Best Solution?

POSTED ON: October 11, 2023 BY: Kyle Krull
Retirees and others can benefit from a revocable living trust. Estate planning attorneys ask for a lot of personal and financial information when meeting new clients. Some people find this to be inconvenient. This simple inconvenience serves an important purpose. It helps the estate planning attorney conceptualize the needs of the clients because the information […]
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Pour-over will

When Should I Have a Pour-Over Will?

POSTED ON: October 9, 2023 BY: Kyle Krull
A pour-over will can help tie up loose ends. Revocable Living Trust-based plans work as intended when the trust is funded. Some assets are placed in the trust while the trustmaker of the trust is alive. Other assets are intentionally left out or simply forgotten - more commonly, the latter. According to a recent Coeur […]
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life insurance

How Many Beneficiaries Should Life Insurance Have?

POSTED ON: October 6, 2023 BY: Kyle Krull
Life insurance is traditionally passed through beneficiary designations. Having an income is essential to living in America. Bills must be paid. Groceries must be purchased. Consequently, families who lose a parent with a paycheck are left more vulnerable. According to a recent yahoo! finance article titled “What happens if your life insurance beneficiary dies before you?,” […]
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