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The rules for estate taxes will change over the coming years. The IRS has chosen to raise and lower the amount subject to tax in a person's estate. If you are planning to bestow upon your children, or even your neighbor, a house worth $2 million after your death, a portion of that house's value will be owed in tax to the federal government. Since the rules governing these taxes are in constant flux based on the decisions of Congress, wouldn't it be better to avoid the tax all together, or at least as much as possible? Consider a living trust.
In many states, a living trust may also enable your estate to avoid the probate process. Probate is a court process used to settle a will which can last as long as three years and can take up to 10% of your estate's value. Since living trusts aren't listed in the public record, as is the case with wills, these trusts provide you with more privacy in your estate decisions. Finally, a living trust allows you to hand over management of your assets to someone else if you are unable to manage them yourself due to an accident or illness.
If you're looking for more information about a living trust in Kansas, check out LegalZoom's online legal library. Ready to set up your living trust? Simply fill out LegalZoom's easy-to-follow online questionnaire. We'll prepare your legal documents to Kansas's specifications and include a pour-over will to take care of any assets your Kansas living trust cannot. With LegalZoom, plan your estate's future, today.
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