Kansas and Missouri Estate Planning Blog

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Endowed Scholarships

How Are Endowed Scholarships Created and Maintained?

POSTED ON: February 13, 2024 BY: Kyle Krull
Endowed scholarships can benefit your estate and hard-working students. Scholarships are beneficial in paying for higher education. Unlike student loans, these do not need to be paid back. Whether they are awarded for academic achievement, athletic prowess, or a specific heritage or area of interest, scholarship awards reduce the financial burden of pursuing a degree. […]
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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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Updating a last will and testament

Updating a Last Will and Testament: 8 Reasons to Revise

POSTED ON: November 21, 2023 BY: Kyle Krull
Updating a last will and testament or a trust may be necessary one or more times after the initial creation of the estate plan. Many ask, "Why should I update my will or trust?" Chances are you are used to the concept of routine maintenance. Hair and nails need to be cut and trimmed. If […]
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Inheritance

How Should I Manage My Inheritance?

POSTED ON: November 15, 2023 BY: Kyle Krull
An inheritance can be tricky to navigate, depending on the asset. Some people are chosen to receive an inheritance. Their loved ones created an estate plan and made a point to include them. Others inherit by default because a relative died intestate. According to a recent CNBC article titled “Receiving an inheritance? Here’s how experts say […]
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Portability

Should Blended Families Elect Portability?

POSTED ON: July 21, 2023 BY: Kyle Krull
Portability elections may not be the best for all families. The federal estate and gift tax exemption is necessary for those with high net worth. Any amount over this threshold is subject to estate taxes. The "unified" exemption is $12.92 million per taxpayer for 2023. Individuals and couples can work with an experienced estate planning […]
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Estate Tax Hangover in 2026?

POSTED ON: June 29, 2023 BY: Kyle Krull
Estate tax planning attorneys will be busy in 2025. Certain events make people more stressed. Leading up to Y2K, individuals and businesses were uncertain how computers would handle the change of the millennium. When news of possible COVID lockdowns was announced, stores quickly ran out of water, bread, and toilet paper. According to a recent […]
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Estate tax

Can I Reduce My Estate Tax Liability?

POSTED ON: June 12, 2023 BY: Kyle Krull
The lifetime estate tax exemption is set to decrease in 2026. Unless you are a tax accountant, taxes likely confuse and intimate you. Both state and federal lawmakers pass legislation governing what citizens owe the government and for what reasons. These taxes are consistently changing and can be difficult to follow. According to a recent […]
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Inheritance taxes

Do Inheritance Taxes Impact my Estate?

POSTED ON: April 17, 2023 BY: Kyle Krull
Inheritance taxes and estate taxes are not paid by the same people. This week likely is one of your favorites, yes? No? Tax week. Specifically, Tax Day for 2022 returns is tomorrow, Tuesday, April 18. Some taxpayers will be receiving tax refunds while others will owe money to the government. According to a recent The Alliance […]
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Widow

Who Can a Widow Look to For Help?

POSTED ON: December 28, 2022 BY: Kyle Krull
A new widow may require help from experts. Losing a spouse is never easy. It is heartbreaking to no longer have your best friend and partner. This is true whether you have been married months or decades. The death of a spouse means loss of present and future love and companionship. According to a recent […]
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Home

Is Selling a Home to Heirs Beneficial?

POSTED ON: November 14, 2022 BY: Kyle Krull
Gifting a home to children can be a more complicated estate transfer. Houses are the most valuable assets for many people. They can also be one of the more complicated assets to distribute to heirs. Many aspects like taxes and how to divided the value of a home should be discussed and addressed in estate […]
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