Making a charitable contribution can benefit the giver and receiver. It is now the month of December. Whether you celebrate Christmas or Hanukkah, holiday preparations are well underway. Travel is being planned, lights and decorations are going up, and treats are being baked. You have likely started preparing gifts for your friends and family. Perhaps […]
Retirees should not be frivolous in retirement spending. People like to reward themselves. On a small scale, this may involve a small sugary treat at the end of a long work week. On a larger scale, it may involve big-ticket items like a brand-new sports car or a luxury vacation. According to a recent msn.com […]
Power of attorney laws may not look the same in each state. Accidents happen all the time. Sometimes, they are small and only a minor inconvenience. At other times, accidents and illness can lead to short-term or long-term incapacity. According to a recent limaohio.com article titled “When ‘anything and everything’ does not mean anything and […]
It may be necessary to protect inheritances from in-laws and addictions. It is not uncommon for adult children to make poor decisions. Sometimes this means they will choose undesirable spouses. For others, it may involve the development of a substance or behavior addiction. Whatever the issue, an outright inheritance may be unwise. After all, you […]
Blended families may require more strategic estate planning. Many men and women in the United States get married, divorced or widowed, and remarried. As a result, families often consist of yours, mine, and ours children. While many families thrive with more members and more love, more people can also mean more complications. According to a […]
How you divide your estate plan impacts your loved ones. Parents who want to leave their assets to the next generation will have more decisions to make if they have more than one child. If you have one child, he or she can be a solo heir without triggering jealously. On the other hand, under […]
Your planning may need to adjust to a new federal estate tax. Most people cringe at the mention of taxes. The exceptions would be those whose livelihoods depend on taxes like accountants, IRS agents, and other government officials. If your employment does not find you within one of these exceptions, incomes taxes, property taxes, inheritances […]
Gifting can help you minimize the value of your estate. The federal estate tax exclusion amount is $11.58 million in 2020. This is an appealing number for those with large estates. Gifts in excess of this exclusion amount will taxed at 40 percent. This tax will be owed by April 15 of the following year. […]
Combining households could be helpful for extended families. Many Americans reside in nuclear family households. What does this mean? Parents and children reside in a single home without extended family members. According to a recent The Mercury article titled “Moving ahead during coronavirus,” combining households may be wise for some as a result of the COVID-19 […]
Family businesses require careful planning for future longevity. Very careful. You are a small or mid-sized business owner. In fact, your business is a family business. Perhaps you started it yourself. Maybe you inherited it from your parents. You want to pass this legacy on to your own children and grandchildren. Unfortunately, times are uncertain […]
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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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