There’s No Place Like Home
The residence is such an integral part of American life and generally one would think laws and procedures for ownership and estate and gift taxation of residences would be intuitive. But there are many traps for the unwary which can make the home sweet home turn sour. This presentation will walk through various titling options, such as joint ownership, revocable trust ownership and land trusts, and provide a checklist for ways to ensure that such ownership does not result in problems. It will also revisit the qualified personal residence trust which has renewed interest in light of higher interest rates and the looming lower estate tax exemptions which cause estate tax savings to be appealing. We will also discuss gifts of remainder interests to charities, trust provisions for residences, income tax exclusions, and helping children buy their residences.
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