In Kansas, asset protection lowers common risks for estate owners. The process involves a plan that decreases the value of the estate. It also reduces the time in which the estate remains in the probate court. An estate plan provides adequate asset protection for these owners. An attorney in Manhattan, KS shows estate owners how to create a plan.
Protection Against Creditors
A whole life insurance policy could provide adequate funds to settle debts. The estate owner could acquire the policy to address any liens initiated by their creditors. The attorney sets up a plan involving the use of the policy, and the executor receives the funds after the estate owner dies to settle the debts. Any remaining funds are distributed among the beneficiaries of the estate.
Irrevocable Trusts for Estate Owners
An irrevocable trust is used to transfer assets out of the estate. The trust is controlled by the estate owner throughout their life. The estate owner transfers assets into and out of the trust based on their preferences. Assets transferred into the trust are no longer a part of the estate. The assets are protected from creditors after they are transferred.
Trust Funds for Children
Trust funds are set up for one of two reasons. They offer financial support or payment for a college education. The estate owner transfers monetary assets into the trust fund at any time. There aren’t any restrictions or limits that apply to the value of the trust fund.
Creating a Will
A will fulfills the estate owner’s final wishes. They can add provisions in the will that protect their assets. The provisions apply to assets presented to minor children. For example, they prevent a new guardian from using monetary assets unethically, which prevents the new guardian from accessing monetary assets for personal use.
In Kansas, asset protection is achieved through estate planning. The owner establishes an irrevocable trust as well as trust funds to transfer assets out of the estate. The transfers lower the value of the estate and prevent creditors from seizing assets during probate. Estate owners who need an attorney in Manhattan, KS should contact Oleen Law Firm or browse the website today.