Hi erudite ones.
Quick question.
Am a resident of MA but own property in AZ which we snowbird in for part of the winter. MA remains our residence.
AZ home is a SFH and not rented but held as joint tenancy with my wife.
I'd like to get this protected from creditors as I am in a high risk profession and just would like to be able to sleep well at night. Have several colleagues who have been sued and it's just not worth the agita to me to not protect this valuable asset.
Proposed options are a QTIP trust or some other form of an irrevocable trust or just putting it outright in my wife's name (she works but in a low risk field).
Any thoughts as to how to best protect this asset? That is the primary goal with estate planning being secondary (Not currently subject to estate taxes outside of MA but very much so in MA). I would not want to impair ability to make it a primary home (subject to $500k cap gains exclusion were we to sell it after making it our residence for 2+ years) and would not wish to impair ability to sell it otherwise (were we not residents).
Thanks, in advance, and happy new year! I am so grateful for this group and have learned so much over the years, it continues to blow my mind to this day! Someday I have to find a way to personally thank Bruce Steiner and SpiritRider for their invaluable contributions to this board. I'm sure many feel the same way.
SR
Quick question.
Am a resident of MA but own property in AZ which we snowbird in for part of the winter. MA remains our residence.
AZ home is a SFH and not rented but held as joint tenancy with my wife.
I'd like to get this protected from creditors as I am in a high risk profession and just would like to be able to sleep well at night. Have several colleagues who have been sued and it's just not worth the agita to me to not protect this valuable asset.
Proposed options are a QTIP trust or some other form of an irrevocable trust or just putting it outright in my wife's name (she works but in a low risk field).
Any thoughts as to how to best protect this asset? That is the primary goal with estate planning being secondary (Not currently subject to estate taxes outside of MA but very much so in MA). I would not want to impair ability to make it a primary home (subject to $500k cap gains exclusion were we to sell it after making it our residence for 2+ years) and would not wish to impair ability to sell it otherwise (were we not residents).
Thanks, in advance, and happy new year! I am so grateful for this group and have learned so much over the years, it continues to blow my mind to this day! Someday I have to find a way to personally thank Bruce Steiner and SpiritRider for their invaluable contributions to this board. I'm sure many feel the same way.
SR
Statistics: Posted by scarabrad — Sat Dec 28, 2024 12:21 pm — Replies 0 — Views 38