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The regulations under Code section 2702 allow two types of qualified trusts: personal residence trusts and qualified personal residence trusts ("QPRTs"). Of the two, QPRTs are more widely used because they possess a greater degree of flexibility. A personal residence is one of the following: the principal residence of the grantor;
Another example is a qualified personal-residence trust, which removes a home from an individual's estate. When that person passes away, the family can continue residing in that home without the ...
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 ...
Qualified beneficiaries" are defined as a beneficiary who, on the date the beneficiary's qualification is determined: (A) is a distributee or permissible distributee of trust income or principal; (B) would become a distributee or permissible distributee of trust income or principal if a present distributees' interest ended on that date without ...
The aim of the law is to ensure that the intention of the trust creator or decedent is carried out, and to govern the proper distribution of assets to trust beneficiaries, heirs and devisees. [1] To be enacted into law, the Act must be adopted by the state legislature. To date, most states have adopted the Act (sometimes with modifications). [2]
A qualified domestic trust (QDOT) is a specific type of trust that can offer tax benefits for married … Continue reading → The post Qualified Domestic Trust (QDOT): Marital Deduction appeared ...