Articles on Family Home Transfers

Lewis Saret (Federal Tax Attorney, Washington D.C.) recently published a few articles entitled, Transfers of Family Homes Part I and  Transfers of Family Homes Part II, The Estate Planner, ( Sept. 2012) & (Nov. 2012). Provided below is the introduction to the latest article:

This column picks up where Part I left off. Specifically,Part I discussed transfers of family homes generally and different types oftaxes planners must consider when planning for the transfer of a family home,and then began to focus on different ways that family homes may be transferredand the tax and nontax issues associated with such ways. Part II will focusmore heavily on different ways that family homes may be transferred and willspecifically discuss the following types of transfers:

• Family Limited Partnerships (FLPs) and Family
• Limited Liability Companies (FLLCs)
• Gifts in trust: Qualifi ed personal residence trusts
• (QPRTs)

Future columns will discuss the following types of transfers:gifts in trust, remainder purchase marital trusts, sales and bargain sales,gifts to charity and charitable remainder trusts. Future columns will alsodiscuss practical, nontax issues associated with transfers of family homes,including agreements to clarify who will pay post-transfer maintenance costs ofthe home and who has access to the home, etc.