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A Personal Residence Trusts,or QPRT for short,is a special type of irreversible trust that is designed to eliminate the value of your main residence or a second house from your taxable estate at a minimized rate for federal gift tax and estate tax purposes.
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Corona Probate Law Tenants-In-Common Property Tenant-in-common assets include property titled in the decedent’s name as a tenant-in-common with one or more other individuals.
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A Trust is unfunded and property remains outside of the Trust’s intended protection from the probate process A qualified domestic trust (QDOT or QDT) can prevent this from taking place Corona Probate Law A trust administration is NOT a court-supervised process yet its ultimate goal is also the transfer of property from an individual who has died (the decedent) to that individuals beneficiaries who are identified in his/her revocable living trust.
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