The timing of Social Security claims has a significant impact on finances. With the rise of inflation and cost of living, each penny counts. This is true whether you are single and starting your career or married with children. Those entering retirement may feel the financial stress acutely as income will not be generated by […]
Placing larger assets in a revocable living trust could simplify distribution. Many people want to simplify their estate planning. Their definition of a simple estate plan will guide what documents are included. If simple means a basic estate plan, the individuals will likely opt for a last will and testament over a trust. If they […]
Having no estate plan is risky for anyone. Stated goals do not always align with what people actually choose to do. Many people make resolutions to improve their health, but fail to follow through on an exercise plan or eating healthy. Health clubs full in January resemble a ghost town by March. Students often want […]
The fate of the Michael Nesmith estate is uncertain at this time. It is an all-to-common story. A celebrity dies and leaves behind either no estate plan or an inadequate estate plan. This results in confusion surrounding the fate of the estate. According to a recent Monterey County Weekly article titled “Michael Nesmith's four children […]
Non-probate assets are commonly overlooked in estate planning. Estate planning involves a lot of unique words like last will and testament, probate, and assets. While these words are uncommon in the daily vocabulary of most individuals, they are important words to understand. A last will is a formal legal document used to guide a probate […]
A revocable inheritance trust is useful in the event of divorce. Although people do not enter marriage hoping for or expecting a divorce, separations and divorces are nevertheless fairly common. Going through a divorce takes emotional, physical, and mental energy. <Understatement?> It also can be quite expensive in terms of legal fees and divorce agreements. […]
Certain items may be appreciated more by others than your heirs. You likely have heard the phrase “one person’s trash is another’s treasure.” This statement is certainly proven true at garage sales and online marketplaces. The alternative is also true. What some people treasure, others finds worthless. According to a recent Next Avenue article titled […]
Farmers should utilize portability in their estate planning. Farming is not an easy profession. Those who care for their land and animals know the will and ability to do this work is in their blood. Many have inherited the drive, perseverance, and diligence from their ancestors. While the character of a farmer may be instilled […]
For most families, the estate planning process is more involved than simply naming beneficiaries. While the primary goal of estate planning is transferring assets in an orderly and tax-efficient manner, it’s just as important to focus on preserving wealth across generations.
Certain wealth transfer could require the filing of a gift tax return. Some people really like giving gifts and do so any chance they get. That is their love language. Others struggle to give presents for one reason or another, even on special occasions like birthdays and holidays. Wherever you naturally fall when it comes […]
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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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