As Benjamin Franklin famously quipped, the only two certainties in life are death and taxes. In recent years, the federal estate tax exemption has been adjusted annually for inflation. It was not always so. According to a recents Yahoo Sports article titled “Estate Tax Exemption Amount Goes Up for 2021,” when you die your estate […]
Gifting can get you in trouble without proper planning. The week of Thanksgiving marked the start of the holiday season. Advent services began yesterday (Sunday) at my church. Although Christmas traditions will look different, gifting will likely remain. According to a recent Kiplinger article titled “Gifting sounds pretty simple, but there are many ways to […]
Taxing life insurance benefits is dependent on several factors. You have people who depend on your income. Perhaps this is your spouse only. Maybe you also have children. Life insurance can be useful in providing financial protection for your loved ones if you were to die. According to a recent MoneyWise article titled “Are Life […]
Estate planning requires proactive steps. Perhaps you have never made an estate plan. Maybe you recently moved to another state, making the legality of your previous plan uncertain. Whatever the reason, you are searching for an estate planning attorney to begin the process. According to a recent EconoTimes article titled “Top 3 Estate Planning Tips […]
Specific planning is required to pass your house without taxes. You are a homeowner. This is one asset you plan to pass along to your heirs. You know the current estate tax exemption threshold is $11.58 million for a single individual in 2020. Your estate will be taxed on any amount above this threshold. If […]
Owning a small business requires specific estate planning. You are like many Americans. You own a small business. Over the years you have served your community by providing quality goods and services. According to a recent Legal Scoops article titled “3 Ways Estate Planning is Used in Small Business,” your small business will likely die with you […]
Life insurance will be a useful estate planning tool. You want to leave an inheritance to your loved ones. To do so, you have created an estate plan. Even so, you are concerned about estate taxes. The are never "permanent" in terms of the applicable exemption limit. You know these could take a bite out […]
Strategic action can reduce taxes on your inheritance. You received an inheritance recently. You are not sure whether you need to pay taxes. Although there is no federal inheritance tax, certain states levy an inheritance tax. According to a recent The Street article titled “4 Ways to Protect Your Inheritance from Taxes,” your inheritance could be […]
An LLC can provide asset protection, as well as other benefits. You want to leave assets to your family. Unfortunately, taxes can take a chunk out of the assets you choose to distribute. What options do you have for preserving the bulk of your estate. According to a recent Investopedia article titled “Using an LLC for […]
A family trust is set up specifically to benefit your family. You have thought carefully about your estate plan. You know a last will and testament is sufficient for many people. However, when you consider your goals, you think you may require more. According to a recent Yahoo Finance article “What Is a Family Trust […]
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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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