Qualified Personal Residence Trust

A form of trust used to own and transfer a personal residence, qualified personal residence trust (“QPRT”) to named beneficiaries, typically the next generation in the family. The trust typically provides that the residence is held for the benefit of the individual or married couple for a certain number of years, after which it is transferred to the beneficiaries. The transfer of the residence to the QPRT is a taxable gift and a gift tax return must be filed at the time of transfer. However, since the individual retains the right to use the house for a period of years, the value of the residence is discounted for the purpose of the gift tax return, thus eliminating or reducing the gift tax liability resulting from the transfer of the residence to the beneficiaries. If the individual dies during the period of his retained interest, the tax advantage will be lost.

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