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December 2010 – Taking QPRTs a Step Further: Selling the Remainder Interest to Avoid Gift Taxes and Maximize Asset Protection
February 14th, 2013The one asset nearest and dearest to most people’s hearts – and the one most difficult to protect from creditors – is the personal residence. Unlike cash and other liquid assets, you cannot remove a residence from the jurisdiction and out of the hands of creditors. A creditor who obtains a judgment against a homeowner needs only to record the judgment and wait. Once the judgment is entered, the homeowner cannot sell or refinance the residence without first retiring the judgment. Eventually, the judgment will be paid.