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North Carolina and Kentucky Estate Planning Attorneys

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Safely Positioning Your Home

June 20, 2012 by John Potter

Asset protection is one of the things to take into consideration when you are positioning your assets and making plans for the future. When you are inventorying your assets, you will likely find that your home is the most valuable thing that you own. So protecting your home from creditors and claimants will be one of your primary objectives.

If you are like most people, you intend to leave your home to your children someday. If you are concerned about estate taxes, you can protect your home and save on estate taxes by placing it into a qualified personal residence trust.

Once you fund the trust and name your beneficiaries, you determine a period of time during which you will continue to live in the home rent-free. Funding the trust removes the value of the home from your estate for estate tax purposes and safely shields the property from claimants seeking redress.

There is the gift tax to contend with, but the taxable value of the gift is reduced by the interest that you are retaining in the home while you continue to live in it.  Ultimately the taxable value will be far less than the actual value of the property on the fair market.

For those concerned about estate taxes, a qualified personal residence trust can be an important part of your comprehensive plan for the future. To learn more about these vehicles and other estate planning tools, arrange for an informative consultation with a Northern Kentucky estate planning lawyer.

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John Potter

Latest posts by John Potter (see all)

  • What Happens If I Leave Assets Out of My Living Trust? - February 15, 2019
  • What are the Advantages of an Irrevocable Trust? - February 14, 2019
  • Charlotte Medicaid Attorneys Explain How to Protect Healthy Spouses - February 11, 2019

Filed Under: Asset Protection Planning, Estate Planning Tagged With: Asset Protection, Estate Planning, Financial Planning

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Testimonials

My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.
Jillian
John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.
David J.
Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.
DKS & KMS

Where We Are

Ashland

ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
Fax: (606) 324-4766

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15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

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HUNTERSVILLE
11330 Vanstory Drive
Huntersville, NC 28078
Phone: (704) 944-3245

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NORTHERN KENTUCKY
7310 Turfway Road
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Florence, KY 41042
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