Your residence will influence whether you owe an estate tax, an inheritance tax, or both. Taxes are a part of life and even a part of death. Just ask Benjamin Franklin. Although you cannot legally avoid payment of all taxes, choices you make can either increase or decrease the amount you owe. One important factor […]
Keeping your estate plan tidy will benefit your family. Most people do not enjoy cleaning their home. Despite this fact, it is less work to keep things tidy than to deep clean after an extended period of neglect. The same could be said of estate planning. According to a recent Chicago Business Journal article titled […]
Navigating how to pay for long-term care is important financial planning. If you search our blog posts over the years (more than 3,000 of them), then you will find that I cover the subject of long-term care. A lot. Life tends to have a distinct arc. Babies come into the world completely dependent on others. […]
It is quite easy to mess up an estate plan. People often feel overly confident about their abilities. They watch a baking show on television and think they create equally delicious treats, especially if they adopt a British accent while baking. Others think they can write a book simply because they can appreciate a good […]
Estate plans need to be updated after a divorce. Rarely do you hear of people getting married with the expectation of divorce in their future. In general, couples enter marriage believing they will be together forever. They build their lives anticipating long-term goals. Many couples include estate planning in these long-term plans. According to a […]
Failing to designate a beneficiary on your accounts can cause problems for your estate. Assets come in all shapes and sizes. While some assets like a house take up significant physical space, others are held in accounts. Whether these accounts are bank accounts, retirement accounts, or investment accounts; it is likely each of these has […]
One can pass wealth to heirs using a variety of options. Whether you have been working for decades or years, you likely have accumulated assets. While you are alive, you use these to keep you fed, clothed, sheltered, and safe. After you have died, these assets no longer benefit you. According to a recent AARP […]
Conversations with aging parents about their finances can benefit their estate planning. Young children often know little about their parents. This is partly because children are interested in few things but themselves. It also can stem from a family rule about certain topics being off limits. Finances is often one such topic. According to a […]
Life insurance can be useful in a variety of circumstances. Many people purchase life insurance policies when they have young families. They want to provide income for their spouse and children if they were to die. After all, life insurance is the only financial product that can create an "instant estate" before you have time […]
Retirees may still benefit from life insurance. You have been in the workforce for decades and are now either in or nearing retirement. Your financial advisor and estate planning attorney recommended life insurance when you were younger. This made sense to you because you wanted to provide income (and "instant estate") for your spouse and […]
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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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