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. […]
A fiduciary duty requires one to prioritize the needs of another. You have heard the term “fiduciary duty.” Perhaps you heard it in conjunction with your investments or your estate plan. The problem? You do not know what it means. According to a recent Forbes article titled “What Is Fiduciary Duty?,” you are not alone. […]
Serving as an executor requires both time and energy. You have been asked to serve as an executor (also known by the gender neutral title of "personal representative"). You are flattered. Being asked to serve as an executor for an estate is an honor. Although you feel honored, you want to understand the role before […]
Dying intestate is not ideal for distributing your inheritance. You have heard you need an estate plan. The problem is you do not want to pay for a last will and testament. I get that. Is it really bad to die intestate? According to a recent The Sun article titled “Do I Really Need A Will?,” […]
Do not risk your farm or ranch with poor estate planning. You are a farmer or a rancher. You carry on the rich legacy of many in Kansas. The work you do on your farm or ranch provides food for people across the nation. According to a recent High Plains Journal article titled “Don’t wait […]
Managing an inheritance can be intimidating and challenging. Receiving an inheritance can be a significant financial blessing. Unfortunately, it comes with great personal loss. In the midst of grieving a loved one, it is difficult to make sound decisions. According to a recent Motley Fool article titled “5 Considerations for Managing an Inheritance,” making financial decisions […]
Estate planning during a pandemic should be prioritized. The pandemic has changed much about how we approach daily life. People are sanitizing frequently. Friends are appreciating the value of in-person interactions. Parents are simultaneously enjoying time with their children and feeling overwhelmed with managing work and the learning environment for their children. According to a […]
Today we celebrate the American national holiday known as Labor Day. If you are curious to know more about its origins, read all about it on the official U.S. Department of Labor website. The celebration of labor and enjoying the fruits thereof is nothing new. In fact, as King Solomon repeatedly observed millennia ago, "there […]
Trusts can be created to serve specific purposes. When it comes to estate planning, people usually have either a will-based plan or a trust-based plan. Those with a will-based plan intend to distribute assets through the probate court. Those with a trust-based plan intend to skirt probate and distribute assets through the instructions provided in […]
Green burials seem to be growing in popularity. When you think of funerals, what comes to mind? Do you imagine a wooden casket and a rectangular hole in the ground? Perhaps you envision a urn filled with ashes. Maybe your mind recalls marbel mausoleums. According to a recent Considerable article titled “More Americans are skipping traditional […]
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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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