Making withdrawals from retirement accounts comes with consequences. COVID-19 has triggered an economic downturn. As stock values have dropped, people have lost chunks of their nest eggs. Depending on their careers, their earned income may have fallen or disappeared. Making withdrawals from 401(k)s or IRAs may seem like the best option. According to a recent […]
Estate administration takes both time and energy. You have assets. This means you have an estate. When you die, someone will need to wrap up your final affairs. According to a recent Winston-Salem Journal article titled “Practical tips for estate administration, pre-planning advice, and a Coronavirus update,” the executor is in charge of paying any […]
Consider carefully when you transfer ownership of your home. You are a homeowner. This house is likely one of your largest assets. For this reason, it is a significant portion of your estate. According to a recent MarketWatch article titled “Why you shouldn’t give your house to your adult children,” this means you should be […]
You can continue your charitable giving after your death. No, really. Philanthropy has been an important part of your life. You parents taught you to give back to your community. You want to leave a legacy and continue to help others after you have died. According to a recent West Virginia’s News article titled “Estate […]
Beneficiary designations must be "aligned" properly for an effective estate plan. Estate planning seems simple. You get a last will and testament. You sign it. Everything is set. Right? According to a recent Kiplinger article titled “Beneficiary Designations – The Overlooked Minefield of Estate Planning,” you may have overlooked a very significant aspect of estate […]
Farmers requires thorough estate planning. You are a farmer. The work is in your blood. The land is in your family. You want to keep it this way for generations to come. According to a recent The Bangor Daily News article titled “How farmers can start an estate plan,” you risk loosing everything without an […]
Long-term care costs may rise as a result of COVID-19. The majority of seniors will require long-term care as they age. Once you reach age 65, you have a 70 percent chance of needing some form of long-term care sometime thereafter. The cost of long-term care has been high historically. According to a recent Motley […]
Retirement misconceptions can lead to poor planning strategies. Retirement is a significant milestone for many Americans. Many create plans for what they will do when they no longer punch the clock. Whatever these plans may be, they require money to happen. You need to start saving financially and investing in your future. According to a […]
The family vacation home holds memories and estate planning challenges. Summertime is coming. Perhaps your travel plans have been adjusted in response to COVID-19. You will be unable to visit Europe or Disney World. You can still travel to your family vacation home. The memories you make there can be passed down, perhaps through the […]
Adding a child to the family requires new estate planning. Are you pregnant? Did you recently give birth to a child? Are you in the process of adopting? If the answer is yes, let me first congratulate you. This is an exciting time for your family as it grows. You are likely debating the name, […]
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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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