Residence Trust Real Estate With Investment
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FAQ
An irrevocable qualified personal residence trust requires that you transfer the ownership of your home into the trust. Because you are not the owner of the house at the time of your death, the value of the property is not included in your estate, effectively removing it from being subject to estate tax.
However, a trust involves the expenses of attorneys, any property registration or title transfers, filing fees, and any compensation granted to the trustee. These fees, when added up, can create an estate planning option that is actually quite expensive. Some of these variables are controllable.
Most QPRTs do not generate any income and an income tax return is not typically required. If the property generates income, a Grantor Trust Tax Return, Form 1041, may be required.
If a QPRT home is sold, then the Grantor has two years to reinvest the proceeds into the purchase of a new home. If this rule is satisfied, then the QPRT status will continue. However, the new home must meet the trust requirements. Further, the trust terms must allow the trust to hold proceeds of a sale.
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.