Federal tax law offers a great estate planning opportunity to homeowners: the Qualified Personal Residence Trust. It’s a way to minimize federal estate taxes on real estate assets.
How Does a Qualified Personal Residence Trust Work?
For many people, their home is their most valuable asset. By owning your home in a Qualified Personal Residence Trust, you can reduce the exposure of your home to the harsh effect of Federal Estate Taxes. This type of trust allows you to give away the future appreciation of your home, as well as a substantial part of its current value, without Estate or Gift Tax, while retaining the right to live in the home for a number of years.
This is a complex process and it involves several steps to determine if this type of trust can benefit your family. If you want to know more please contact us today at 877-897-6591.