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.
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.
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.
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!
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Flora Novick
It's our first time doing business with Klenk Law and it was absolutely very positive. All interactions were timely and very professional. Peter and all of his staff put us at ease when making our estate plans and answered any questions thoroughly. We would highly recommend.
Very friendly and easy to work with - definitely a better experience than I've had with other lawyers! Peter is very detailed and thorough. I've worked on previous versions of my will with other lawyers, and he pointed out things they'd never mentioned. Fast turnaround and very responsive to emails and phone calls.
Peters' firm has prepared and updated our Wills and Trusts for the last 15 to 20 years. They know the law and help with your decision making to use the law to your best advantage. Response time to your requests is very reasonable, and final reviews and signing is executed in a timely manor with a thorough coverage of the documents. Our most recent updates to our Wills & Trusts were somewhat complicated, in our opinion, but Peter and his staff handled them effortlessly. As you can tell from this review Peter Klenk's firm is top notch.
My wife and I were thoroughly satisfied. We had very clear explanations of complicated subjects.
Peter explains things in a practical way to help guide you through a rather daunting process. We have been using Klenk Law for years. Highly recommend.
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