Transfer on Death accounts and trusts can be useful for assets bypassing probate. Not all assets are treated the same in estate planning. Some assets are best distributed through probate via a last will and testament or outside of probate via a revocable living trust (RLT). Other assets pass through beneficiary designations or transfer on […]
A successor trustee is responsible for the management of a trust. Although many individuals designate themselves as the trustee when they create a revocable living trust (RLT), they may not be able to serve forever. While a RLT allows you to manage your own assets while alive, a RLT also provides directions for assets after […]
Tax exemptions may be changing with new legislation. Although the actions and decisions of people impact other people, most choices have a minimal reach. This is not the case when it comes to state and federal lawmakers. The choices made by those in power affect Americans for generations. According to a recent Mondaq article titled […]
A dynasty trust allows for generational wealth transfer. There are a variety of ways one can pass assets to their heirs. These include last wills and testaments, beneficiary designations, and trusts. Within the trust category alone, there are several subtypes. According to a recent Kiplinger article titled “A Smart Option for Transferring Wealth Through Generations: […]
A testamentary trust can be beneficial for families with minor children. A last will and testament is used to distribute assets to heirs when you die. This can be a straightforward process for adult heirs. When minor children inherit, the distribution of assets can become a bit more complicated. According to a recent wtop news […]
Successful estate planning does not just happen. The past year has been one filled with much loss. People have been let go from jobs. In fact, jobs have disappeared. The robust economy under President Trump has been crashed. Loved ones have died. According to a recent Accounting Web article titled “A Simple Guide to Estate […]
Gifting is a popular estate planning and wealth transfer tool. You are considering giving money to charities or family members as part of your estate planning strategy. Perhaps you are what is now considered "wealthy" and desire to use the gift tax exemption to decrease your taxable estate. Maybe you may simply enjoy supporting a […]
A trust can serve several purposes in estate planning. When it comes to estate planning, trusts are versatile tools. Although many people consider trusts to be of value only to millionaires and billionaires, this is not accurate. Rather, the average American may find that a trust would best meet their estate planning goals for their […]
After creating a trust it is important to "fund" the trust. Your circumstances and goals necessitated a trust as part of your estate plan. The instructions outlined in the trust provide an equal division of the assets among your children. You find this fair and fitting. According to a recent nwi.com article titled “Estate Planning: […]
Trusts can solve a number of estate planning problems. Many people think of the ultra wealthy when they envision the use of trusts in estate planning. They imagine “trust fund babies” driving foreign cars, having parties on yachts, and never working a day in their lives. According to a recent Market Watch article titled “3 […]
Commercial solicitations are permitted by the Missouri Rules of Professional Conduct but are neither submitted to nor approved by the Missouri Bar or the Supreme Court of Missouri.
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.
REMEMBER: “The choice of a lawyer is an important decision and should not be based solely upon advertisements.” This statement is required by rule of the Supreme Court of Missouri.
