A living trust can provide greater control over asset distribution. People like to be in control. It provides comfort in predicting outcomes. It also minimizes the negative impact other people can have on us. The problem? Complete control is an illusion. Humans are affected by weather, natural disasters, car accidents, governments, and even other individuals. […]
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 […]
Portability tax exclusion benefits have been extended. People cannot escape taxes. Purchase something. Pay a tax. Own a vehicle or real estate. Pay a recurring tax. Make an income. Pay a tax. Die with a specific amount of wealth. Pay a tax. According to a recent The CPA Journal article titled "Portability of Deceased Spousal Unused Exclusion […]
Heirs may be responsible for estate taxes. Not all estates will require payments of estate taxes. It is dependent on a number of factors, including the size of the estate and the specifics of the estate plan. Those who have assets valued in excess of the federal estate exemption threshold and those who live in […]
Estate taxes and inheritance taxes can reduce the wealth left to loved ones. The U.S. government is quite capable of spending money. Understatement? Even money it does not have. And from where does that money originate? Citizens are taxed. A variety of taxes exist at the local, state, and federal levels. People are taxed on […]
Knowing what to do after a spouse has died can be overwhelming. The marriage relationship is a unique relationship. You have made a covenant with another person to love them no matter what life throws your way. Your spouse will see you at your worst and best through life's good and bad circumstances. According to […]
The estate of Aretha Franklin may owe money to the government. Aretha Franklin certainly had a beautiful voice. Unfortunately, her estate was left in an mess. This left a mess for her family. According to a recent Detroit Free Press article titled “Aretha Franklin estate reaches deal with IRS to pay off claimed $7.8 million […]
The family vacation home holds memories and estate planning challenges. Summertime is coming. Perhaps your travel plans have been adjusted in response to COVID-19. You will be unable to visit Europe or Disney World. You can still travel to your family vacation home. The memories you make there can be passed down, perhaps through the […]
Family farms have been passed through generations. The Midwest is filled with farms. Cattle roam to and fro. Crops like wheat, soy, and corn rotate through the years. The land is beautiful. You care for the family farm like the generations before you have done. According to a recent High Plains Journal article titled “Don’t […]
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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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