Marital trusts protect couples and their families. Family gatherings are common during the holidays. For some, these are fairly simple logistically and emotionally. Loved ones live nearby and get along reasonably well. For many, the time is filled with stress around scheduling and relationship dynamics. It can be hard enough to manage holidays between the […]
Inherited IRAs are subject to numerous rules. Individual Retirement Accounts (IRAs) are foundational financial tools for retirement planning. They allow you to set aside and invest pre-tax money that grows tax-deferred so you can have an income stream after you have retired from employment. In addition, at one time, retirement accounts were wonderful tools for […]
Some pension options are better than others. True, the amount of money a person makes is important. However, it is also important how this money is handled. Depending on your choices, you may either increase or decrease the funds available. According to a recent Kiplinger article titled “Pension Lump Sum Option vs. Annuity Payment: Which Is […]
Blended families have more estate planning "moving parts" to consider. Baking is a relatively benign form of chemistry. Ingredients are combined in specific amounts, at specific times, and at specific temperatures based on how they interact. If done well, the result is a tasty treat. If the ingredients were bad or the measurements were incorrect, […]
Portability can be helpful for large estate. Most people would rank taxes as one of their least favorite things. Be honest now. That includes you, too. Exceptions include the IRS, state and federal governments, and many tax accountants. The government levees a variety of taxes including income taxes, property taxes, capital gains taxes, and death […]
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 […]
Inherited IRA rules can complicate estate planning. Although some jobs still have pensions, this is increasingly more uncommon. In place of pensions, most people now have "defined-contribution" through individual IRAs or employer- sponsored retirement plans (think 401(k) or profit-sharing) plans. Several rules govern how these are taxed and what needs to be withdrawn during retirement. […]
The unexpected death of a spouse is devastating. Many factors in life cannot be controlled. Some of these can lead to untimely deaths. Even those who make healthy decisions can become victims of tragic accidents, sudden illnesses, or unfortunate genetics. According to a recent New Haven Register article titled “Are you prepared if your spouse […]
Portability election rules have been changed. For the better. Taxes are a common consideration in estate planning. The state and federal governments have several means of taxing assets left behind after a person dies. These can include inheritance taxes at the state level and gift and estate taxes at the state and federal levels. People […]
When you lose your mate, you lose so much—your best friend, your equilibrium and your future together. Just when you’re at your lowest, it hits you: You could lose a lot of money, too.
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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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