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A personal residence is one of the following: the principal residence of the grantor; one other residence of the grantor; or; an undivided fractional interest in either. Up to two residences may be transferred into residence trusts, and one must be the primary residence. The other residence, usually a vacation home, may be rented by the grantor ...
Another example is a qualified personal-residence trust, which removes a home from an individual's estate. ... For example, Medicaid trusts are intended to reduce the person's financial burden for ...
A Qualified Personal Residence Trust, or QPRT, is something you may decide to create to minimize gift and … Continue reading ->The post Qualified Personal Residence Trust (QPRT) appeared first ...
But many documents will give the individual co-trustee powers that differ from the corporate trustees. For example, the individual co-trustee's rights and duties may be limited to dealing with discretionary distributions of principal and income, sale of a personal residence held in the trust, or sale of a "heartstring asset." [35]
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
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Such trusts are set up in an attempt to avoid or mitigate the effects of taxation, divorce and bankruptcy on the beneficiary. Such trusts are therefore frequently proscribed or limited in their effects by governments and the courts. The asset-protection trust is a trust that splits the beneficial enjoyment of trust assets from their legal ...
Continue reading → The post Quicken Willmaker & Trust Review: Pros & Cons appeared first on SmartAsset Blog. However, the brand can also help you take care of your estate planning needs. Quicken ...