It is easy for single seniors to feel completely alone. Although people benefit from some “alone time,” they also benefit from time with others. Social support enriches life and can provide greater security. The Bible even acknowledges the vulnerability of widows and orphans. According to a recent Forbes article titled “Essentials for the Solo Ager,” single seniors […]
Divorcing your spouse should trigger estate planning changes. People do not enter marriage intending to divorce. Instead, they plan as if they will live a lifetime together. These often include joining finances and retitling property. According to a recent Yahoo News article titled “I'm Divorcing. Will That Impact My Estate Planning?,” this means many steps need to […]
The probate court oversees the settlement of estates. Although probate often has a bad reputation, it is not the devil incarnate. In fact, the probate process provides an organized legal way to transfer asset title when the decedent owner of a given asset did not make arrangements for the asset to avoid probate. So, what […]
Poor estate planning can have unintended consequences. “The road to hell is paved with good intentions.” Although the author of this quote is unknown, the words ring true in a number of circumstances. Estate planning is one. According to a recent The News-Enterprise article titled “Advice for avoiding unintended issues in estate planning,” most people do not […]
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 […]
A life tenant can reside in the life estate. Certain property ownership is transferred through a deed. Because property like cars and homes are significant assets, the timing and type of deed can be an important aspect of estate planning. One option people have for transferring their property is through a life estate. According to […]
Women often have different needs than men. At the most basic level, their very biology and physiology are different. Women and men are not the same. It is part of God's grand design for human beings. Women and men often have personal, cultural, and social differences. For example, women often feel they need greater vigilance […]
Guidance in an estate plan does not have to be legally binding. So sometimes, being imprecise is not a big deal. For example, recipes often say “salt and pepper to taste,” giving the cook room for personal preference. Other times, it can lead to incorrect results, like adding too much baking soda or baking powder […]
Single parents cannot afford to neglect estate planning. Parenting is a significant responsibility. For single parents, the roles of provider, mentor, teacher, and protector rest solely on their shoulders. Although losing any parent is tragic to children, the death of a single parent often leaves them orphaned. According to a recent The Orange County Register […]
Inheritance taxes and estate taxes are not paid by the same people. This week likely is one of your favorites, yes? No? Tax week. Specifically, Tax Day for 2022 returns is tomorrow, Tuesday, April 18. Some taxpayers will be receiving tax refunds while others will owe money to the government. According to a recent The Alliance […]
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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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