In Kansas, estate owners manage their assets more appropriately when following the estate planning process. These steps provide them with asset protection and could reduce the duration in which the estate is in probate. It can also lower the chances of possible losses due to creditor claims. The following are options available through the estate planning process presented by an attorney in Junction City, KS.
Will Creation and Administration
The attorney guides the estate owner through the will creation process. They must identify beneficiaries that will inherit their property and assets. They can set up provisions for each assignment. The provisions could include requirements for keeping the asset in the family. They can also present details about how certain assets can be used.
How Are Irrevocable Trusts Helpful?
An irrevocable trust allows the owner to separate assets from the estate quickly. The trust becomes the owner of certain assets and reduces the value of the estate. These assets never enter the probate process as they aren’t owned by the estate owner; they become the property of the successor chosen by the estate owner.
Choosing the Right Provisions for a Trust Fund
The provisions available for a trust fund could begin with setting a certain age requirement. This prevents the new owner from accessing the funds until they reach this age. They can also include a limit for yearly disbursements. This prevents the new owner from spending it all recklessly.
What Actions Lower Tax Liabilities?
Transfers into a trust or to a new owner can lower the tax liabilities for the heirs. They can avoid inheritance taxes through these methods. While they must pay taxes on the property later, they are responsible for additional taxes due to the fact that they inherited the property.
In Kansas, estate owners can take action to lower risks to their assets and properties. These opportunities are available through the estate planning process. An attorney guides the estate owner through these processes to prevent seizure through the probate court. Estate owners who need to talk to an attorney in Junction City, KS contact Oleen Law Firm or visit the website for more details.