Gift trusts are the Swiss army knife in estate planning as they can eliminate your estate tax while also protecting your assets from lawsuits. A gift trust is a way to gift assets to another party, such as your children or grandchildren, without having to pay the estate taxes that would apply upon your death.
A Qualified Personal Residence Trust (QPRT) is a special type of irrevocable trust that provides asset protection and reduces your estate tax liability. Qualified Personal Residence Trusts allows you to gift your home to your heirs while still living in it rent free for a specific period of time. You can be both a beneficiary and trustee of a Qualified Personal Residence Trust, as long as it does not exceed your life expectancy predicted by the I.R.S.
A Limited Partnership (LP) is a type of business entity that can be used for many purposes, including asset protection. LPs are structured differently than limited liability companies (LLCs), corporations and other business structures.
Anyone who owns a corporation, limited partnership, LLC or other business structure needs to be aware of the Corporate Transparency Act (CTA). The CTA is a law passed in 2021 that introduces new reporting requirements, which go into effect January 1, 2024.
