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In Indiana, estate owners create plans with their attorneys to protect their assets. The plans manage the requirements for the probate process and secure the assets for the family. The plans include options for transferring the assets out of the estate. Wills And Estates Attorneys in Auburn Indiana guide estate owners through the planning process.
Dividing Wealth Among Trust Funds
Estate owners who have several children often choose to set up trust funds. The trust funds enable estate owners to divide monetary assets among their children. The estate owner deposits any value they prefer into the accounts. If they prefer, the owner has the option to send a portion of their earnings to the account.
Early Ownership Transfers
Early ownership transfers enable beneficiaries to acquire their inheritance immediately. The transfers also take the asset out of the estate entirely. Once ownership is transferred, the assets are protected against the probate process and creditors. The value of the estate is decreased as well.
Controlling the Probate Process
Estate owners set their estate plan in motion by removing as many assets as possible from their estate. The decrease in its value lowers the amount of time the estate stays in probate. The probate process enables creditors to process liens to collect overdue debts. The process allows the creditors to seize specific assets to pay off the debts entirely.
Reducing Tax Implications
An effective strategy in estate planning is to reduce the tax implications for the family. The family members must pay their inheritance taxes within a predetermined amount of time. The estate owner lowers tax implications by allotting monetary assets to pay the taxes for the family. The owner could also transfer assets into an irrevocable trust outside the estate and eliminate inheritance taxes completely.
In Indiana, estate owners review plans for lowering the value of their estate. Irrevocable trusts and trust funds are key components of the estate plan. The options remove the assets from the estate and protect them from the probate process. The plan also includes options for decreasing tax implications. Estate owners who want to discuss plans with Wills And Estates Attorneys in Auburn Indiana contact Yoder & Kraus right now. Like us on Facebook.