It’s a new year, and you may want to consider adopting some new estate planning strategies. So the attorneys at Doane and Doane have a few tips.
First consider a QPRT or a Qualified Personal Residence Trust.
This is an advanced estate planning technique in which you use a personal residence as part of a trust that will eventually pass on to your family. The benefit of a QPRT is that you essentially can transfer a residence for less than its full value, while enjoying the benefits of the personal residence during the length of the trust. Here is how it works. You fund your trust with a personal residence. In other words, you, as the trust grantor, would transfer ownership of the personal residence into the trust. You would make sure that the trust term is shorter than your life expectancy. When the trust terminates, the residence either passes outright to your children (or whomever you designate) or into further trust.
If you’re wondering how a residence can be transferred at less than full value, or what happens if the grantor dies before the trust term is up, call Doane and Doane attorneys at law today or log onto doaneanddoane.com .
Their seasoned estate attorneys will help you navigate the process and protect your hard-earned assets.