Residence Trust Personal Within
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FAQ
A qualified personal residence trust (QPRT) is a specific type of irrevocable trust that allows its creator to remove a personal home from their estate for the purpose of reducing the amount of gift tax that is incurred when transferring assets to a beneficiary.
A Qualified Personal Residence Trust (?QPRT?) is an irrevocable trust that holds either a Grantor's personal residence or occasional residence for a certain term, then distributes the property to named beneficiaries at the end of the term.
Possible Downsides of QPRTs In some states, holding a personal residence in a QPRT can result in reassessment of property tax liability and higher property taxes or a loss of certain property tax exemptions or abatements.
7 Steps to Use a QPRT Draft the Trust. The first step in a Qualified Personal Residence Trust is to have a professional write up the irrevocable trust agreement. ... Place Home in Trust. ... Appraise Home. ... Report to IRS. ... Reside in the Home. ... Transfer to Beneficiaries. ... Fair Market Rent.
What happens at the end of the QPRT term? Once the QPRT terminates and the beneficiary becomes the owner of the property, the Grantor can pay rent in exchange for the use of the property.