It is helpful to understand how the One Big Beautiful Bill Act (OBBBA) affects wealth transfer, tax planning, and long-term financial goals when determining whether to update an estate plan.
A living trust is not always required to avoid probate, as several other estate planning tools can transfer assets efficiently while simplifying administration for loved ones.
Postmortem tax responsibilities like filing the final tax return can be more complicated than expected, often leading to delays that can stall estate administration and distributions.
A donor-advised fund offers a flexible and tax-efficient way to support charitable causes, while maintaining control over how and when donations are distributed.
Although the federal gift tax often sounds intimidating, most individuals never actually pay it thanks to generous exemptions and strategic planning rules.
Commercial solicitations are permitted by the Missouri Rules of Professional Conduct but are neither submitted to nor approved by the Missouri Bar or the Supreme Court of Missouri.
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.
REMEMBER: “The choice of a lawyer is an important decision and should not be based solely upon advertisements.” This statement is required by rule of the Supreme Court of Missouri.
