Carlyn Lowery, Associate Broker, Lowery Home Team at eXp Realty, Annapolis and Anne Arundel County MD Real Estate

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Have you considered “gifting” your home away?

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f1Annapolis, Maryland – Passing along a property to a loved one as part of your estate planning is an invaluable gift. That said, in order to avoid being taxed unnecessarily, you want to consider what’s known as a “QPRT” or Qualified Personal Residence Trust. Real estate values in the Annapolis area have come way down since the real estate recession in 2010 and combined with this trust, lower property values could save you significant money on gift and estate taxes.

QPRTs offer the opportunity for people to move a home out of their estate, while still allowing them to live in it for a time. This arrangement is ideal for a parent gifting a property to their child, and timing could not be better to consider this, as you would be removing the home from your estate at a time when property values are low. You will not pay estate taxes on it, and down the road you and yours will enjoy the benefits when its value increases, instead of paying a giant estate tax bill on a home that has increased in value over the same time period. In other words, you are guaranteeing yourself a lower gift-tax amount.

Here’s what happens: You move the asset out of your estate and put it into a QPRT for say, ten years. Those ten years can be spent living in the home exactly as you always have. You will file a gift-tax return the first year, which through a very intricate IRS formula could even prove to be profitable from a discount. After ten years has passed, the home transfers to your children or beneficiaries, and they legally own the home, meaning it will not be subject to estate taxes! Do note however, that if your desire is to continue living in your Annapolis home after this period you must pay your beneficiaries fair-market rent, or risk trouble with the IRS. In the event of your death, your beneficiaries would not have to pay inheritance taxes on the home. This is a great option for many Maryland home owners. It may be something to consider for your Annapolis home!

I came across a good article on QPRTs from the Bank of New York website which can be read here: http://www.bnymellonwealthmanagement.com/Resources/documents/PerspectivesDocs/QPRT_Residence.pdf

 

With a broad background and strong record of success, Carlyn brings extraordinary skills and talents to her real estate clients in Annapolis and Anne Arundel County.  Having owned rental properties, Carlyn has the skills and experience to help her clients build and manage their own profitable and secure rental portfolios, and cash them out when the time is right. 

Carlyn comes from a tradition of service, is ready to serve, and she especially enjoys working with current and prior service members. Having spent over ten years building software companies, Carlyn enjoys working with successful business people, entrepreneurs, and the self-employed. She uses her high-tech expertise and financial knowledge to sell their houses effectively and for a higher price, and to find them the homes they want, while saving them time and money.

She has been awarded the prestigious Certified Residential Specialist (CRS) Designation by the Council of Residential Specialists, the largest not-for-profit affiliate of the National Association of Realtors®. Carlyn has earned lifetime membership in the Distinguished Sales Achievement Club, membership in The Masters Club, and designation as a Certified Luxury Home Marketing Specialist and Million Dollar Guild Member.  For inquiries you can contact her direct at 443-569-3977 or by email at Carlyn@LoweryHomeTeam.com

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Here are some client reviews of Carlyn Lowery…

“Carlyn got us a quick sale above the asking price. She qualified prospects well, used a professional photographer for advertising photos, and provided expert advice during negotiations. Carlyn is what other Realtors aspire to be!”
– Paul Donnelly

“As first time home buyers, Carlyn Lowery was very attentive to our basic needs of walking us through each step of the home buying process from a novice standpoint. The long detailed list of items due at specific times from the start of the contract all the way through to the week of closing was greatly appreciated. It was great having an agent who took the time to clearly lay this all out for us. End result – a very smooth time at settlement. No surprises!”
– Ann Hannam

“We wanted a professional who would work with us to sell our home
quickly for a good price and protect our interests as sellers through the process.
Carlyn’s business acumen is her (and will be your) greatest asset.”
– Sue Bogard

“Carlyn was wonderful. She was organized, prepared, and knew the steps to take to sell our home quickly and used a wide array of marketing to get the job done. She gave great advice
during each of the phases, and in particular on the negotiation.”
– Michael Morgan

 

Questions? Call Carlyn Lowery today.

443-569-3977 – Direct
888-860-7369 x146 – Main Office
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