A SLAT can help with your estate tax liability and much more. People have different tax liabilities, especially when it comes to estate taxes. For those with high tax exposures, how assets are transferred is of particular importance. Leaving assets outright through traditional estate planning tools, like a last will or a revocable living trust, […]
Making a trust an IRA beneficiary can be complicated. You have a traditional IRA as part of your retirement planning. This tool serves you well and is straightforward in providing retirement income. Even so, an IRA can complicate matters in estate planning. According to a recent Wealth Advisor article titled “Should A Living Trust Be […]
Purchasing life insurance became a priority for many in response to COVID-19. Many people under age 44 do not see a need to purchase life insurance. They consider themselves to be young, healthy, and at low risk of death. In the last few years, this age demographic had submitted a relatively low volume of life […]
The stakes are high when your spouse is dying. Death is an unpleasant reality, but a reality nevertheless. It carries with it loss and grief. Preparing for the death of a loved one is never easy emotionally, mentally, or physically. This is especially challenging when your spouse is dying. According to a recent Market Watch […]
Neither your last will nor your revocable trust supersedes your beneficiary forms. Do you have a retirement account? If yes, you have likely seen a beneficiary designation form. Retirement accounts are one of several types of assets passed to heirs through beneficiary designations. Many people simply fill out the form upon the creation of the […]
Married couples should weigh pros and cons of joint trusts and separate trusts. Perhaps you have been married for just a short time. Maybe you are celebrating another decade of life together. Either way, you are wanting to include trust planning in your estate plan. You must now answer whether you want joint trusts or […]
Joint accounts can prove helpful or problematic. Estate planning can feel daunting. If you are a private person, the public nature of probate may be particularly unappealing. Even if you have a last will and testament, not all assets should necessarily pass through your last will and testament. Some assets will be distributed to heirs […]
Taxing life insurance benefits is dependent on several factors. You have people who depend on your income. Perhaps this is your spouse only. Maybe you also have children. Life insurance can be useful in providing financial protection for your loved ones if you were to die. According to a recent MoneyWise article titled “Are Life […]
Yes, Virginia, an inheritance can cause conflict in marriage. You have recently accepted a large inheritance. Although you miss your loved one, you know these assets were left to you to be used. You begin to wonder how to utilize the money and start making "to purchase" lists in your mind. Then, you pause. Should […]
Making mistakes is normal for new parents. You or your spouse are pregnant. This has been confirmed by the doctor. You are both excited and nervous. This is your first child and you feel clueless about what to do. According to a recent The Street article titled “Biggest Money Mistakes New Parents Make,” this uncertainty leads […]
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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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