For those of you with still-fresh memories of this past Labor Day weekend out at the family cottage, now may be the time to take action to ensure that future Labor Days and summer outings will continue to be enjoyed by your family long after you are gone. In other words, ensure the future of the family cottage and the peace and domestic tranquility of your family through proper estate planning. So, how do you do that? The Wall Street Journal Online recently touched on the topic. The best way to leave an inheritance that includes a family vacation home…
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Unfortunately, estate planning opportunities tend to be hard to time. Practically speaking, you tend to not be “done” with your estate when the law creates a planning window. Certainly, that was the joke in 2010 when the estate tax lapsed and it become “the year to die.” [Just ask the family of George Steinbrenner!] As I and many others have noted previously, both 2011 and 2012 are incredibly favorable years for gifting. While the law (and other factors) have made these scant two years such a great window, that doesn’t mean you’re done with those assets of your estate you…
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The Wall Street Journal Online article introduces and discusses the possibilities of QPRTs or “qualified personal residence trusts” as vehicles for transferring ownership of residential houses. The article discusses the growing popularity of QPRTs as estate planning vehicles that can take advantage of low market prices on houses to maximize value against gift tax exclusions, and mentions some complications that might arise.
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