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A long as your premium payment follows the “gifting” guidelines,as explained below,there will be no gift taxes incurred by either you or your beneficiaries.
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A Personal Residence Trusts,or QPRT for short,is a special type of irreversible trust that is designed to eliminate the value of your main residence or a second house from your taxable estate at a minimized rate for federal gift tax and estate tax purposes.
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Manage or maintain properties,at least up until those assets are offered or distributed.
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A trust allows an individual or household to designate somebody else,usually a trusted daughter or son,to transfer property after they pass away without the need for a court order and the long and pricey procedure that is involved in acquiring a court order.
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A trust is created when residential or commercial property (realty,financial resources,concrete products) is handled by an individual for another individual’s advantage Escondido Probate Law Estate Planning lawyer A minimum of one trustee should be designated to handle the trust,though several individuals or companies may be called all at once.
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