You can also transfer a primary residence to a "grantor" MAPT. ?This ensures that as long as you have lived in the residence at least two out of the five years prior to a sale, and if the residence is sold during your lifetime, you will be entitled to the capital gains tax exemption for homeowners (up to $250,000 of gain for individuals, and $500,000 of gain for married couples under current law).
In addition, in many states you will retain the right to all property tax exemptions usually available only to individual owners, even though the residence has been transferred to the MAPT.
Excerpt from The Complete Guide to Estate and Financial Planning in Turbulent Times (Collaborative Press, 2011) - Walt Dallas, Contributing Author
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