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 […]
Transfer on Death accounts can be used wisely or poorly. When it comes to passing inheritances to heirs, there are a variety of options. Most commonly, people think of using a last will and testament or a revocable living trust (RLT). Fewer people initially think of transfer on death (TOD) designations, or payable on death […]
Estate planning is fraught with myths. What people believe influences what they do. For example, children who think monsters are under their beds tend to avoid their rooms at night. When doctors believe their patients have specific ailments, they order certain tests. If people believe integrity is important, they will not speed on a road […]
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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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