Guidance in an estate plan does not have to be legally binding. So sometimes, being imprecise is not a big deal. For example, recipes often say “salt and pepper to taste,” giving the cook room for personal preference. Other times, it can lead to incorrect results, like adding too much baking soda or baking powder […]
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 […]
Inheritance taxes and estate taxes are not paid by the same people. This week likely is one of your favorites, yes? No? Tax week. Specifically, Tax Day for 2022 returns is tomorrow, Tuesday, April 18. Some taxpayers will be receiving tax refunds while others will owe money to the government. According to a recent The Alliance […]
Transfer on Death accounts can be used wisely or poorly. When it comes to passing inheritances to heirs, there are a variety of options. Most commonly, people think of using a last will and testament or a revocable living trust (RLT). Fewer people initially think of transfer on death (TOD) designations, or payable on death […]
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, […]
You can give an inheritance while you are living. Timing can make a big difference. A split second late on a baseball swing can leave you with a strike rather than a home run, yes? Being born a few minutes before midnight on New Year’s Eve gives parents a tax break. According to a recent […]
Lisa Marie Presley made some estate planning mistakes. Estate planning should be undertaken with the help of professionals. This is especially true for more complex estates or family dynamics. Attempting to create or update an estate plan on your own can lead to issues with estate administration. According to a recent Insurance NewsNet article titled “Presley […]
Trustees hold significant responsibility. Although their title is technically derived from the entities they help manage, trustees must also be trustworthy. That is the foundational requirement. Those who include a trust in their estate planning have done so to fulfill specific goals. Examples include simplifying asset distribution, protecting assets from poor decisions by heirs, or […]
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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