Kansas estate owners should review their options for protecting their assets. This includes reviewing estate planning concepts that could reduce the total value of their estate and decrease the tax implications that could present a hindrance for their loved ones. If you wish to hire a Wills And Trusts Lawyer in Salina KS today, Visit Hamptonlaw.com for further details.
Creating a Foundation
An effective measure for reducing the value of your estate is to create a charitable foundation. You will transfer ownership of assets to the foundation to remove them from your estate. This could include anything from antique furnishings to automobiles. Your attorney provides you with strategies to set up ownership of the foundation to one of your family members. This will also produce proceeds which you could place into a trust for your family.
Trust Funds for Educational Purposes
A trust fund allows you to place a large sum of your money into an account in which your children can use for predetermined purposes. This includes generating a fund for college. You can continue to contribute to these accounts throughout your life. To reduce tax implications, you can initiate stipulations such as disbursement of a specific value each year. This will prevent them from losing a large portion of the money to taxes.
Writing a Will
Estate owners should create a will to address items such as transfer of ownership of your home to a family member. It also identifies a guardian for your children, in the event that you die before they become of legal age. Once the will is officiated, it is a legally binding document that is indisputable. If you reduce your estate to a minimal size before your death, it is likely that you can keep it out of the probate court.
A review of your estate and ways to reduce its total value can save your loved ones a considerable amount of money overall. It will also allow them to enjoy the assets you want to leave behind for them without facing financial difficulties. If you wish to discuss these concepts with a Wills And Trusts Lawyer in Salina KS today, you should visit the website now.