Guidelines for RMDs look a little different in 2023. People save for retirement so they will have money to pay for things from bills to entertainment when they no longer work. Saving through a Roth IRA means the account is funded through after-tax dollars. With traditional IRAs and 401(k)s, pre-taxed money is added and grows […]
An inherited IRA can carry significant taxes and fees. Gone are the days of the stretch IRA. The ability of families to pass their retirement accounts through generations was a beneficial tool for many. With the passing of the SECURE Act, an inherited IRA has a limited shelf life. According to a recent Aol.com article […]
RMDs are governed by the IRS. The process of levying and collecting taxes involves many people. The IRS is tasked with overseeing the proper payment of these taxes. According to a recent AARP article titled “How an IRS Rule Update Impacts Required Minimum Distributions,” the IRS also adjusts formulas used for required minimum distributions (RMDs) […]
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 […]
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 […]
Tax exemptions may be changing with new legislation. Although the actions and decisions of people impact other people, most choices have a minimal reach. This is not the case when it comes to state and federal lawmakers. The choices made by those in power affect Americans for generations. According to a recent Mondaq article titled […]
An inherited IRA is more complicated for heirs who are not a surviving spouse. An IRA is an important source of income in retirement. For this reason, they are often significant assets in estate planning. With the recent passage of the SECURE Act, how IRAs are passed to heirs has become more complicated. No surprise […]
Planning for retirement typically follows a basic timeline. If you are working, you should already begin planning for retirement. Eventually, you will no longer be employed. Spoiler alert .... When you retire, you will still need to pay bills and fund your lifestyle. According to a recent U.S. News & World Report article titled “10 […]
Surviving spouses are often left to navigate financial issues. Your spouse recently died. Your world has changed because that relationship cannot be replicated. Although it pales in comparison to the loss of your best friend, you also may have financial security. According to a recent Yahoo! Finance article “The Financial Effects of Losing a Spouse,” […]
Your estate planning decisions have tax implications. When you think of estate planning, you probably think of who you want to inherit your assets. Perhaps you also consider who would rear your minor children if they were orphaned. What many people do not consider are the tax implications of their planning decisions. According to a […]
Commercial solicitations are permitted by the Missouri Rules of Professional Conduct but are neither submitted to nor approved by the Missouri Bar or the Supreme Court of Missouri.
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.
REMEMBER: “The choice of a lawyer is an important decision and should not be based solely upon advertisements.” This statement is required by rule of the Supreme Court of Missouri.
