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What is a Qualified Personal Residence Trust or QPRT?

April 26, 2017QPRT qualified Residence Trust

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What is a Qualified Personal Residence Trust or QPRT?

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This is an irrevocable trust into which a personal residence is transferred. The individual or couple who created the trust retains the right to use the property for the term of the trust. This is a tax planning technique to remove the asset from the estate of the individual making the trust. If the trustmaker survives the term of the trust, then the asset is not part of the estate.