Estate planning with a personal residence. From: The Tax Adviser | Date: October 1, 1993| Author: | COPYRIGHT 1993 American Institute of CPA's. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

Annual exclusion gifts of liquid assets are often used to reduce estate taxes but many people are wary of handing over income-generating assets. Another option is the use of non-liquid assets such as personal residences which do not produce income. If partial interest in a property is to be donated as an outright gift, it is important that a waiver of partition is executed before the transfer. Personal residence trusts, in combination with grantor retained trusts, are the most effective way to maintain control over a donated property. Leaseback options and joint purchases are also discussed.

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