Vacation property requires planning to transfer it to another generation. For families, summer is a prime time for vacations with children off from school. For example, did you spend the recent "Labor Day" weekend as the final opportunity for vacation before the demands of school become too overwhelming? Many people have different traditions. Some involve […]
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 […]
Estranged children cannot be ignored in your estate plan. Families can be sources of great joy and great pain. Although many people want close and positive relationships with their loved ones, this is not always a reality. Children become estranged for a variety of reasons. According to a recent The News-Enterprise article titled “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 […]
James Brown left a mess with his estate plan. During his life, James Brown recorded numerous hit songs. These tunes included “A Man’s World,” “Pappas Got a Brand-New Bag,” and “I Feel Good.” While he struck audiences with flashy performances, his life was plagued with problems. According to a a recent Associated Press article titled […]
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 […]
Changing circumstances may affect the usefulness of an ILIT. Do you remember when the federal estate tax limit was $600,000? I do. At this time, you may have set up a revocable living trust (RLT) and an irrevocable life insurance trust (ILIT) to provide for your family if you died. Because many years have passed […]
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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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