An inheritance can be tricky to navigate, depending on the asset. Some people are chosen to receive an inheritance. Their loved ones created an estate plan and made a point to include them. Others inherit by default because a relative died intestate. According to a recent CNBC article titled “Receiving an inheritance? Here’s how experts say […]
Taxes should be considered when making wealth transfers. Nobody knows the number of their days. Although people can die at any time from illness, injury, or accident, older individuals are at greater risk as a result of declining health associated with aging. Seniors cannot afford to neglect incapacity and estate planning. According to a recent […]
Inherited IRAs can be complicated for heirs. Some assets are simpler to inherit than others. Not too long ago, IRAs were a flexible and desirable asset for estate planning. This is no longer the case. According to a recent yahoo! finance article titled “What Happens When I inherit an Annuity?,” the SECURE Act is responsible for […]
It is easy to make mistakes with IRA investments. There are often tradeoffs when comparing costs versus benefits. With IKEA furniture, you trade the time and frustration of assembly for the convenience of easily packing the entire piece of furniture into a vehicle. Consequently, it is not uncommon for mistakes to be made along the […]
Making IRA mistakes can be costly. Saving for retirement seems as if it should be pretty straightforward. Many people believe the only thing they need to do is set aside part of their paycheck every month into an IRA. Although you cannot save for retirement without setting aside money, this is only part of successful […]
Guidelines for RMDs look a little different in 2023. People save for retirement so they will have money to pay for things from bills to entertainment when they no longer work. Saving through a Roth IRA means the account is funded through after-tax dollars. With traditional IRAs and 401(k)s, pre-taxed money is added and grows […]
Neither the probate court nor the probate process itself need be frightening. It is normal for people to have fears. Fear can be healthy and protective. It encourages people to be cautious and careful. One common fear is becoming entangled with the probate court and its process. According to a recent Investopedia article titled “What […]
Certain transactions with retirement accounts can trigger penalties. Retirement accounts like IRAs can be wonderful investment tools for your golden years. Depending on the account, they can also provide tax incentives while you are working or while you are retired. Because they are focused on helping you save for retirement and also have tax benefits, […]
Inherited IRA rules can complicate estate planning. Although some jobs still have pensions, this is increasingly more uncommon. In place of pensions, most people now have "defined-contribution" through individual IRAs or employer- sponsored retirement plans (think 401(k) or profit-sharing) plans. Several rules govern how these are taxed and what needs to be withdrawn during retirement. […]
It is important to follow the estate planning fundamentals. Many people believe wealth is the pivotal factor for estate planning. This is inaccurate. Age is actually the determinative factor when it comes to whether a person needs an estate plan. Generally, anyone age 18 or older would benefit from making preparations for incapacity or death. […]
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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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