Estate planning has many purposes. Few people believe they have an estate. This would be true if they define an estate as having a mansion with land and servants. Think Downton Abbey. With this definition, very few would qualify. When it comes to estate planning, there is far broader definition of an estate. According to […]
Inherited IRA rules can complicate estate planning. Although some jobs still have pensions, this is increasingly more uncommon. In place of pensions, most people now have "defined-contribution" through individual IRAs or employer- sponsored retirement plans (think 401(k) or profit-sharing) plans. Several rules govern how these are taxed and what needs to be withdrawn during retirement. […]
Young adults should prioritize estate planning. Although your chances of dying increase as you get older, death can come at any age. As my maternal grandfather would say, "The old must die and the young may die." Most people do not enjoy thinking about their own mortality. I get that. Who does? Against this backdrop, […]
The unexpected death of a spouse is devastating. Many factors in life cannot be controlled. Some of these can lead to untimely deaths. Even those who make healthy decisions can become victims of tragic accidents, sudden illnesses, or unfortunate genetics. According to a recent New Haven Register article titled “Are you prepared if your spouse […]
The cost of long-term care is not going down. People are not all powerful. They cannot stop the steady march of time. Even making healthy decisions does not stop the aging process. As people get older, they require more assistance as their bodies begin to fail. According to a recent The Indiana Lawyer article titled […]
DIY estate planning can create an unsolvable mess. It is common to ask people for advice or guidance. You can save time and money if you tackle and complete a project on your own. In most cases, this is harmless, even if the person you ask is not qualified to answer. Other instances? The stakes […]
Portability election rules have been changed. For the better. Taxes are a common consideration in estate planning. The state and federal governments have several means of taxing assets left behind after a person dies. These can include inheritance taxes at the state level and gift and estate taxes at the state and federal levels. People […]
Death taxes feel a lot like adding insult to injury. Those left behind after the loss of a loved one have experienced a significant void in their worlds. Someone with whom they spent each holiday or every day is now gone. In the midst of their grief, they are often faced with additional responsibilities of […]
Planning for digital assets is more important than ever before. Technology is fairly unavoidable in the modern world. On the minimal side of the technological spectrum, people may settle for an email address and a cell phone. Others, however, live lives so digitized they store all of their information on the cloud and even control […]
A DNR is not the same as a living will. Accidents and sudden illness are frightening. They can leave people feeling helpless. Without proper incapacity planning, they really might be powerless. According to a recent Florida Today article titled “One Senior Place: Know the difference between ‘living will’ and ‘do not resuscitate’,” it is important […]
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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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