Inherited IRAs are subject to comprehensive federal rules. An important part of retirement planning is saving money in a traditional IRA or 401(k). These tools provide an opportunity to save for retirement while deferring taxes on the contributions. Through investment, these accounts can grow to provide a sizable income for you in retirement. According to […]
You may be able to deduct long-term care costs on your tax return. Few people get excited about filing taxes. For many, organizing and reviewing paystubs, receipts, and health insurance forms is tedious and unpleasant. [Count yours truly among that many, but fortunately Gretchen takes care of all of that!] Although filing taxes takes time […]
Tax penalties can be especially stressful in retirement. You have built your nest egg. Now you are in or nearing retirement. In retirement, you should have nothing to do but enjoy the fruits of your labors free from worry. According to a recent Money Talks News article titled “3 Tax Penalties That Can Ding Your […]
You can save on taxes with qualified charitable distributions. Few people look forward to any portion of their income ending up in the hands of the government. Even if they cannot keep and use all of their funds for themselves and loved ones, many people prefer to have a say in how the funds are […]
Whole farm planning involves considering the next generation. If you own a family farm, your wealth is in your work. You may have inherited the land from previous generations. Perhaps you plan to pass this family business to your children and grandchildren. A smooth transfer of a farm does not simply happen. It takes forethought. […]
Family businesses require comprehensive estate planning. They provide quality products and services to communities as well as income and skills to future generations. Starting a family business takes perseverance and passion. Running it takes daily attention to detail. According to a recent The Times Reporter article titled “Succession planning for family businesses,” all your work […]
Tax mistakes in retirement can threaten financial security. Saving for retirement is important. We have all heard this, yes? You need money to pay for bills, mortgages, food, and vacations. Once you enter retirement comfortably, you may be less than careful with your finances. According to a recent Money Talks News article titled “5 Tax […]
Carefully consider when you should claim Social Security benefits. You are nearing retirement. As you review your finances, you are trying to determine when you should claim your Social Security benefits. You wonder at what age Social Security is most commonly claimed. The answer found in a 2020 analysis by the Bipartisan Policy Center was […]
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 […]
A Charitable Remainder Trust can be a tax-efficient means of passing on your IRA when you die. You have been saving for retirement for most, if not all, of your working years. Each year you have set aside a portion of your paycheck into a company-sponsored retirement plan or a traditional Individual Retirement Account (IRA). […]
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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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