What are Possible Pitfalls of Co-Owning a Vacation Home?
Kyle E. Krull P.A. | Kansas and Missouri Estate Planning
by Kyle Krull
1d ago
Co-owning a vacation home can be rewarding as well as risky. Sometimes, people must leave home to rest and relax physically (and mentally). This can be especially true for those who own a business, are salaried rather than hourly, or work for "free" as full-time homemakers. Those who constantly need a reliable option for getting away from home without having to face the logistics of finding and booking lodging may find purchasing a vacation home a good solution. To reduce the financial burden of this luxury, many people consider the option of co-owning this property. According to a recent Bett ..read more
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What Legacy Planning Steps Should I Take in 2024?
Kyle E. Krull P.A. | Kansas and Missouri Estate Planning
by Kyle Krull
6d ago
Legacy planning and estate planning are inseparable. With less than one month until Tax Day, individuals and businesses have been immersed in reviewing their financials. Some have likely found they strategically allocated their funds to maximize their tax benefits. Others likely discovered they will be hit with a significant and avoidable tax bill. Yikes! Although it is impossible to change the past, people can take action now to improve their financial outcomes in the future. According to a recent JD Supra article titled "2024 Estate Planning Opportunities,"  this coming year will presen ..read more
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How Do Advance Directives Preserve Autonomy?
Kyle E. Krull P.A. | Kansas and Missouri Estate Planning
by Kyle Krull
1w ago
Advance directives for healthcare protect the wishes of the patient. In many ways, the world is growing more complex. One example is the medical field. When I was a child, Dr. Godwin was our family doctor. He took excellent personal care of each family member, regardless of ailment. My folks paid him in cash or by check. With the introduction of health insurance, the rise of hospital systems and medical companies, and the prevalence of people moving for work, patients may change physicians frequently. The complicated nature of the healthcare landscape makes advance directives essential for eve ..read more
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Why Does the Average American Need an Estate Plan?
Kyle E. Krull P.A. | Kansas and Missouri Estate Planning
by Kyle Krull
2w ago
All American adults should have an estate plan in place. Many people find viewing experiences from the perspective of another to be a challenge. It can be easy for people to think they are the center of the world. Thinking about a time past their own lifetimes is particularly challenging. Anyone who has been to a funeral knows the world keeps turning even after the death of a very dear loved one. Because death is inescapable and your loved ones will be forced to navigate life without you, estate planning is essential for every adult American. According to a recent Forbes article titled "10 Est ..read more
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Can Estate Planning Help Young Adults Navigate Their Futures?
Kyle E. Krull P.A. | Kansas and Missouri Estate Planning
by Kyle Krull
2w ago
Young adults should have an estate plan in place. When you think of estate planning, what comes to mind? Do you envision a couple well into their retirement years deciding who they want to inherit their assets? Perhaps you think of Prince or other celebrities known for their long estate battles? If yes, your first thought aligns with what most Americans envision. Unfortunately, these stereotypes give young adults a dangerously wrong idea about estate planning. Individuals in their 20s and 30s often mistakenly believe they do not need to worry about creating an estate plan for several decades ..read more
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What Should I Know about Gift Tax Exclusions in 2024?
Kyle E. Krull P.A. | Kansas and Missouri Estate Planning
by Kyle Krull
2w ago
Knowing the 2024 Gift Tax and Generation-Skipping Transfer Tax exclusions is essential to efficient tax and estate planning. Nobody can escape change.  Ironically, change is considered to be the only constant in life. Just ask Heraclitus. Adaptability and awareness are crucial to adjusting to this reality. The same holds true for estate planning.  Estate planning strategies and documents are created to address the state and federal laws governing estates, taxes, and property transfers.  Consequently, a clear and thorough understanding of gift taxes is essential. Wealth transfer ..read more
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What Role Does a QTIP Trust Play in Estate Planning?
Kyle E. Krull P.A. | Kansas and Missouri Estate Planning
by Kyle Krull
3w ago
A QTIP Trust can be beneficial for blended families.  When most people hear QTIP, they typically do not think of trusts.  Go ahead and admit it. Did the image of a small stick with cotton on both ends come to mind?  Spoiler alert. While this product has various uses for health and beauty, it is of little use in estate planning.  In contrast, a QTIP trust can help protect both you and your loved ones.  What Is a QTIP Trust? The QTIP Trust acronym stands for a Qualified Terminable Interest Property Trust. This type of trust is used in estate planning for greater asset co ..read more
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What are the Duties of an Executor?
Kyle E. Krull P.A. | Kansas and Missouri Estate Planning
by Kyle Krull
3w ago
An executor manages the estate administration after a person dies. Some people enjoy delegating, and others not so much. Even if uncomfortable, it is often necessary. Parents delegate responsibility to babysitters so they can attend work or social events. Managers assign tasks to employees to accomplish as part of their work for the business. For delegation to work well, the person receiving the responsibility must be trustworthy and capable. This is true when someone is appointed executor, also known as a personal representative, of an estate. The estate executor must pay debts for and from ..read more
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Why Would Someone Use a Family Trust in Estate Planning?
Kyle E. Krull P.A. | Kansas and Missouri Estate Planning
by Kyle Krull
3w ago
A family trust is used to support multiple family members. Not all families are the same. I have seen more than 3,000 enter my office over the last 30 years. Some have close relational bonds. Others are affected by trauma, addiction, and broken relationships. Whatever the story, I see how my clients want to protect their assets for their loved ones and sometimes from their loved ones. Trusts are good tools for accomplishing these dual goals. And family trusts can even help provide for future generations of loved ones. A family trust is one way to support your loved ones for generations. What ..read more
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How Can an LLC Protect Business Owners?
Kyle E. Krull P.A. | Kansas and Missouri Estate Planning
by Kyle Krull
3w ago
Establishing an LLC can provide a greater distinction between business and personal assets. If you are self-employed, you likely feel the weight of providing for yourself and your family while caring for your customers or clients. Risks are taken in both starting and running a business. These risks can take a financial toll through lawsuits or bankruptcy. One way to protect yourself as a small business owner is to form a Limited Liability Company (LLC) to separate personal and business assets. Small business owners benefit from the protections afforded by an LLC. What is an LLC, and How Does ..read more
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