Members of Gen Z will likely be responsible for paying estate taxes after the death of their parents. Gen Z is considered by many to be a savvy generation, with an entrepreneurial bent and a focus on the future. While future planning involves saving for retirement, it also involves preparing for the eventual death of […]
It is important to adjust estate planning for changes in tax law. It has been said “the only constant is change.” People get older, trends come and go, and technology is constantly developing. Similar to updating an operating system on your phone so it can continue to function well, estate plans should be updated regularly […]
A 529 plan can help you transfer assets to heirs while you are alive. Having a sizable estate can make tax planning more complicated. President Joe Biden and the current administration may further complicate matters should they pass new legislation on the exemption threshold and the step-up in basis. You may need to implement creative […]
Your planning may need to adjust to a new federal estate tax. Most people cringe at the mention of taxes. The exceptions would be those whose livelihoods depend on taxes like accountants, IRS agents, and other government officials. If your employment does not find you within one of these exceptions, incomes taxes, property taxes, inheritances […]
Gifting is a popular estate planning and wealth transfer tool. You are considering giving money to charities or family members as part of your estate planning strategy. Perhaps you are what is now considered "wealthy" and desire to use the gift tax exemption to decrease your taxable estate. Maybe you may simply enjoy supporting a […]
Gifting can get you in trouble without proper planning. The week of Thanksgiving marked the start of the holiday season. Advent services began yesterday (Sunday) at my church. Although Christmas traditions will look different, gifting will likely remain. According to a recent Kiplinger article titled “Gifting sounds pretty simple, but there are many ways to […]
Taxing life insurance benefits is dependent on several factors. You have people who depend on your income. Perhaps this is your spouse only. Maybe you also have children. Life insurance can be useful in providing financial protection for your loved ones if you were to die. According to a recent MoneyWise article titled “Are Life […]
Specific planning is required to pass your house without taxes. You are a homeowner. This is one asset you plan to pass along to your heirs. You know the current estate tax exemption threshold is $11.58 million for a single individual in 2020. Your estate will be taxed on any amount above this threshold. If […]
Strategic action can reduce taxes on your inheritance. You received an inheritance recently. You are not sure whether you need to pay taxes. Although there is no federal inheritance tax, certain states levy an inheritance tax. According to a recent The Street article titled “4 Ways to Protect Your Inheritance from Taxes,” your inheritance could be […]
Tax planning and estate planning are intertwined. Think for a minute about your estate planning goals. What comes to mind? Do you imagine helping fund college for your grandchildren? Do you think about the family business being transferred to the next generation? Do you imagine your daughter wearing your heirloom necklace? People have a variety […]
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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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