Living trusts and wills are both effective in distributing an inheritance. In times past, ancient pharaohs and other royalty were buried with portions of their wealth. This is no longer a common practice. Nowadays, people generally believe you cannot take your stuff with you when you die. As one old saw holds, "You will never […]
An irrevocable funeral trust can help in paying for memorials and burials. People set aside money for a lot of things. Many save for tangible items like a car or a home. Others set aside funds for events or experiences like weddings, vacations, or education. According to a recent Yahoo Finance article titled “Pros and Cons […]
Glenn Frey left both a legacy of music for the world and provision for his family. Many people dream of being a guitarist in a successful band. Few realize this dream. Glenn Frey was one of the few fortunate and talented individuals who made a living from making music for the enjoyment of the masses. […]
Multigenerational estate planning should be completed with an experienced estate planning attorney. Families are an essential consideration in estate planning. Sometimes family dynamics are fraught with tension. Other families share deep relationships and connections among and between the generations. According to a recent Kiplinger article titled "How to Handle Estate Planning for Multigenerational Living Arrangements," both […]
Distinct differences exist between wills and trusts. Estate planning typically involves creating a will-based or a revocable living trust-based plan. Both have been used for generations to transfer assets to loved ones successfully. While most people have likely heard both terms, they still may be confused about the differences between wills and trusts. According to […]
Portability elections may not be the best for all families. The federal estate and gift tax exemption is necessary for those with high net worth. Any amount over this threshold is subject to estate taxes. The "unified" exemption is $12.92 million per taxpayer for 2023. Individuals and couples can work with an experienced estate planning […]
Heirs may be responsible for estate taxes. Not all estates will require payments of estate taxes. It is dependent on a number of factors, including the size of the estate and the specifics of the estate plan. Those who have assets valued in excess of the federal estate exemption threshold and those who live in […]
The lifetime estate tax exemption is set to decrease in 2026. Unless you are a tax accountant, taxes likely confuse and intimate you. Both state and federal lawmakers pass legislation governing what citizens owe the government and for what reasons. These taxes are consistently changing and can be difficult to follow. According to a recent […]
Estate taxes and inheritance taxes can reduce the wealth left to loved ones. The U.S. government is quite capable of spending money. Understatement? Even money it does not have. And from where does that money originate? Citizens are taxed. A variety of taxes exist at the local, state, and federal levels. People are taxed on […]
Trusts can benefit those with mental illness. No one person or family is exactly like another. Even twins vary in their personalities, interests, and habits. I know, I have twin daughters. A variety of factors impact estate planning choices. According to a recent Arkansas Democrat Gazette article titled “Creating special needs trust ensures that mentally […]
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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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