Both methods and amounts of giving impact taxes. What comes to mind when you think of gifting? Do you imagine weddings, birthdays, and graduation? Chances are you did not think of taxes. According to a recent My Edmonds News article titled “Excess gift giving could cause a tax surprise,” gifting without strategy or thoughtfulness can lead to […]
The transfer tax looks a little different in 2022. Taxes are not constant. Sometimes the laws are updated by both the state and the federal taxing authorities. Other times, the thresholds and amounts are influenced by inflation. According to a recent Forbes article titled “2022 Transfer Tax Update,” both may apply to the transfer tax […]
Gifting money before death can be a wise estate planning move. Money and taxes cannot be separated. When purchasing and selling, taxes are usually in the mix. With estate taxes, the government tries to take a cut of your money postmortem. Although the current federal estate and gift tax exemption is $11.7 million per person […]
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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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