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 […]
Inherited IRAs are subject to numerous rules. Individual Retirement Accounts (IRAs) are foundational financial tools for retirement planning. They allow you to set aside and invest pre-tax money that grows tax-deferred so you can have an income stream after you have retired from employment. In addition, at one time, retirement accounts were wonderful tools for […]
Gifts can be a helpful way of reducing estate tax liability. Estate taxes can cost certain estates significantly. Because taxes can reduce inheritances to heirs, it is not surprising when people try to plan strategically to reduce these costs. Sometimes these give rise to cases and questions in Tax Court. Rut row. According to a […]
Portability election rules have been changed. For the better. Taxes are a common consideration in estate planning. The state and federal governments have several means of taxing assets left behind after a person dies. These can include inheritance taxes at the state level and gift and estate taxes at the state and federal levels. People […]
When you lose your mate, you lose so much—your best friend, your equilibrium and your future together. Just when you’re at your lowest, it hits you: You could lose a lot of money, too.
Certain wealth transfer could require the filing of a gift tax return. Some people really like giving gifts and do so any chance they get. That is their love language. Others struggle to give presents for one reason or another, even on special occasions like birthdays and holidays. Wherever you naturally fall when it comes […]
The generous Trump era estate and gift tax exemptions are in countdown mode. According to an article in The Wall Street Journal titled “Estate and Gift Taxes 2021—2022: What’s New This Year and What You Need to Know,” these important exemptions are set to lapse in 2025. Does time seem to be flying for you, […]
Investing in cryptocurrency can have financial and estate planning impacts. Making investments is a risky business by definition. Even so, stocks and bonds and other investments are a common and necessary practice for outpacing inflation and for preparing for retirement. With the introduction of cryptocurrency, the landscape of investing looks a little different now. According […]
The transfer tax looks a little different in 2022. Taxes are not constant. Sometimes the laws are updated by both the state and the federal taxing authorities. Other times, the thresholds and amounts are influenced by inflation. According to a recent Forbes article titled “2022 Transfer Tax Update,” both may apply to the transfer tax […]
The Prince estate may finally be finding resolution. The death of a celebrity often brings with it a sense of shock. Few people watch a movie or listen to a song and think about how the artists will eventually die. Although some celebrities live long lives, others die suddenly and tragically. This was the case […]
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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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