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Sunday, 18 November 2012 12:01
A Qualified Personal Residence Trust (“QPRT”) is a type of trust specifically authorized by the Internal Revenue Code. It permits you to transfer ownership of your residence to your family during your lifetime and retain the exclusive right to live in the residence, while reducing the size of your estate for estate tax purposes. The residence is transferred to the Qualified Personal Residence Trust for a designated initial term of years. Provided you survive the initial term of years...

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Sunday, 18 November 2012 10:01
A lifetime gifting program allows you to avoid gift, estate and generation-skipping transfer tax on transferred assets. Under the Internal Revenue, Code, you can transfer up to $13,000 per year, per person, to anyone without incurring gift tax or generation-skipping transfer tax. A married couple can give twice that amount, or $26,000 per person, per year. With a lifetime giving program, you transfer this amount annually to the individuals of your choice, typically children, grandchildren and...

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Saturday, 17 November 2012 10:01
In Part II we discussed ways to transfer wealth to our children. We also met Tom and Sally Ray. Tom is a cardiologist and Sally recently returned to work as a realtor. Both are in their late forties. They have two teenage children, Jane and John, and a net worth of $3,000,000. Their wealth is expected to reach $9,000,000 in less than ten years.

The Rays asked me to assist them in creating a legacy for their family. They wished to leave their children more than just financial wealth; they...

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Saturday, 17 November 2012 08:01
In Part I we discussed the how the Planning Pyramid to craft a values-based estate plan. Here we will use an example to discuss some distribution options that are often used.

Tom and Sally Ray are two middle-aged professionals who have worked hard to build their medical practice into a successful business. Their net worth, including life insurance, pension and retirement plans is approximately $3,000,000 and growing. Their two children, John and Jane, are in their early teens. Both Tom and...

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Saturday, 17 November 2012 06:01
Planning for the wise transfer of wealth from one generation to the next is a major focus – and one of the most rewarding areas - of my estate planning practice. Virtually all of my clients with children want to pass at least a portion of their estates to their children. The question we deal with then, is how to do so wisely, so that their children not only inherit their wealth, but also inherit their values.

One of the biggest fears my clients share is that once they are gone, their...

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