Trustee fees are paid to the individual or company managing a trust. You have created a revocable living trust. Because of your goals, this is the best way to manage your assets should you become incapacitated and distribute them to your loved ones when you die. With any trust, a trustee is required. While you […]
A letter of instruction allows you to provide helpful information to those handling your estate. You have your estate plan in place. The documents created by your estate planning attorney provide the courts or trustees with the essential instructions for the administration and distribution of your assets. Even so, you have thought of additional information […]
Disclaiming assets will change how an inheritance is distributed. Let us imagine a situation where a loved one recently died. This individual left an IRA or other asset to you as an inheritance. Due to personal or financial reasons, however, you choose to not accept part or all of this inheritance. According to a recent […]
Your ex-spouse could inherit your estate without proper planning. You are divorced. This means you have an ex-spouse. Divorce proceedings and laws governing divorce can feel complicated and overwhelming. After the divorce is official, you likely do not want to thing about it ever again. According to recent Nj.com article titled “My brother died of COVID-19. […]
Asset distribution can be a mess without proper estate planning. Do you own a car, home, bank account, or other property? If the answer is “yes,” you have assets and you have an estate. When you die, these assets will need to make their way to a new owner. According to a recent LimaOhio.com article […]
Each life stage has unique estate planning needs. Are you young and single? Perhaps you were at one point but are now married with young children. In each stage of life, you are still you. Although this is true, your goals and your circumstances change drastically. According to a recent The News-Enterprise article titled “Life […]
Estate planning requires proactive steps. Perhaps you have never made an estate plan. Maybe you recently moved to another state, making the legality of your previous plan uncertain. Whatever the reason, you are searching for an estate planning attorney to begin the process. According to a recent EconoTimes article titled “Top 3 Estate Planning Tips […]
There are different types of powers of attorney. You never know if illness or accident will incapacitate you. This simple fact has never felt more personal than it does during a global pandemic. Preparing for incapacity requires power of attorney planning. According to a recent FedWeek article titled “The Options in Granting Powers of Attorney,” […]
Specific planning is required to pass your house without taxes. You are a homeowner. This is one asset you plan to pass along to your heirs. You know the current estate tax exemption threshold is $11.58 million for a single individual in 2020. Your estate will be taxed on any amount above this threshold. If […]
Gifting can help you minimize the value of your estate. The federal estate tax exclusion amount is $11.58 million in 2020. This is an appealing number for those with large estates. Gifts in excess of this exclusion amount will taxed at 40 percent. This tax will be owed by April 15 of the following year. […]
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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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