Mistakes are part of life, but estate planning mistakes can hurt those you love unnecessarily. Especially given the heightened concerns surrounding the "pandemic," many people are seriously considering their estate planning (or lack thereof). Before you take up your own estate planning, it may be prudent to pause and consider best practices and even learn […]
You should take action on your estate plan before the end of 2020. It is now November. No, really. We are fewer than two months away from the start of a new year. 2021. Yikes! This year has brought many challenges <understatement> and has underscored the importance of estate planning. Although we cannot predict what […]
Following these five tips could help you pass your assets to your family. You have worked hard your whole adult life. When it came to managing your finances, you saved for retirement, made wise investments, and did not spend beyond your means. You are now considering estate planning. You want to pass your assets to […]
Do not risk your farm or ranch with poor estate planning. You are a farmer or a rancher. You carry on the rich legacy of many in Kansas. The work you do on your farm or ranch provides food for people across the nation. According to a recent High Plains Journal article titled “Don’t wait […]
Owning a small business requires specific estate planning. You are like many Americans. You own a small business. Over the years you have served your community by providing quality goods and services. According to a recent Legal Scoops article titled “3 Ways Estate Planning is Used in Small Business,” your small business will likely die with you […]
Consider carefully when you transfer ownership of your home. You are a homeowner. This house is likely one of your largest assets. For this reason, it is a significant portion of your estate. According to a recent MarketWatch article titled “Why you shouldn’t give your house to your adult children,” this means you should be […]
Maximize your inheritance through careful planning. People tend to treat money they have earned differently than money they have been given. Have you ever noticed that? Gifted or inherited money is often spent quickly on big-ticket items. It certainly is tempting to go on a shopping spree or get a taste of luxury. According to […]
Funding a special needs trust can be done in a number of ways. You have a loved one with special needs. Your loved one is dear to you and you provide essential support now, but you cannot ensure that you will always be around. Death and even incapacity may be around the corner for you. […]
A step-up in basis can help with capital gains taxes. You own real estate property. You are trying to decide whether to gift this property to your children now or pass it on when you die. According to a recent Motley Fool article titled “What is a Step-Up in Basis?,” whether real estate is gifted […]
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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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