US Legal Forms
Personal Residence Trust

Personal Residence Trust

Category:

Trusts - Real Estate

State:

Multi-State

Control #:

US-02090BG

Format:

Instant download

Description

Personal residence trusts are used to transfer a grantors residence out of the grantors estate at a low gift tax value. Once the trust is funded with the grantors residence, the residence and any future appreciation of the residence is excluded from grantors estate. This type of trust is an irrevocable split interest trusts. The transfer of the residence to the trust constitutes a completed gift. The split interest character of the trust is as follows: the grantor retains the right to live in the house for a number of years, rent free, and then the remainder beneficiaries of the trust become fully vested in their interest.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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How to fill out Personal Residence Trust?

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FAQ

Specifically, a QPRT is an irrevocable grantor trust, which allows an individual to take advantage of the gift tax exemption by putting a personal residence, either primary or secondary, into a trust. The grantor determines how long he will retain possession and use of the residence.

Why Create a QPRTYou can put in the Trust your primary residence or your vacation home. When you do that, you can quickly reduce your estate's size below the taxable threshold so that you don't pay any estate taxes when you pass the home to your heirs.Any appreciation in value in the house is not taxable.

In order to obtain a court order revoking an irrevocable trust, such as a QPRT, all beneficiaries of the trust must agree to the revocation.

A Qualified Personal Residence Trust (QPRT) is a specific type of irrevocable trust that allows its creator to remove a personal home from his or her estate for the purpose of reducing the amount of gift tax that is incurred when transferring assets to a beneficiary.

A grantor may establish a QPRT for no more than two residences. The trusts can be funded using (1) a principal residence; (2) a vacation home or secondary residence; or (3) a fractional interest in either.

Each taxpayer may have up to two QPRTs. Each QPRT may hold an interest in only one home. Therefore, if you wish to transfer your principal residence and a vacation home to a QPRT, you must create two separate trusts.

A qualified personal residence trust (QPRT) is a trust to which a person (called the settlor, donor, or grantor) transfers his personal residence. The grantor reserves the right to live in the house for a period of years; this retained interest reduces the current value of the gift for gift tax purposes.

A Qualified Personal Residence Trust (QPRT) is a specific type of irrevocable trust that allows its creator to remove a personal home from his or her estate for the purpose of reducing the amount of gift tax that is incurred when transferring assets to a beneficiary.This tax can also be lowered with a unified credit.

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