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Anderson, Dorn & Rader, Ltd.
Home » Estate Planning » Your Home & Your Estate

Your Home & Your Estate

March 18, 2011 by Gerald M. Dorn, Estate Planning Attorney

The subprime crisis and financial meltdown certainly has taken its toll on the real estate market, and most areas of the country have made slow strides to recover. But the fact remains that home ownership has traditionally been the foundational instrument of wealth building in the United States and most Americans would likely still tell you that their homes are their most valuable asset.
When the market is healthy and appreciation is robust it can certainly make sense to invest a large percentage of your income into your residence. So when you’re inventorying your assets as you prepare your estate plan you may find that it is the value of your home that pushes your overall worth above the estate tax exclusion of $5 million.
If the value of your home is making your estate vulnerable to the 35% federal death levy one option that is available to you is the creation of a qualified personal residence trust or QPRT. With these trusts you name your beneficiary, appoint a trustee, and fund the trust with the residence. By doing so you remove the value of your home from your estate for estate tax purposes, but it is considered to be a gift into the trust and it is taxable as such.
However, the trust states a term during which you will continue to reside in the house. By so doing you retain an interest in the home, so the taxable value of the gift is reduced by the amount of your retained interest. When the retained income period ends ownership of the residence will be transferred to the beneficiaries designated in the trust and this asset will no longer be subject to an estate tax in your estate.

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Gerald M. Dorn, Estate Planning Attorney
Gerald M. Dorn, Estate Planning Attorney
Gerald Dorn is a shareholder and has been a partner at Anderson, Dorn & Rader, Ltd. Since 1998. Mr. Dorn has extensive experience serving wealthy families and business owners in the development of estate, tax and asset protection planning strategies. He made the decision to focus his practice in the area of estate planning after witnessing the personal grief and financial loss suffered by several of his clients as a result of poor planning. These experiences motivated him to dedicate his professional life to assisting his clients to preserve their life’s work for their heirs and to create a lasting legacy for those they love. Mr. Dorn is able to accomplish his mission through the use of a vast number of estate planning tools, both basic and advanced, for all of his clients at Anderson, Dorn & Rader, Ltd.
Gerald M. Dorn, Estate Planning Attorney
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Filed Under: Estate Planning Tagged With: inheritance planning, trusts

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