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The Water Cooler
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Death in the family and inheritance.
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<blockquote data-quote="Parks 788" data-source="post: 3972550" data-attributes="member: 14646"><p>Okiemoe, not sure or clear of the entire situation or what the land holds as far as dwellings are concerned but one thing you may what to have an attorney look into with regards to a trust, as many others have mentioned, is a QPRT or Qualified Personal Residence Trust. Not an expert as it can get confusing but basically a way to get around to paying estate/death taxes on properties worth a small fortune. My parents did set up a QPRT for their home in Hawaii for my brother and I to "inherit". This was setup about 12 years ago and the QPRT "matured" a couple years ago. Now my brother and I own the home and property and my parents technically lease the property from us. When my parents pass we will owe no taxes on it since we are the owners. THere are a lot of "rules" to follow to make the QPRT work but can be highly beneficial when valuable properties are at risk of having to be sold to pay estate taxes.</p><p></p><p>Not sure if it a QPRT works on land with no dwellings or residences on them. </p><p></p><p>[URL unfurl="true"]https://www.investopedia.com/terms/q/qualified-personal-residence-trust.asp[/URL]</p></blockquote><p></p>
[QUOTE="Parks 788, post: 3972550, member: 14646"] Okiemoe, not sure or clear of the entire situation or what the land holds as far as dwellings are concerned but one thing you may what to have an attorney look into with regards to a trust, as many others have mentioned, is a QPRT or Qualified Personal Residence Trust. Not an expert as it can get confusing but basically a way to get around to paying estate/death taxes on properties worth a small fortune. My parents did set up a QPRT for their home in Hawaii for my brother and I to "inherit". This was setup about 12 years ago and the QPRT "matured" a couple years ago. Now my brother and I own the home and property and my parents technically lease the property from us. When my parents pass we will owe no taxes on it since we are the owners. THere are a lot of "rules" to follow to make the QPRT work but can be highly beneficial when valuable properties are at risk of having to be sold to pay estate taxes. Not sure if it a QPRT works on land with no dwellings or residences on them. [URL unfurl="true"]https://www.investopedia.com/terms/q/qualified-personal-residence-trust.asp[/URL] [/QUOTE]
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