What estate planning techniques can I utilize with my residence?

There are several approaches that could be utilized when making gifts of real estate but, as with any gift, the recipient will receive a carryover cost basis in real estate. Accordingly, it is important to evaluate whether and how much capital gains might be passed on to the recipient and whether the tax effects will outweigh any potential estate tax benefits. The approaches most commonly used are:

QPRT (see separate white paper topic)
Sale to Grantor Trust (see separate white paper topic)
LLC
Outright gift or in trust (see below)