Updating a last will and testament or a trust may be necessary one or more times after the initial creation of the estate plan. Many ask, "Why should I update my will or trust?" Chances are you are used to the concept of routine maintenance. Hair and nails need to be cut and trimmed. If […]
It is possible to reduce funeral expenses. Not everyone plans ahead for their own burials. When they do, these people are often surprised by the cost of funerals. If they do not plan ahead, their loved ones can be left with sticker shock and a hefty bill. According to a recent Kiplinger article titled “Six Ways […]
An inheritance can be tricky to navigate, depending on the asset. Some people are chosen to receive an inheritance. Their loved ones created an estate plan and made a point to include them. Others inherit by default because a relative died intestate. According to a recent CNBC article titled “Receiving an inheritance? Here’s how experts say […]
Disinheriting a family member is the choice of the person who creates the estate plan. People are responsible for their own money. They can choose to spend it all before they die, donate it to charity, or leave some, all, or none of it to loved ones. Essentially, an inheritance is a gift, not a […]
Mick Jagger may have estate planning on his mind. Musicians are not generally known for their estate planning successes. In recent years, artists like Prince and Aretha Franklin have made headlines for leaving a mess for probate courts and loved ones to manage. Prince had no estate plan in place, while Franklin left loved ones […]
Trust funds and wills are both estate planning documents. The average person has likely heard of last wills and trust funds. Last wills receive attention as plot devices in books, television shows, and films. Trust funds are often mentioned when people discuss families with generational wealth, like the Rockefeller family. While these contexts can provide […]
Power of attorney documents are necessary for incapacity planning. Although a trust is functional while the trustmaker is still alive, a last will and testament is only effective after death. Assets titled to a revocable living trust could be managed seamlessly by co-trustees or successor trustees if the trustmaker becomes incapacitated. Still, any property outside […]
An inheritance should be used wisely. Money earned just spends differently than gifted money. Paychecks are readily used for supporting charitable causes, paying bills, reducing debt, and preparing for retirement. Gifted money is often allocated to impulse spending, vacations, or big-ticket items. According to a recent Go Banking Rates article titled “Suze Orman: 3 Things You […]
Taxes should be considered when making wealth transfers. Nobody knows the number of their days. Although people can die at any time from illness, injury, or accident, older individuals are at greater risk as a result of declining health associated with aging. Seniors cannot afford to neglect incapacity and estate planning. According to a recent […]
Estate planning includes a primary document. Comprehensive estate planning typically does not involve one document. Instead, several components work together to provide instructions for your affairs after incapacity or death. Like any good team, estate plans have a document that directs how the plan should work together. According to a recent The News-Enterprise article titled “Make […]
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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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