A step-up in basis can reduce capital gains tax liability on assets. Some assets can appreciate in value or lose value while owned. Examples include stocks and real estate. According to a recent Forbes article titled “What Is Step-Up In Basis?,” capital gains taxes are levied on the sale of assets when the value or “cost […]
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 […]
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,” […]
How you divide your estate plan impacts your loved ones. Parents who want to leave their assets to the next generation will have more decisions to make if they have more than one child. If you have one child, he or she can be a solo heir without triggering jealously. On the other hand, under […]
Easy is not always better, especially when it comes to estate planning. Life is full of choices. Many factors guide the decisions we make moment by moment when presented with options. The simplest choice is often appealing. According to a recent Florida Today article titled “Estate planning: When you take the lazy way out, someone […]
Married Americans may be able to use a SLAT in their estate planning. Estate taxes allow the government to take a portion of what people own when they die. Some people will only be impacted by this at the federal level. Others will owe money to both federal and state governments, if the latter imposes […]
Mistakes are part of life, but estate planning mistakes can hurt those you love unnecessarily. Especially given the heightened concerns surrounding the "pandemic," many people are seriously considering their estate planning (or lack thereof). Before you take up your own estate planning, it may be prudent to pause and consider best practices and even learn […]
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.
