Qualified Personal Residence Trust

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A qualified personal residence trust lets you continue to live in your home but transfer it to your children now so you will save estate taxes when you die.

When you set up a qualified personal residence trust, you transfer your home or vacation home to an irrevocable trust. For a specified period of time (often 10 to 15 years), you retain the right to use and live in the residence. After that time, the residence transfers to your beneficiaries (usually your children).

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Kevin L. Von Tungeln, Thompson | Von Tungeln, A P.C. | Attorney Advertising

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