an irrevocable trust that transfers a personal residence or vacation home to a trust, ultimately benefitting your chosen beneficiaries. You have the right to live in the home for a certain term of years and afterwards your beneficiaries own the house.
An inter vivos trust under which a grantor transfers his/her interest in a personal residence to the trustee to hold for the grantor's use and occupation during a specified term, and, upon expiration of the term, the residence passes to the remainder beneficiary or beneficiaries. Primarily used to gift the residence to the remainder beneficiary that is susceptible to application of valuation discounts and actuarial discounts based on the grantor's age and the term of the trust, and is most beneficial if the residence is expected to appreciate in value.
An Irrevocable Trust established to hold title to one's residence. The owner transfers ownership of the house to the Trust, retaining the right to reside in the home for a period of years.
A trust that allows you to remove a residence from your estate while retaining use of it for a designated period of time, after which the home belongs to the trust or its beneficiaries.
The following article on personal residence trusts and qualified personal residence trusts is taken from attorney Jacob Stein's treatise on tax planning, with his permission.