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This is the third blog in a four-part series that focuses on estate planning strategies.
The estate and gift tax exemption is $11.4 million per person ($22.8 million for a married couple) in 2019. Depending on your circumstances, gift planning with real estate can be an effective way to take advantage of a large exemption amount without hurting your liquidity. Of course, there are many items to consider when transferring a piece of property to others, including the right structure, the terms, and the tax benefits. Fortunately, a few key strategies may help you transfer real estate in a tax efficient manner.
Qualified personal residence trusts (QPRTs) can significantly reduce taxes on the transfer of the property. Key characteristics of this strategy include:
A gift to a trust with lease back is a type of transaction that removes property from the grantor’s estate, but allows the grantor to continue to use the property. Key characteristics of this strategy include:
Giving more, and giving more efficiently, is one of the primary reasons many people consider donating real estate to a favorite charitable organization. Key characteristics of this strategy include:
A gift of real estate—especially a property that a family considers to be part of its unique heritage and family identity—can be a strategic way to achieve numerous goals while maintaining liquidity. For more information on efficient ways to transfer your family’s real estate assets, visit our Lifetime Gift Planning resource page.
Theresa Marx is a senior wealth strategist for CIBC Private Wealth Management in Chicago, with 15 years of industry experience. In this role, she is responsible for developing integrated wealth management solutions and providing comprehensive estate and financial planning services to high net worth clients.
Gordon Scott, CFA
July 14, 2020
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