Qualified Personal Residence Trust

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Qualified Personal Residence Trust

Also called a QPRT. In the United States, a trust to which the grantor transfers his/her personal residence. A QPRT is irrevocable. Therefore, the value of the residence is removed from the grantor's estate, which reduces his/her estate tax liability. The grantor may continue to live in the home for no charge for a certain number of years. The grantor, however, usually must pay a gift tax proportionate to the value of the home he/she owns free and clear.
References in periodicals archive ?
Short-term grantor-retained annuity trusts (GRATs) or qualified personal residence trusts (QPRTs) whose terms end before the Act's sunset provisions will still be an effective planning technique for very high net-worth clients.
These include irrevocable life insurance trusts and qualified personal residence trusts.
Review Planning Implications of Qualified Personal Residence Trusts
These temporary larger exemption amounts have prompted many to consider establishing Qualified Personal Residence Trusts with large remainder interests, gifting business interests creating minority and lack of marketability discounts and establishing multi-generational education trusts.
Qualified personal residence trusts (QPRTs) are similar to GRATs in some ways.
Qualified personal residence trusts (QPRTs) and personal residence trusts (PRTs) are other special forms of a GRIT.
Chamberlain, Florida Homestead Transfers: The Advantages of Short-term Qualified Personal Residence Trusts, 76 Fla.
Also covered are equity strips, private annuities, and qualified personal residence trusts.
These include the use of entities that may qualify for valuation discounts, such as family limited partnerships; trusts, such as grantor retained annuity trusts and qualified personal residence trusts that allow transfers to family members with retained interests; plus other techniques, such as sales to intentionally defective trusts.
Many clients established Qualified Personal Residence Trusts (QPRTs) in years past.
Complex trusts, such as qualified personal residence trusts and grantor retained annuity trusts, pose the additional problem of the estate tax inclusion period (ETIP).
Grantor retained annuity trusts (GRATs), charitable lead trusts (CLTs) and qualified personal residence trusts (QPRTs) can be used as devaluation trusts.
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