Disclaiming assets will change how an inheritance is distributed. Let us imagine a situation where a loved one recently died. This individual left an IRA or other asset to you as an inheritance. Due to personal or financial reasons, however, you choose to not accept part or all of this inheritance. According to a recent […]
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 […]
Reverse mortgages are not the only option for getting available cash out of your home equity. Your are at least 62 years old. This means you are eligible to apply for a reverse mortgage. Reverse mortgages allow you to borrow against your home equity to receive a line of credit, monthly payments, or a combination […]
Life insurance will be a useful estate planning tool. You want to leave an inheritance to your loved ones. To do so, you have created an estate plan. Even so, you are concerned about estate taxes. The are never "permanent" in terms of the applicable exemption limit. You know these could take a bite out […]
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 […]
You may be entitled to Social Security benefits from your ex-spouse. You are divorced. Throughout your marriage, you put your career on hold. Your spouse worked in a traditional job. You took care of managing the household. You were not able to have Social Security withheld from your paycheck. According to a recent nj.com article titled “I’m […]
Some states are lowering taxes to appeal to retirees. You have begun planning for retirement. Money and climate are two common considerations. You will review cost of living and taxes. According to a recent Kiplinger article titled “States Lower Taxes to Court Retirees,” some states are more financially appealing than others. Other states are taking […]
There are several steps to making a life insurance claim. Life insurance is a valuable estate planning tool. No other financial asset can create an "instant estate" to care for your loved ones. Full stop. The death of a parent or spouse can leave the surviving family members financially vulnerable. Leaving a life insurance policy […]
Making withdrawals from retirement accounts comes with consequences. COVID-19 has triggered an economic downturn. As stock values have dropped, people have lost chunks of their nest eggs. Depending on their careers, their earned income may have fallen or disappeared. Making withdrawals from 401(k)s or IRAs may seem like the best option. According to a recent […]
Retirement misconceptions can lead to poor planning strategies. Retirement is a significant milestone for many Americans. Many create plans for what they will do when they no longer punch the clock. Whatever these plans may be, they require money to happen. You need to start saving financially and investing in your future. According to a […]
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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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