Residence Trust Real Estate Without
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FAQ
A qualified personal residence trust (QPRT) is an irrevocable trust that allows the Trustor, the creator of the trust, to move a real primary or secondary home out of their personal estate. This is done for the key benefit of transferring the home to a future beneficiary with gift tax savings.
How to Get a QPRT Write the Irrevocable Trust Agreement. Fund the Trust With Your Residence. Obtain an Appraisal of Your Residence for Gift Tax Purposes. Report Your Gift to the IRS. After You Set Up Your QRPT. Transfer Ownership to Your Ultimate Beneficiaries.
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.
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.
The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who are the equitable owners of the trust property.