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 […]
Every adult can benefit from an estate plan. People are adept at making excuses to avoid certain tasks. Sometimes these are inconsequential. Other times they can be detrimental. According to a recent Florida Today article titled “No matter your age, income or crushing debt, you should have an estate plan,” the reasons people give for […]
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 […]
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 […]
One can catch up on retirement savings through intentionality with finances. You have been working for decades. In fact, you are now closer to retirement than the day you began your career. Unfortunately, you did not start saving enough or early enough for retirement. This leaves you with quite a bit of ground to cover […]
Following these five tips could help you pass your assets to your family. You have worked hard your whole adult life. When it came to managing your finances, you saved for retirement, made wise investments, and did not spend beyond your means. You are now considering estate planning. You want to pass your assets to […]
IRA withdrawals can trigger penalties. You have an IRA. Perhaps you have more than one. You have signifiant assets tied up in these accounts. Can you access and use this money? According to a recent Investopedia article titled “9 Penalty-Free IRA Withdrawals,” the answer is not so simple. How so? Making IRA withdrawals make bring […]
Understanding required minimum distributions can help you avoid expensive mistakes with your retirement funds. There is a lot to think about in retirement. When you no longer work and have a paycheck, the money in the nest egg is your money. How you manage this money is important. No, it is essential. According to a […]
Rolling traditional IRAs to Roth IRAs may not be the best move. Roth IRAs provide many benefits. Because the money contributed has been taxed, it can grow tax free. When you take out money as income in retirement, you will not have to pay taxes on the contribution or the growth. Although these are appealing […]
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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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