RMDs are governed by the IRS. The process of levying and collecting taxes involves many people. The IRS is tasked with overseeing the proper payment of these taxes. According to a recent AARP article titled “How an IRS Rule Update Impacts Required Minimum Distributions,” the IRS also adjusts formulas used for required minimum distributions (RMDs) […]
A health savings account is a useful tool for medical expenses. Medical expenses are often quite costly. Although insurance can help, it does not often provide full coverage. You will be paying some of your expenses out of pocket. According to a recent The Street article titled “HSAs and Estate Planning,” utilizing a health savings […]
RMDs can be taken efficiently or inefficiently. Required minimum distributions (RMDs) are essential to traditional IRAs. Because contributions to these accounts are tax-deferred, the government will levy taxes when distributions are made. At these times, the withdrawals will be taxed as ordinary income. According to a recent Kiplinger article titled “2 Essential Strategies for Taking […]
The estate of Aretha Franklin may owe money to the government. Aretha Franklin certainly had a beautiful voice. Unfortunately, her estate was left in an mess. This left a mess for her family. According to a recent Detroit Free Press article titled “Aretha Franklin estate reaches deal with IRS to pay off claimed $7.8 million […]
Paperwork has a time limit. Or does it? With the beginning of each new year, we look around and wonder what to do with it. For many people, this is a good time to declutter their paperwork. We all have files. These could be purchase receipts, tax documents, or official correspondences. According to a recent […]
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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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