Inherited IRAs are subject to numerous rules. Individual Retirement Accounts (IRAs) are foundational financial tools for retirement planning. They allow you to set aside and invest pre-tax money that grows tax-deferred so you can have an income stream after you have retired from employment. In addition, at one time, retirement accounts were wonderful tools for […]
Leaving an inheritance to a minor child is not a minor matter. Some children grow up and become adults. Other children just keep having more birthdays. If you understand the distinction, then you may even have children in each camp among your heirs. Regardless, even if a minor child is the responsible "old soul" among […]
A "pour-over will" is an often misunderstood legal document. In fact, a "pour-over will" is really just a "last will and testament," which is always paired with a revocable living trust (RLT). And a pour-over will may have no practical purpose if its maker (i.e., the "testator," if male, or the "testatrix," if female) has […]
Dying without a last will causes many complications. Death is inevitable. Despite this fact, many people choose to act as if ignoring this fact will somehow alter reality. This denial can reduce uncomfortable thoughts and emotions for a time, but it is not sustainable and can have negative impacts. According to a recent The Wall […]
Estate planning often has multiple benefits. People tend to avoid doing things if they do not benefit directly. Estate planning is one of those areas where people believe it is helpful for some people but not them. Often the mistaken belief is such planning and preparation is only for the super-wealthy. According to a recent […]
Women often have different needs than men. At the most basic level, their very biology and physiology are different. Women and men are not the same. It is part of God's grand design for human beings. Women and men often have personal, cultural, and social differences. For example, women often feel they need greater vigilance […]
Single parents cannot afford to neglect estate planning. Parenting is a significant responsibility. For single parents, the roles of provider, mentor, teacher, and protector rest solely on their shoulders. Although losing any parent is tragic to children, the death of a single parent often leaves them orphaned. According to a recent The Orange County Register […]
Estate planning is fraught with myths. What people believe influences what they do. For example, children who think monsters are under their beds tend to avoid their rooms at night. When doctors believe their patients have specific ailments, they order certain tests. If people believe integrity is important, they will not speed on a road […]
Blended families have more estate planning "moving parts" to consider. Baking is a relatively benign form of chemistry. Ingredients are combined in specific amounts, at specific times, and at specific temperatures based on how they interact. If done well, the result is a tasty treat. If the ingredients were bad or the measurements were incorrect, […]
Comprehensive estate planning has several key components. People have long valued knowledge. It is natural to want to understand. In fact, I feel most vulnerable when I do not even know what I do not even know. And that encompasses too many areas to list! How about you? From the time children learn to speak, […]
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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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