Kansas and Missouri Estate Planning Blog

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King Charles III

Does King Charles III Owe Inheritance Taxes?

POSTED ON: October 14, 2022 BY: Kyle Krull
King Charles III may be exempt from certain taxes. Estate taxes and inheritance taxes are not simply a reality in America. Citizens of the United Kingdom are also subject to death taxes. Estates valued at or above £325,000 pounds are taxed at 40 percent. In American dollars, the equivalent would be an estate of $374,000. […]
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Gifts

Do Deathbed Gifts Reduce Taxable Estates?

POSTED ON: September 26, 2022 BY: Kyle Krull
Gifts can be a helpful way of reducing estate tax liability. Estate taxes can cost certain estates significantly. Because taxes can reduce inheritances to heirs, it is not surprising when people try to plan strategically to reduce these costs. Sometimes these give rise to cases and questions in Tax Court. Rut row. According to a […]
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Irrevocable trust

Does an Irrevocable Trust Avoid all Taxes?

POSTED ON: August 1, 2022 BY: Kyle Krull
An irrevocable trust may not be able to escape the capital gains tax. Minimizing taxes is a common estate planning goal. Most people would prefer their assets benefit loved ones or a special charity than the government. Those who work with an experienced estate planning attorney have better chances than others to accomplish this goal. […]
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Revisit trust documents

What Should I Revisit When Reviewing my Trust?

POSTED ON: December 22, 2021 BY: Kyle Krull
It is important to revisit your trust. Most things in life require maintenance. A car needs its oil changed and will require parts to be replaced as road use wears them down. Homes require new coats of paint, cleaned gutters, and constant lawn mowing. Even the human body benefits from dentist appointments, annual physicals, and […]
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Home

Is Retitling My Home a Good Idea?

POSTED ON: November 19, 2021 BY: Kyle Krull
Home owners must decide how to distribute this valuable asset. Owning and maintaining a house takes work. A lot of it. You are responsible for the lawn and garden, protection from pests, and general upkeep. Despite these added pressures, there are many perks. By owning a house, you can truly make it a "home" without […]
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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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tax liability help

Can a GRAT Help My Tax Liability?

POSTED ON: October 23, 2020 BY: Kyle Krull
A GRAT can serve as helpful estate planning tool for some people. Federal estate taxes may be problematic for some because of the current low interest rates. As a result, many are looking for a way to reduce their tax liability. Finding the best means of doing so can be tricky. According to a recent […]
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What are Risks of Poor Estate Planning?

POSTED ON: February 13, 2020 BY: Kyle Krull
Poor estate planning has dire consequences. You think you do not need an estate plan. Perhaps you believe estate planning can wait. You are young. You have time. According to a recent Chron.com article titled “Will you plan now or pay later?,” this is faulty reasoning. No one can predict their own future. You do […]
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