Living Trust. Download online state specific estate planning (revocable living trust) documents. Void Probate
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To better understand the issues relating to your legal situation or problem, our legal information and other law related facts may be of interest to you
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Qualified personal residence trust
A qualified personal residence trust (QPRT) can remove the value of your home or vacation dwelling from your estate and is particularly useful if your home is likely to appreciate in value. A QPRT lets you give your home as a gift - most commonly to your children -- while you keep control of it for a period that you stipulate, say 10 years. You may continue to live in the home and maintain full control of it during that time.
In valuing the gift, the IRS assumes your home is worth less than its present-day value since your kids won't take possession of it for several years. (The longer the term of the trust, the less the value of the gift.)
Say you put a $675,000 home in a 10-year QPRT. The value of that gift in 10 years will be assumed to be less - say, $400,000 -- based on IRS calculations that take into account current interest rates, your life expectancy and other factors. Even if the house appreciates in 10 years, the gift will still be valued at $400,000.
Here's the catch: If you don't outlive the trust, the full market value of your house at the time of your death will be counted in your estate. In order for the trust to be valid, you must outlive it, and then either move out of your home or pay your children fair market rent to continue living there, Janko says. While that may not seem ideal, the upside is that the rent you pay will reduce your estate further, Levine notes.
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Return to all Living Trust legal information
Legal Articles about Living Trust
Living Trust Frequently Asked Questions
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Demand Promissory Note |
$ 9.99 |
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Total: $9.99
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Problems Solved by Estate Planning
A living trust can solve many of the problems encountered in estate planning. Some ...
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Try to Avoid Probate with Living Trust
First of all, what is probate? We've heard various things about probate and we pretty ...
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The AB Living Trust Saves Taxes
Some people must consider federal estate tax when planning their finances. Estate tax ...
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Real estate transactions: April 20, 2022
Bradenton Herald
$1,250,000 Grand Mariner On Dream Island LLC to Robinson Donald Raymond, Donald Raymond Robinson Qualified Personal Residence Trust, Grand Mariner on Longboat Key, Unit 35A, O.R. Book 02563 Page 5977, April 8. $1,200,000 Goff James E, Goff ...
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Florida Homestead Rights Can Be Waived by Warranty Deed
WealthManagement.com
That same day, Jerome transferred his 50 percent undivided interest in the property to a qualified personal residence trust (QPRT). The QPRT was to continue for a term ending on the earlier of five years from the date of the creation of the QPRT or the ...
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