All adult Americans need an estate plan. Age 18 is an important year. In many states, this is the age when you can first vote, join the military, and be recognized as an independent adult. Although being an adult in the legal sense comes with many benefits, you also have greater responsibilities after hitting this […]
Leaving an equal inheritance is not always fair. And, leaving a fair inheritance is not always equal. It can be complicated, yes? You have several children. As you plan for your asset distribution, you consider giving equal amounts to each. This seems fair at first glance. According to a recent The New York Times article […]
Making a trust an IRA beneficiary can be complicated. You have a traditional IRA as part of your retirement planning. This tool serves you well and is straightforward in providing retirement income. Even so, an IRA can complicate matters in estate planning. According to a recent Wealth Advisor article titled “Should A Living Trust Be […]
A Charitable Remainder Trust can be a tax-efficient means of passing on your IRA when you die. You have been saving for retirement for most, if not all, of your working years. Each year you have set aside a portion of your paycheck into a company-sponsored retirement plan or a traditional Individual Retirement Account (IRA). […]
People should undertake a beneficiary review every few years. You have several types of assets. You own a home. You have retirement accounts and bank accounts. You even purchased a life insurance policy. According to a recent The Street article titled “Secure your IRA – Review Your Beneficiary Forms Now,” some of these assets should […]
It can be easy to overlook opportunities for tax breaks. You are recently retired. During your working years, you understood where you could save money on taxes. Since you stopped working full time, your tax situation has changed. You believe your deduction days are a thing of the past. Not necessarily. According to a recent […]
People of all ages have retirement questions. At least they should. Regardless, most people think about retirement at some point throughout their careers. Some envision a life outside of the office. They imagine traveling, devoting time to hobbies, and visiting grandchildren. Others primarily consider the financial implications of retirement. According to a recent Kiplinger article […]
An unfunded trust will undermine your estate planning. Your estate planning goals included avoiding probate. You also desired to simplify asset management should you become incapacitated. Consequently, your experienced estate planning attorney recommended a revocable living trust. You agreed and happily signed the papers for the creation of your living trust. According to a recent […]
Change of beneficiary forms are useful when updating an estate plan. You know who you want to inherit your assets. But they are not the same folks as from a few years ago. Your circumstances have changed. I get that. So, you updated your last will or your revocable living trust. Excellent. However, according to […]
Stretching an IRA is challenging but not impossible. Not too long ago, your estate plan likely included a Stretch IRA. This allowed your retirement funds to last for the lifetime of your non-spousal heirs (typically your children). With the SECURE Act, this option is no longer on the table for wealth transfer. According to a […]
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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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