Insights
Insights from the Skabelund Team
Qualified Personal Residence Trusts
A Qualified Personal Residence Trust (QPRT) is a special type of irrevocable trust that provides asset protection and reduces your estate tax liability. Qualified Personal Residence Trusts allows you to gift your home to your heirs while still living in it rent free for a specific period of time. You can be both a beneficiary and trustee of a Qualified Personal Residence Trust, as long as it does not exceed your life expectancy predicted by the I.R.S.
What is a Limited Partnership?
A Limited Partnership (LP) is a type of business entity that can be used for many purposes, including asset protection. LPs are structured differently than limited liability companies (LLCs), corporations and other business structures.
Understanding the Corporate Transparency Act: A Guide for Business Owners
Anyone who owns a corporation, limited partnership, LLC or other business structure needs to be aware of the Corporate Transparency Act (CTA). The CTA is a law passed in 2021 that introduces new reporting requirements, which go into effect January 1, 2024.
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John Skabelund was highly recommended to me by my accountant and I could not be more pleased! They have coordinated together to help me set up my relevant business and personal entities and assets in such a professional way that I feel confident moving forward. John is very responsive and diligent in his approach to my needs. I will happily work with him in the future.
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John and his firm are top notch in both knowledge and service excellence! I have enjoyed working with him in collaboration on several of my CPA client’s situations. His process is straightforward and transparent. What he is doing for the industry is simply a breath of fresh air!
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I received excellent service from this company. They listened to what I had to say and then followed through with my wishes. My trust turned out exactly how I wanted it. I am very pleased.
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I highly recommend Skabelund PLLC. John and his team are great to work with. Quick responses to our questions and very helpful when we asked for guidance. If you’re looking for a new lawyer, this is your place!