In Kansas, estate owners have the opportunity to reduce the impact on their families when they die. They have access to planning practices that could help them take further control over the distribution of their wealth and assets. An attorney in Manhattan, KS, could help manage these requirements and allow the family to keep more of these properties and assets.
Reducing the Value of the Estate
The most viable option for securing the estate is to reduce its value. The easiest way to reduce the value is to start a transfer of ownership for each property owned. When possible, the estate owner should allow the transfer of property into the name of their beneficiary. Once the transfer is completed, the property is no longer a part of the estate. Once this is accomplished, the property is safe from the probate process.
Setting up an Irrevocable Trust
An irrevocable trust allows the estate owner to transfer ownership of key assets and property into the trust. The owner remains in control of these items until he or she dies. When the owners sets up the trust, he or she must identify a successor who gains control over the trust after he or she dies. The estate owner has the right to make any changes he or she prefers, at any time. However, after the owner’s death, the trust cannot be changed by any family member.
Creating Trust Funds for Children
Trust funds are used to reduce the value of the estate and are set up for a variety of purposes, which could include a college fund for children. The estate owner has the right to add provisions to the trust fund, including a limit on how much money is released each year. The child may pay taxes on the fund based on this release value each year.
In Kansas, estate owners could create an estate plan to prevent a lengthy duration in probate. Through these plans, they have the opportunity to reduce the total value of their estate. These actions could prevent the family from losing funds and properties unnecessarily. Estate owners who need to hire an attorney in Manhattan, KS, should contact the Oleen Law Firm, or visit oleenlawfirm.com today for more information.