Big Three from Episode #057: The current estate tax exemption is $11.7 million, but that doesn’t mean you shouldn’t file. Estate tax returns are not easy, but they are worth it. Margaret’s expert opinion: If you can take advantage, file it. An estate tax return is not an income tax return. It’s an inventory of your assets, your deductions. It’s…
A Qualified Personal Residence Trust (QPRT) is an estate-planning tool that allows individuals to retain the right to live in their home for a specified period of time while also providing for the eventual transfer of a home at a lower transfer tax rate. A grantor using the QPRT transfers title to a personal residence to the trust (either a…