It is important to update an older estate plan. Things tend to get worse when no one tends to them. Gardens become overgrown with weeds. Buildings fall into disrepair. Muscles atrophy. After all, the Second Law of Thermodynamics seems to apply to all of life. According to a recent NASDAQ.com article titled “Is Your Estate […]
Estate planning mistakes are more common than they should be. Simply creating an estate plan may not be enough. If you take the advice of someone other than an experienced estate planning attorney from your state of residence, you could get yourself into trouble. In fact, you could endanger everyone you love and everything you […]
Marriage age gaps make a difference in estate planning. Weddings are joyous occasions. For those who choose to celebrate their marriage surrounded by friends and family, weddings require a lot of preparation. Beyond the wedding itself, marriages require thoughtfulness and communication about a variety of topics. According to a recent Barron article titled “Couples with […]
Every estate plan needs an occasional checkup. You have an estate plan in place from years ago. Perhaps you think your affairs are in order. They may be. On the other hand, the may not be. Similar to doctor visits, checkups are important. According to a recent Kiplinger article titled “2021 Estate Planning Checkup: Is […]
Estate planning requires attention to detail. If you are an American adult, you should have an estate plan. This planning is not reserved for those who exceed the 2021 federal estate tax exemption of $11.7 million per person. Effective estate plans are essential to protecting you, your assets, and your loved ones. Poor estate planning […]
Terminating an ILIT may require the creation of additional documents. Some people with life insurance utilized an irrevocable life insurance trust (ILIT). The purpose for many was to decrease their taxable estate and provide "liquidity" to pay potential estate taxes to ransom an otherwise illiquid estate (think farm, ranch, or other family business operation). Perhaps […]
A testamentary trust can be beneficial for families with minor children. A last will and testament is used to distribute assets to heirs when you die. This can be a straightforward process for adult heirs. When minor children inherit, the distribution of assets can become a bit more complicated. According to a recent wtop news […]
Life insurance has several estate planning perks. Estate planning allows you protect your loved ones and provide for them. Although estate planning is important for those without children or spouses, it is critical for those with families. Those you leave behind have more at stake when you die. According to a recent Kiplinger article titled […]
Blended families may require more strategic estate planning. Many men and women in the United States get married, divorced or widowed, and remarried. As a result, families often consist of yours, mine, and ours children. While many families thrive with more members and more love, more people can also mean more complications. According to a […]
Creating an effective estate plan requires intentionality. Many people do not prioritize estate planning. If you are taking steps to create a plan, you may think whatever you do will be sufficient. Nope. This mindset could set you and your loved ones up for trouble in the future. The good news? You will be dead […]
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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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