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Category Archives: QPRTs
Qualified Personal Residence Trusts (QPRTs)
In essence, a QPRT is formed when a grantor transfers a personal residence (and some cash for expenses) into a residence trust, and retains the right to live in the residence for a term of years. If the grantor dies before the end of the trust term, the trust assets are returned to the grantor’s estate, and pass under the terms of the grantor’s will. However, if the grantor outlives the trust term, the residence passes to named beneficiaries without any gift or estate tax event. Continue reading
Qualified Personal Residence Trusts (QPRTs)
IRC §2702 provides that an interest transferred in trust to or for the benefit of a family member is treated as a gift of the entire interest, even if the transferor retains a partial interest. In such case, the taxable … Continue reading →