Kansas estate owners discover new ways to protect their property and assets through effective planning strategies. These opportunities could help them avoid extensive probate requirements and prevent their family from suffering a financial loss. A Lawyer In Junction City KS devises strategies to help these estate owners.
Assigning Ownership for Property
A will provide immediate ownership of property or assets to the beneficiary upon the death of the estate owner. The document identifies conditions that could affect this assignment based on the wishes of the estate owner. For example, if they transfer ownership of their home to their child, they could add a provision to prevent them from selling the property.
The document could also define the estate owner’s final wishes. It could outline their wishes for their funeral and where they want it conducted. It may also direct the administrator to their life insurance policies and funds set aside for these purposes.
Creating a Health Care Plan
A health care plan defines their wishes if they become incapacitated. This could assign power of attorney to a family member to provide care. It could also designate the medical doctor of choice. If the power of attorney is assigned in this plan, provisions are included to prevent unauthorized use or sale of assets and property.
Transferring Wealth into New Ventures
An effective strategy to prevent excessive taxing of the estate is to decrease its value. The transfer of vital properties and assets into a charitable foundation is an effective opportunity. This step allows the owner to assign ownership to the family without increasing their tax implications.
Leaving Behind Support for Children
A trust fund allows the estate owner to deposit funds throughout their lives. They aren’t restricted to a specific value. All money distributed into the fund isn’t taxed until the fund is used.
Kansas estate owners explore new approaches to protect their wealth through effective planning. These opportunities help estate owners reduce financial hardships for their beneficiaries. It also reduces the amount of time needed to send the will through probate. Estate owners who need to start these strategies should contact a Lawyer Junction City KS through Oleen Law Firm or browse the website for more information today.