A pot trust can provide flexibility in estate planning. You know you need an estate plan. The problem you face is knowing what you should include in your estate plan. Should you use a will-based plan or a revocable living trust-based plan? According to a recent Wealth Advisor article titled “How Does a Pot Trust […]
Life insurance can be useful in a variety of circumstances. Many people purchase life insurance policies when they have young families. They want to provide income for their spouse and children if they were to die. After all, life insurance is the only financial product that can create an "instant estate" before you have time […]
It may be necessary to protect inheritances from in-laws and addictions. It is not uncommon for adult children to make poor decisions. Sometimes this means they will choose undesirable spouses. For others, it may involve the development of a substance or behavior addiction. Whatever the issue, an outright inheritance may be unwise. After all, you […]
It is important to update an older estate plan. Things tend to get worse when no one tends to them. Gardens become overgrown with weeds. Buildings fall into disrepair. Muscles atrophy. After all, the Second Law of Thermodynamics seems to apply to all of life. According to a recent NASDAQ.com article titled “Is Your Estate […]
Estate planning mistakes are more common than they should be. Simply creating an estate plan may not be enough. If you take the advice of someone other than an experienced estate planning attorney from your state of residence, you could get yourself into trouble. In fact, you could endanger everyone you love and everything you […]
An inherited IRA requires special attention. Your parents or your spouse were hard workers. They were also good savers. During their careers, they allocated money each year to their retirement savings. Upon their deaths, you inherited the IRA. According to a a recent Kiplinger article titled “I Inherited an IRA. Now What?,” your relationship to […]
A prenup can protect you when you remarry. A prenuptial agreement goes by several names. It is often called an antenuptial agreement, a premarital agreement, prenuptial contract, or simply a prenup. When you hear the word “prenup,” do you automatically think of the rich and famous? While there is certainly wisdom for those with large […]
Retirees may still benefit from life insurance. You have been in the workforce for decades and are now either in or nearing retirement. Your financial advisor and estate planning attorney recommended life insurance when you were younger. This made sense to you because you wanted to provide income (and "instant estate") for your spouse and […]
Downsizing does not need to be complicated. You have recently considered downsizing your home. Your children are no longer living with you. The house feels large and empty. Perhaps you are also tired of the amount of time, energy, and money spent on upkeep. While you could keep your home to transfer to your children, […]
Having health care directives are important for incapacity planning. People often think they are invincible. Illnesses and injuries happen to other people. They will never happen to us or our loved ones. According to a recent The Times-Tribune article titled “Health care directive beneficial for anyone,” these beliefs can have big consequence for you and […]
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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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