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Inheriting Real Property in Kansas When One Owner Kills Another Owner
Facts are that Spouse 1 and Spouse 2 purchased real estate together as joint tenants with right of survivorship. Normally, when 2 people own real estate (or any other asset) as joint tenants, when 1 owner dies, the surviving owner becomes the sole owner of the property or asset by virtue of surviving the deceased […]
Mike Dreiling
Feb 6, 2024
Kansas Income Tax Marginal Rates Legislation
The Kansas Legislature is currently working to override the veto of Kansas Governor Kelly on House Bill 2284 in order to enact a flat tax on Kansas source income. Governor Kelly also had a piece of legislation she seeks to pass the Kansas Legislature, House Bill 2586. Both Bills seek to eliminate the sales tax […]
Mike Dreiling
Feb 6, 2024
Corporate Transparency Act
The Corporate Transparency Act when into effect on January 1, 2024 and will require all business entities, generally, that are created by filing articles with the secretary of state (Kansas Secretary of State and Missouri Secretary of State, for example), therefore LLCs, LLPs, LPs, S Corporations and C Corporations, to file a Beneficial Ownership Information […]
Mike Dreiling
Feb 6, 2024
Kansas Small Estate Affidavit Ceiling Increased
Effective July 1, 2023, the ceiling amount for a Kansas small estate affidavit per K.S.A. 59-1507b increased to $75,000.00, up from the previous $40,000.00. Meaning, that in an estate where a decedent died with assets (such as bank accounts, vehicles, and personal property) that do not exceed $75,000 in value, an heir may execute a […]
Mike Dreiling
Aug 15, 2023
IRS Makes Large Increases to Health Savings Account Contribution Limits for 2024
HSA Max Contributions for 2024 For 2024, individuals under a high deductible health plan (HDHP) will have an HSA contribution limit of $4,150. The HSA contribution limit for family coverage will be $8,300. If you are age 55 or older, the catch-up contribution, currently $1,000, still applies for 2024. I hear from many people the […]
Mike Dreiling
May 25, 2023
Establishing Title to Real Estate Property After Death
I regularly receive calls from clients who are the children or grandchildren of long ago deceased parents or grandparents who owned and remain the title owners of real estate, usually farm land or undeveloped lots at or near a lake. My clients seek to establish clean title to the real estate, usually in order to […]
Mike Dreiling
May 23, 2022
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