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We’re asked often “should I use a QPRT as asset protection”? When you have worked hard and invested time, effort and money to increase the value of your property, then it makes sense for you to hand the family home over to your children. The Qualified Personal Residence Trust (QPRT) has been used to reduce taxes and avoid probate while permitting parents to live in their homes. At...
Watch the video on Irrevocable Trust vs Will: The Top Five Differences Like this video? Subscribe to our channel. When meeting with your financial planner to prepare or modify your estate plan, a discussion about the best ways to accomplish your goals will invariably involve irrevocable trusts vs will. Depending upon the types of assets you own, family circumstances, possible health concerns, and other factors,...
1. The Entire Estate Plan What do Jimi Hendrix, Steve McNair, Michael Jackson, and Bob Marley all have in common? They all died without a proper estate plan or even a will and their heirs paid the price in legal fees, court costs, and endless delays. Many people die “intestate,” (without a will). Even though the states have continued to improve their intestate laws, your assets and...