Inheriting Property, Probate

[Terry Portier]

What is the best way to inherit property from your parents or set up for your kids if you die so that Uncle Sam does not take a huge chunk? Assuming the property is free and clear.

[Jon Holdman]

Unless the estate is very large, Uncle Sam won't take anything, let alone a huge chunk. For 2013, "very large" is a net value of $5.25 million. I don't know if they're used in KS, but a "beneficary deed" is an easy way to make the transfer. This deed leaves the grantor will all rights to the property while they are alive. Once they pass, all rights transfer to the grantee. So, for a parent to child transfer of a property owned by the parent, and beneficary deed with parent as grantor and child as grantee could be created and recorded while the parent is alive. When the parent dies, the deed kicks in and the child now owns the property.