Qualified Personal Residence Trusts
The task of estate planning may seem daunting, especially for those with considerable estates and/or complicated family or business situations. However, neglecting to realistically consider the future and make appropriate plans can be very costly to those left behind. While talk of wills, powers of attorney, trusts, and the like can be uncomfortable, much understanding and peace of mind can be had from a consultation with a knowledgeable Nashville estate planning lawyer. At the Randy Ratliff Law Offices, PLLC, we believe that every family needs – and deserves – an estate plan especially designed for their own unique needs, desires, and situation. For some area families, this includes a helpful estate planning tool known as a qualified personal residence trust (QPRT).Planning for the Next Generation
There are many types of documents that can assist an individual or family in their quest to preserve as much of the value of their hard-earned assets as possible for the next generation. The best legal vehicle for accomplishing this purpose can vary widely depending up the age and health of the person planning his or her estate, the total value of his or her assets, and the financial maturity of those to whom he or she seeks to name as beneficiaries of his or her estate. In cases in which a person has considerable assets, the level of which could trigger a gift tax or estate tax at some point, a qualified personal residence trust may help pass on a home to a beneficiary while reducing the gift tax associated therewith.Possible Risks of a QPRT and Other Possible Options
Utilization of a qualified personal residence trust can carry some risks, so careful consideration should be given to factors such as the length of the trust, the trustor’s age and health, and the rules set forth for QPRTs by the Internal Revenue Service. In some cases, it might be best for the would-be QPRT trustor to use a different estate planning tool. He or she may also need additional paperwork, such as a will or a different type of trust. Asset protection planning or business succession planning may also be advisable.
A person planning for his or her future needs and for the comfort and ease of those left behind may also wish to speak to an estate planning attorney about matters such as a health care proxy, a special needs trust, or charitable planning. Careful attention should also be paid to estates involving non-citizen spouses, unmarried couples, and pet owners who wish to provide for their animals in the future. There are also special estate planning tools that may be of benefit to those who are likely to be dependent upon TennCare, Medicaid, or Medicare at some point in the future.Will and Trust Lawyer Serving Nashville
While there are some significant potential benefits to a qualified personal residence trust, it is important to speak to an attorney who is well-versed in the area of trust and estate law about whether a QPRT is right for you. There are other legal options that may serve a similar purpose and be more desirable for a particular individual or family. If you would like to know more about the possible benefits of a qualified personal residence trust, the Randy Ratliff Law Offices, PLLC, would be glad to schedule a consultation. To reach our office, dial 615-656-8282. We assist clients throughout Williamson and Davidson Counties, as well as in the cities of Franklin, Brentwood, Cool Springs, and the greater Nashville area. Our office also represents clients involved in family law matters such as divorce or child custody, as well as those who need legal representation in the area of elder law, including the Medicaid qualification process, nursing home contracts, conservatorships, elder financial abuse, and related matters.