You and your partners didn’t start your business with the idea that one day, circumstances would result in one of you exiting the firm. But life doesn't care what kind or how successful a business is, sometimes misfortunes happen that cause your plans to change. Your best preventative defense against a whirlwind of unpleasant outcomes can be found..
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Trusts fall into two seemingly simple categories: revocable or irrevocable. However, things get more complicated from there. One type of irrevocable trust is a Qualified Personal Residence Trust. This is useful because the value of the home is not counted as part of your estate when it is in this trust. Timing is crucial when using a QPRT to pass..
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First off, you may be wondering what an irrevocable trust is; or you may be unfamiliar with trusts in general and need to know more before considering one. Essentially, a trust is a legal arrangement that provides for the ownership, management, and distribution of your property for the rest of your life, as well as after you are gone.
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