A decline in real estate values has left many homeowners feeling helpless as reports continue to trickle in pointing to a continued downward trend, at least for the near term. But there is a silver lining to the drop in your home’s value: a potentially big tax savings when passing your property to your heirs. So if part of your plan is that your children receive your real estate when you die, it makes sense to consider taking certain steps now since values are down and thus tax savings will be greater for you and your family. In this Barron’s article, two effective strategies to accomplish this goal are explained. They are (1) setting up a Qpert (qualified personal residence trust) and (2) setting up a family limited partnership. Read more
The Law Office of William J. Reinhardt, Jr. is available to counsel you on the appropriate plan for you and your family. Call 718-377-8880 or send an e-mail to firstname.lastname@example.org to schedule an appointment.