Qualified Personal Residence Trust. 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.
a form of Grantor Retained Income Trust (GRIT) for a residence owned by the grantor
an appealing estate planning device because it combines significant estate and gift tax savings with minimal lifestyle changes, while avoiding fears that too much is being given away
an extremely effective way to remove a residence's value from one's estate at a greatly reduced gift tax cost
an irrevocable trust established by the owner of a residence by transferring title to his or her residence (which may be a vacation home) to the trust
an irrevocable Trust established for a certain number of years
a special trust designed to provide estate and gift tax benefits for a personal residence or a vacation home
a trust set up where the personal residence is gifted to the beneficiaries in an irrevocable manner
a trust that would own the residence after you transferred ownership to it
Qualified Personal Residence Trust. 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.
Qualified Personal Residence Trust. 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.