Now that we have shared the necessary background information, we can look at qualified personal residence trusts. The idea is to fund the trust with your home. You name a beneficiary who will assume ownership of the home after the trust term expires. This term is referred to as the retained income period. During the retained income period, you continue to reside in the home as usual. You decide on the length of this term. It can be five years, 10 years, 15 years, or whatever you choose.
Topics covered in this report include:
- Federal Estate Tax
- Federal Gift Tax
- Qualified Personal Residence Trusts
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Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.
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