FormsHound.com

Personal Residence Trust

Personal residence trusts are used to transfer a grantors residence out of the grantors estate at a low gift tax value. Once the trust is funded with the grantors residence, the residence and any future appreciation of the residence is excluded from grantors estate. This type of trust is an irrevocable split interest trusts. The transfer of the residence to the trust constitutes a completed gift. The split interest character of the trust is as follows: the grantor retains the right to live in the house for a number of years, rent free, and then the remainder beneficiaries of the trust become fully vested in their interest.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

(more...)


Download: Personal Residence Trust

Available from: USLegalForms.com

SKU: US-02090BG

NOTICE: The information and links contained on this web page are intended only to be merely informative and are NOT intended to provide legal advice to any person/entity. Consult with and seek the advice of a qualified lawyer. E.&O.E. Click here for important legal disclaimer.