Qualified Personal Residence Trusts

A device to remove the value of your personal residence from your estate and reduce your estate tax exposure is a particular type of irrevocable trust known as a QPRT or qualified personal residence trust. The QPRT removes the value of a residence from your estate at a greatly reduced gift tax cost. Taking advantage … Read more

The Poor Man’s Estate Plan

The biggest mistake people make when “planning” their Estates is adding someone else’s name to their bank accounts or erroneously relying on account beneficiary designations. The problems that arise with doing so expose you to creditor liability, negative taxation and the like. Here is an example of the issues that could arise: Tiffany lost her … Read more

Do Not Plan Your Estate Around Specific Assets! – The case of Jim.

Unless there are compelling reasons why a specific asset should go to a specific person, you should not try to plan around specific assets. We are repeatedly asked why do I need a trust? I want to add my kid’s names as beneficiaries to my accounts and add them to the title of my property. … Read more