McLaughlin & Quinn, LLC - Providence | Boston

Generally, a Personal Residence Trust is an irrevocable trust that holds title to your personal residence. During the term of the trust you retain the exclusive right to use the property and when the trust term ends the property passes to the designated beneficiaries. If you want to retain the right to rent the house after the term ends you may do so but will have to pay rent at fair market value. This technique allows you to transfer your residence at today's value, subject to gift tax, so you can pass on your appreciation to your children.

There are certain Federal and State taxes that can be discharged in bankruptcy.

Learn more about our
IRS/State Tax Resolution Practice»