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 […]
Rapper Coolio died without an estate plan. Many celebrities die without preparing for the transfer of their wealth. When this happens, it can leave their estates vulnerable to taxes and even greedy folks wanting to cash in on their wealth. One recent celebrity who died without an estate plan was Artis Leon Ivey, Jr. who […]
Sometimes sibling rivalries extend to their inheritance. Siblings do not always get along. It is normal to bicker and argue while growing up. Most parents hope their children will grow out of such childish behavior and do their best to facilitate love and cooperation. According to a recent yahoo! article titled “Can a Sibling Take […]
Yes! A last will and testament and a revocable living trust are both effective estate planning tools. Estate planning does not look the same for everybody. The lives of singles look vastly different than those of married couples. It only makes sense their estate plans would also look different. According to a recent The News-Enterprise […]
Estate planning has many purposes. Few people believe they have an estate. This would be true if they define an estate as having a mansion with land and servants. Think Downton Abbey. With this definition, very few would qualify. When it comes to estate planning, there is far broader definition of an estate. According to […]
A revocable inheritance trust is useful in the event of divorce. Although people do not enter marriage hoping for or expecting a divorce, separations and divorces are nevertheless fairly common. Going through a divorce takes emotional, physical, and mental energy. <Understatement?> It also can be quite expensive in terms of legal fees and divorce agreements. […]
Taxes can be steep for those who inherit. At the current exemption threshold, few people will be impacted by the federal estate tax. Although more Americans would be subject to the federal estate tax with the proposed $6 million exemption, many people will still escape an estate tax. Those who live in states with their […]
A revocable living trust can protect assets for you and your loved ones. Selecting the right tool for a task is critical. Although one could eat chili with a fork, a spoon is superior. Both deliver food to the mouth, but one would be more efficient given the circumstances. Similarly, estate planning documents should be […]
Keeping the family farm requires estate planning. Farmers are known for their hard work, patience, and perseverance. Similar to estate planning, crops only thrive when their specific needs are taken into account. Despite this parallel, about 60 percent of farmers do not have a last will and testament. According to a recent Farm Journal’s Pork […]
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 […]
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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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