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.
Irrevocable Trusts
- Overview
- SLAT
- ILIT: Irrevocable Life Insurance Trust
- Grantor Trusts
- GRAT
- QDOT
- QPRT
- CRUT/CRAT
- UniTrusts
- Bypass Trusts
- Credit Shelter Trusts
- Marital Trusts
- AB Trusts
- Disclaimer Trusts
- Dynasty Trusts
- Advising and Representing Trustees
- Trust Reformations
- Trust Accountings
- Trustee Removal
- Pennsylvania Pet Trust
- Education Trusts
Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
Free Consultation
Client Review
"I worked for Peter Klenk for 4 wonderful years. I can’t speak highly enough of everyone at the firm. Everyone truly cares about their clients and has a strong sense of responsibility to get things done right. I would highly recommend Klenk Law!"
Flora Novick
Areas Served:
Philadelphia PA, Allentown PA, King of Prussia PA, Montgomery County PA, Bucks County PA, Doylestown PA, Jenkintown PA, Marlton NJ, Moorestown NJWhat Our clients are saying
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!
A Google User
Peter is a model attorney who puts his clients first at all costs. His extensive expertise in estate planning and tax planning was a great comfort as we began, and have expanded, our family. He is very thoughtful, generous, and quick witted. His approach towards his business has been an inspiration to his peer group, and his zest for life is extremely infectious. Without reservation, I highly recommend Peter as trusted and cherished counsel
MJG
Affable...yet surprisingly cerebral estate planning atty. High marks all the way around.
Rachel Roney
Peter has done a great job with the estate planning for my father. He is very thorough and patient as we, the family need to make decisions.
Ian Marchant
Mr. Klenk, quickly understood the circumstances presented and provided clear and concise advice. This advice provided me with the information I required to progress the case to my advantage.
Let us put our expertise to work for you.
Free consultation within 24 hours.
