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QPRT

What is a QPRT?

A Qualified Personal Residence Trust or QPRT is an Irrevocable Trust specifically designed to take advantage of IRS rules to remove the value of the Grantor’s home from the taxable estate.

What is a QPRT’s Purpose?

A QPRT can freeze the value of the Grantor’s residence as of the transfer into the Trust. The home is given to the trust, but the Grantor retains the right to live in the home. This retained right makes the QPRT a Grantor Trust. The trust is designed to last a certain number of years, and, if the Grantor outlives this time, the home passes to the beneficiaries. Because the gift is of a future interest, the value of the gift is reduced. If successful, the real estate passes to the beneficiaries using a fraction of the Grantor’s exemption.

Reasonable Prices | Years of Experience | We Make Trusts and Estate Planning Easier.

If you have any questions about Qualified Personal Residence Trusts or any other estate planning topics, please contact us to schedule a free consultation. For more than two decades Klenk Law has focused only on Estate Law. We’ve seen it all, and this experience allows us to explain complex estate law and planning techniques clearly and concisely. We make it easy for you to understand QPRTs so you can make the best decisions for yourself and your family.

What Our clients are saying

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Kevin K.

I was referred to Peter after my divorce to put documents together to protect my assets. He suggested a number of documents that would help protect my children and their future. Also, he put together wills, power of attorney and living wills. I initially spoke with him on the phone, he took 30-40 minutes to understand my situation and explain the benefits of having such documents. After a week or two, I met with him in his office and signed the documents. Everything else was remote phone calls and emails. He re-explained these documents and what whom to share. I am in good hands.

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Nafeesha. B

When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...

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Sharon S.

I contacted Peter through his website using the free consultation link for a question regarding a will. While I was expecting only a few minutes, it was a lengthy conversation. He made sure he understood the situation by asking many questions before offering advice. He then went through my options and results of each one. He left it up to me to decide if I wanted to proceed and did not push me toward one or another. His website has very useful information which I definitely researched before I called him. While I decided not to proceed at this time, I feel I had enough information to make that decision. I would not hesitate to hire him should I need to in the future.

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Anna B.

Professional, cheerful, thorough and fast. Peter responded to my request for a consultation right away, and within just a few days my last will and living will were done. Rates are standard.

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B.A.

Peter Klenk and his associates are responsive and professional - It is a pleasure to work with their team. If you have needs in estate planning or administration, they are the firm to go to in the Philadelphia area!

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