It is possible to help your adult children buy a home. The economy has been declining in recent years. Inflation and interest rates are both high. Consequently, buying a house is challenging for many individuals, couples, and families. According to a recent Kiplinger article titled “Four Ways Parents Can Help Kids Be First-Time Home Buyers,” parents can […]
Both methods and amounts of giving impact taxes. What comes to mind when you think of gifting? Do you imagine weddings, birthdays, and graduation? Chances are you did not think of taxes. According to a recent My Edmonds News article titled “Excess gift giving could cause a tax surprise,” gifting without strategy or thoughtfulness can lead to […]
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 […]
Guidelines for RMDs look a little different in 2023. People save for retirement so they will have money to pay for things from bills to entertainment when they no longer work. Saving through a Roth IRA means the account is funded through after-tax dollars. With traditional IRAs and 401(k)s, pre-taxed money is added and grows […]
Estate planning mistakes can be costly in time and money. Everyone makes mistakes. It is part of being human. Sometimes these missteps are made out of ignorance. Other times they arise from forgetfulness. According to a recent Kiplinger article titled “5 Common Estate Planning Mistakes to Avoid,” the reasons for estate planning mishaps do not […]
The estate and gift tax exemption is set to decrease in 2026. Estate taxes do not affect everyone. With a threshold of $12.06 million for individuals and $24.12 million for married couples, few American households need to plan for federal estate taxes at this time. But, whoa. This may be changing in the not-too-distant future. […]
Neither the probate court nor the probate process itself need be frightening. It is normal for people to have fears. Fear can be healthy and protective. It encourages people to be cautious and careful. One common fear is becoming entangled with the probate court and its process. According to a recent Investopedia article titled “What […]
It is possible to refuse an inheritance. Many people and cultures consider it rude to decline a gift. Chances are you were told to smile and thank your relative for the Christmas or birthday present you did not like. In fact, you may even have had to wear it the next time you saw this […]
Home owners must decide how to distribute this valuable asset. Owning and maintaining a house takes work. A lot of it. You are responsible for the lawn and garden, protection from pests, and general upkeep. Despite these added pressures, there are many perks. By owning a house, you can truly make it a "home" without […]
Tax exemptions may be changing with new legislation. Although the actions and decisions of people impact other people, most choices have a minimal reach. This is not the case when it comes to state and federal lawmakers. The choices made by those in power affect Americans for generations. According to a recent Mondaq article titled […]
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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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