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Estate Plan

Why Should I Create an Estate Plan in 2024?

POSTED ON: January 19, 2024 BY: Kyle Krull
Having an estate plan should be a priority in 2024. At the start of a new year, many people reflect on the past and set goals for the next twelve months. For many, this involves dusting off the old dumbbells to "get fit." Others may elect to "shop the perimeter" of the grocery store to […]
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Pour-over will

When Should I Have a Pour-Over Will?

POSTED ON: October 9, 2023 BY: Kyle Krull
A pour-over will can help tie up loose ends. Revocable Living Trust-based plans work as intended when the trust is funded. Some assets are placed in the trust while the trustmaker of the trust is alive. Other assets are intentionally left out or simply forgotten - more commonly, the latter. According to a recent Coeur […]
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Wills or Trusts

Are Trusts Superior to Wills?

POSTED ON: October 3, 2023 BY: Kyle Krull
Wills and trusts are both useful estate planning tools. The debate over whether wills or trusts are better in estate planning has been argued by many for decades. The nature of this argument may be likened to whether a screwdriver or wrench is a better tool. It depends on what you need for the specific […]
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Tori Spelling

Was Tori Spelling Left Without an Inheritance?

POSTED ON: September 21, 2023 BY: Kyle Krull
Tori Spelling may not have liked how her father structured his estate. Fame and fortune do not buy happiness. Numerous celebrities have had tumultuous relationships with spouses, parents, and other family members. These tensions can be highlighted through estate planning and reactions to the plans. According to a recent Page Six article titled “Tori Spelling’s […]
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Contingent beneficiaries

Is Naming Contingent Beneficiaries Straightforward?

POSTED ON: September 21, 2023 BY: Kyle Krull
Naming contingent beneficiaries is a key step in estate planning. In athletic competition, it is not enough to have one star player. Illness or injury could quickly sideline this exceptional athlete. Instead, it is essential to have a deep bench so your team can handle such unfortunate situations. According to a recent The Mercury article titled “PLANNING […]
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Types of trusts

What Are Different Types of Trusts?

POSTED ON: September 19, 2023 BY: Kyle Krull
The types of trusts people use depend on their goals. Estate planning can have various components depending on individual specific needs and goals. Smaller estates with responsible heirs may find arranging for direct non-probate transfers of their assets sufficient, with a last will and testament as a backup. Larger estates or those with more financial […]
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Asset transfer mistakes

What Mistakes are Common in Asset Transfer?

POSTED ON: August 23, 2023 BY: Kyle Krull
Asset transfer mistakes can be easy to make without professional estate planning. Handoffs are not always easy. Whether it involves transferring the baton in a relay race, a handoff from center to quarterback, or passing the ball to a teammate in soccer, precision is key. A simple miscalculation can lead to failure. According to a […]
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Trusts

How Different are Wills and Trusts?

POSTED ON: July 25, 2023 BY: Kyle Krull
Distinct differences exist between wills and trusts. Estate planning typically involves creating a will-based or a revocable living trust-based plan. Both have been used for generations to transfer assets to loved ones successfully. While most people have likely heard both terms, they still may be confused about the differences between wills and trusts. According to […]
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Estate tax

Can I Reduce My Estate Tax Liability?

POSTED ON: June 12, 2023 BY: Kyle Krull
The lifetime estate tax exemption is set to decrease in 2026. Unless you are a tax accountant, taxes likely confuse and intimate you. Both state and federal lawmakers pass legislation governing what citizens owe the government and for what reasons. These taxes are consistently changing and can be difficult to follow. According to a recent […]
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Estate taxes

How Much Might I Owe in Estate Taxes?

POSTED ON: June 8, 2023 BY: Kyle Krull
Estate taxes and inheritance taxes can reduce the wealth left to loved ones. The U.S. government is quite capable of spending money. Understatement? Even money it does not have. And from where does that money originate? Citizens are taxed. A variety of taxes exist at the local, state, and federal levels. People are taxed on […]
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