As Benjamin Franklin famously quipped, the only two certainties in life are death and taxes. In recent years, the federal estate tax exemption has been adjusted annually for inflation. It was not always so. According to a recents Yahoo Sports article titled “Estate Tax Exemption Amount Goes Up for 2021,” when you die your estate […]
Gifting can get you in trouble without proper planning. The week of Thanksgiving marked the start of the holiday season. Advent services began yesterday (Sunday) at my church. Although Christmas traditions will look different, gifting will likely remain. According to a recent Kiplinger article titled “Gifting sounds pretty simple, but there are many ways to […]
Joint accounts can prove helpful or problematic. Estate planning can feel daunting. If you are a private person, the public nature of probate may be particularly unappealing. Even if you have a last will and testament, not all assets should necessarily pass through your last will and testament. Some assets will be distributed to heirs […]
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 […]
A trust does little good without trust funding. You secured the services of an experienced estate planning attorney to create a trust. Perhaps you wanted a trust for privacy purposes. Maybe you needed to protect an inheritance for or from your heirs (or perhaps both!). Perhaps avoiding probate was a priority. According to a recent […]
Knowing estate planning terms is a helpful start to preparing for your future. You are many things. You are talented. You are kind. You are a hard worker. Even so, you are not an estate planning attorney. Although you have heard you need an estate plan, you are not exactly sure what this means. According […]
Special needs planning goes beyond basic estate planning. You have a loved one with special needs. As you consider taking the steps to create an estate plan, you want to be sure to include this loved one. Any experienced estate planning attorney will tell you special needs planning requires additional considerations beyond a basic estate […]
A mortgage does not disappear when the home owner dies. You recently inherited from the estate of your parents. This inheritance included the family home. Although inheriting a residence can be beneficial, it can also bring challenges. According to a recent Bankrate article titled “Does the home you inherited include a mortgage?,” the situation can […]
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 […]
The pandemic has reminded people of limits to their control. At the start of 2020, you likely had many plans. Perhaps you (or a loved one) were going to get married surrounded by friends and family. Maybe you were going to watch your child walk across the stage at graduation. Perhaps you had a large […]
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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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