Kansas and Missouri Estate Planning Blog

Life insurance in retirement

Should Retirees Have Life Insurance?

POSTED ON: September 17, 2021 BY: Kyle Krull
Retirees may still benefit from life insurance. You have been in the workforce for decades and are now either in or nearing retirement. Your financial advisor and estate planning attorney recommended life insurance when you were younger. This made sense to you because you wanted to provide income (and "instant estate") for your spouse and […]
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Estate planning

What are Basics of Effective Estate Planning?

POSTED ON: August 25, 2021 BY: Kyle Krull
Estate planning requires attention to detail. If you are an American adult, you should have an estate plan. This planning is not reserved for those who exceed the 2021 federal estate tax exemption of $11.7 million per person. Effective estate plans are essential to protecting you, your assets, and your loved ones. Poor estate planning […]
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Dissolve ILIT

Does My Estate Plan Still Need My ILIT?

POSTED ON: August 21, 2021 BY: Kyle Krull
Terminating an ILIT may require the creation of additional documents. Some people with life insurance utilized an irrevocable life insurance trust (ILIT). The purpose for many was to decrease their taxable estate and provide "liquidity" to pay potential estate taxes to ransom an otherwise illiquid estate (think farm, ranch, or other family business operation). Perhaps […]
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ILIT

Should I Keep or Dissolve My ILIT?

POSTED ON: August 5, 2021 BY: Kyle Krull
Changing circumstances may affect the usefulness of an ILIT. Do you remember when the federal estate tax limit was $600,000? I do. At this time, you may have set up a revocable living trust (RLT) and an irrevocable life insurance trust (ILIT) to provide for your family if you died. Because many years have passed […]
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Biden tax plan

What is the Biden Tax Plan?

POSTED ON: May 28, 2021 BY: Kyle Krull
The proposed tax plan would impact the estate planning of many Americans. In leadership transitions, you can expect changes. You can see this with college athletics. When one coach is fired and a new coach is hired, the new coach selects a team of assistant coaches and new recruits. One may argue this is why […]
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Avoid probate

Is It Possible to Avoid Probate through Estate Planning?

POSTED ON: May 13, 2021 BY: Kyle Krull
It is possible to avoid probate with estate planning. For many, probate sounds like a scary word. Although probate is essentially the process for settling an estate in the local court, it can produce anxiety. Probate is often associated with lengthy proceedings and greater tax consequences. These negative aspects of probate are heightened when a […]
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Tax changes under Biden administration

Should I Expect the Federal Estate Tax to Change?

POSTED ON: April 6, 2021 BY: Kyle Krull
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 […]
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IRA beneficiary

Can a Trust Be an IRA Beneficiary?

POSTED ON: March 12, 2021 BY: Kyle Krull
Making a trust an IRA beneficiary can be complicated. You have a traditional IRA as part of your retirement planning. This tool serves you well and is straightforward in providing retirement income. Even so, an IRA can complicate matters in estate planning. According to a recent Wealth Advisor article titled “Should A Living Trust Be […]
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Farm families

Should Farm Families Use a Trust for Estate Planning?

POSTED ON: February 9, 2021 BY: Kyle Krull
Farm families have a lot to lose with inadequate estate planning. You are a farmer. You are in the business of farming. The farm has been in the family for generations. Perhaps your children intend to keep the a farm running after you die. Maybe your children have different careers in mind. Do you have […]
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Do-it-yourself estate planning problems

Why Should I Avoid Do-It-Yourself Estate Planning?

POSTED ON: January 20, 2021 BY: Kyle Krull
Do-it-yourself estate planning can leave an ugly mess. There are people who prefer to tackle projects on their own. For some, this is born from necessity. For others, curiosity or personal growth is the driving force. Perhaps you are someone who prefers do-it-yourself projects. Whether you learn how to tackle a project from your parent […]
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