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Adding a child to a home deed

Is Adding a Child to a Home Deed Okay?

POSTED ON: February 21, 2024 BY: Kyle Krull
Adding a child to your home deed can trigger unintended consequences. People tend to choose the easiest option at the moment. Sometimes, selecting this option is harmless, like grabbing the first shirt in your dresser drawer. Other times, it can be the best option for you, like hiring a plumber to fix the sink rather […]
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buy a home

Can Parents Help Children Buy a Home?

POSTED ON: September 9, 2023 BY: Kyle Krull
It is possible to help your adult children buy a home. The economy has been declining in recent years. Inflation and interest rates are both high. Consequently, buying a house is challenging for many individuals, couples, and families. According to a recent Kiplinger article titled “Four Ways Parents Can Help Kids Be First-Time Home Buyers,” parents can […]
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Step-up in basis

How Does Step-Up in Basis Work?

POSTED ON: April 26, 2023 BY: Kyle Krull
A step-up in basis can reduce capital gains tax liability on assets. Some assets can appreciate in value or lose value while owned. Examples include stocks and real estate. According to a recent Forbes article titled “What Is Step-Up In Basis?,” capital gains taxes are levied on the sale of assets when the value or “cost […]
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Inheritance

How Should I Time an Inheritance?

POSTED ON: April 6, 2023 BY: Kyle Krull
You can give an inheritance while you are living. Timing can make a big difference. A split second late on a baseball swing can leave you with a strike rather than a home run, yes? Being born a few minutes before midnight on New Year’s Eve gives parents a tax break. According to a recent […]
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Widow

Who Can a Widow Look to For Help?

POSTED ON: December 28, 2022 BY: Kyle Krull
A new widow may require help from experts. Losing a spouse is never easy. It is heartbreaking to no longer have your best friend and partner. This is true whether you have been married months or decades. The death of a spouse means loss of present and future love and companionship. According to a recent […]
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Home

Is Selling a Home to Heirs Beneficial?

POSTED ON: November 14, 2022 BY: Kyle Krull
Gifting a home to children can be a more complicated estate transfer. Houses are the most valuable assets for many people. They can also be one of the more complicated assets to distribute to heirs. Many aspects like taxes and how to divided the value of a home should be discussed and addressed in estate […]
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Estate planning attorney

Why Do I Need an Estate Planning Attorney?

POSTED ON: August 3, 2022 BY: Kyle Krull
Hiring an estate planning attorney is always a good idea. Okay, that sounds self-serving, but stay with me on this. Many people try to do estate planning on their own. They think they can simply download a document from the internet and call it good. Generally, this does not turn out well. Even if a […]
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Portability

Why Should Farmers Elect Portability?

POSTED ON: May 10, 2022 BY: Kyle Krull
Farmers should utilize portability in their estate planning. Farming is not an easy profession. Those who care for their land and animals know the will and ability to do this work is in their blood. Many have inherited the drive, perseverance, and diligence from their ancestors. While the character of a farmer may be instilled […]
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Gift

What Should I Consider When Making a Financial Gift?

POSTED ON: April 8, 2022 BY: Kyle Krull
Making a gift can trigger unintended consequences. Gift giving is an important part of many occasions and celebrations. People give presents at birthdays, weddings, milestone events, and holidays. Although these are common times for gift giving, presents are not necessarily restricted to these occasions. According to a recent Mondaq article titled “The Annual Exclusion For […]
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Siblings splitting an inheritance

Can I Split My IRA Inheritance with My Siblings?

POSTED ON: March 22, 2022 BY: Kyle Krull
Splitting an inheritance with a sibling after the death of a loved one can be complicated. Your family is close. All siblings are equally responsible and none has any marital strife (of which you are aware). In short, your family has few liabilities but has ample love and respect for each other. Your parents explained […]
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