{"id":1206,"date":"2021-01-25T10:00:21","date_gmt":"2021-01-25T15:00:21","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1206"},"modified":"2024-04-25T23:20:04","modified_gmt":"2024-04-26T03:20:04","slug":"qprt-pertinent-to-your-estate-planning-goals","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/qprt-pertinent-to-your-estate-planning-goals\/","title":{"rendered":"QPRT: Pertinent to Your Estate Planning Goals?"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/qualified-personal-residence-trust-1024x357.jpg\" alt=\"Image of a row of vacation homes near the water. Captioned: QPRT: Pertinent to Your Estate Planning Goals? Information regarding a qualified personal residence trust.\" class=\"wp-image-1207\" width=\"1024\" height=\"357\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/qualified-personal-residence-trust-1024x357.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/qualified-personal-residence-trust-300x105.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/qualified-personal-residence-trust-768x268.jpg 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/qualified-personal-residence-trust.jpg 1181w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>Among the leading legal tools for passing wealth down\nthrough generations is the QPRT. A qualified personal residence trust, or QPRT (\u201cQ-pert\u201d)\nis a form of&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/should-a-house-be-in-an-irrevocable-trust\/\">irrevocable\ntrust<\/a> to pass a home to beneficiaries.<\/p>\n\n\n\n<p>The QPRT effects an immediate conveyance of the house to the\ntrust. Nevertheless, the homeowner who establishes the trust (called the <em>grantor<\/em>)\ncontinues to pay all related taxes, and continues to receive any associated tax\ndeductions, for a specified time. Indeed, the\ngrantor may live in the home rent-free, based on what\u2019s termed a <em>qualified\nterm interest<\/em>,until the specified time when the house transfers to\nits beneficiary. <\/p>\n\n\n\n<p>Your home might be modest, yet it could still be subject to\nfederal or state estate tax together with the rest of your assets when you pass\non.&nbsp;This is especially so when government administrations set lower\nthresholds for the minimum amount of a taxable estate.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">One QPRT, Multiple Channels for Transferring Wealth <\/h2>\n\n\n\n<p>The QPRT relieves a homeowner\u2019s taxable estate of the home\u2019s value and appreciation while lowering the grantor\u2019s taxes \u2014 leaving more value for the next generation. A smaller estate tax bill, for <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/estate-tax\" target=\"_blank\">those with large, taxable estates<\/a>, means more money goes to beneficiaries \u2014 typically the homeowner\u2019s children. This matters greatly, because <a href=\"https:\/\/www.kiplinger.com\/taxes\/601639\/estate-tax-exemption\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">estate taxes, for those required to pay them, run about 40%<\/a>.<\/p>\n\n\n\n<p>So, let\u2019s break down these key advantages of the QPRT:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>The QPRT averts estate taxes.<\/strong> The home leaves the owner\u2019s personal estate and goes into the trust. Once the house is out of the grantor\u2019s estate, it\u2019s no longer an item for estate tax if the grantor outlives the trust. <\/li><li><strong>The QPRT hedges against appreciation.<\/strong> According to the case<em> Pergament v.\u00a0Joseph Yerushalmi<\/em>, 487 B.R. 98 (Bankr. E.D.N.Y. 2012), a QPRT can \u201cfreeze\u201d the home value for estate tax purposes. When the trust is created, the home\u2019s taxable value is set. <\/li><li><strong>The QPRT reduces gift taxes.<\/strong> Transferring a home into a\u00a0QPRT\u00a0does\u00a0not\u00a0constitute making a <em><a href=\"https:\/\/www.irs.gov\/instructions\/i709#:~:text=A%20gift%20is%20considered%20a,or%20income%20from%20the%20property.\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">gift of a present interest<\/a><\/em>. A gift has to be immediate for gift tax purposes. Here, the owner isn\u2019t physically parting with the home until the term ends. <\/li><li><strong>The QPRT may serve as asset protection.<\/strong> In <em>Yerushalmi<\/em>, the New York bankruptcy court held that a QPRT is a valid asset protection instrument if was established before its grantor\u2019s debt matter, and not fraudulently created to escape a creditor.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">When the Clock Strikes Midnight <\/h2>\n\n\n\n<p>When the trust\u2019s specified term of years is up, assuming the\ngrantor is still living, the home title is transferred to the trust\u2019s beneficiaries.\nThe home must be deeded to them directly, or placed in a trust for them. This\nmeans a grantor has arrived at the goal of the trust. <\/p>\n\n\n\n<p>The grantor, who no longer maintains the house and pays its\ninsurance and taxes, now stops receiving its property tax benefits.<\/p>\n\n\n\n<p>A grantor who stayed in the house throughout the QPRT term has\ntwo options:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Move out.<\/strong> This prospect is one reason we\nfind more discussion of QPRTs for vacation homes than for primary homes. <\/li><li><strong>Stay put.<\/strong> This is another valid option.\nThe grantor who stays must immediately pay rent at fair market value to the new\nowners \u2014 the trust beneficiaries. The grantor might consider this new payment stream\nan additional channel for transferring wealth to the beneficiaries. <\/li><\/ul>\n\n\n\n<p><strong><em>Pro tip:<\/em><\/strong> During the time the home is in the\nQPRT, the grantor, as steward of the property\u2019s value, should make basic\nrepairs. But a capital improvement is considered a taxable gift to the trust. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Live Long and Prosper With a QPRT<\/h2>\n\n\n\n<p>We wish every QPRT grantor a long and healthy life, and the\njoy of seeing the trust reach the end of its term, and the deed pass to its\nnext owner. In the case that a grantor does not live long enough to hear the QPRT\nclock strike midnight, the trust\u2019s core tax-reduction purpose won\u2019t come to\nfruition. <\/p>\n\n\n\n<p>Instead, the market value of the house will be counted, as\nof the date of death, as part of the grantor\u2019s estate. <\/p>\n\n\n\n<p>In the right circumstances, this is not a major setback.\nYes, the grantor is out the time, the opportunity costs, and the legal costs that\nwent into creating the QPRT. And yes, the grantor has paid for accounting and\nprofessional fees to start the QPRT and keep it running. But apart from these losses,\nthe asset simply goes back into the homeowner\u2019s estate, where it was at the\nbeginning.<\/p>\n\n\n\n<p>Moreover, as explained below in the <em>Checklist: What to\nAsk Your Adviser<\/em> section, you can set a schedule for fractional shares of\nthe asset to go to your beneficiaries. If you do, you elevate the chances that\nat least part of the home\u2019s value will receive the intended benefits. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Basics of Selling a House From a QPRT<\/h2>\n\n\n\n<p>Need to sell the house from the trust? If so\u2026<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Have the buyer make the purchase funds payable\nto the trust\u2019s name, and put the sale proceeds into a new house, purchased by\nthe trust. As long as the funds do not leave the trust, the QPRT benefits\nremain intact. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Another option is to set up the trust so the sale proceeds can be drawn as a <em>grantor-retained annuity trust<\/em> (GRAT annuity) from the trust. The <em><a href=\"https:\/\/www.journalofaccountancy.com\/issues\/2006\/oct\/theabcsofqprts.html#:~:text=A%20GRAT%20provides%20for%20the,reinvested%20in%20a%20new%20residence.\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Journal of Accountancy<\/a><\/em> explains this option more fully.<\/li><\/ul>\n\n\n\n<p>Are you a QPRT beneficiary? After the qualified term interest\nwinds up and you receive the house, you might opt to sell. You received it with\nthe deceased grantor\u2019s \u201cfrozen\u201d tax basis \u2014 the cost basis the home had when it\nentered the trust. If you sell, your&nbsp;taxable capital gains will be\ncalculated on the appreciation not from the date of death, but from back when\nit entered the trust, until your sale date.<\/p>\n\n\n\n<p><strong><em>Note:<\/em><\/strong>Once the title passes to its beneficiaries,\nthe home is then reassessed and has a new fair market value. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Checklist: What to Ask Your Adviser<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright\"><img loading=\"lazy\" decoding=\"async\" width=\"365\" height=\"548\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/qualified-personal-residence-trust-checklist.jpg\" alt=\"Image of a person signing documents and going of a checklist. Here is a checklist of QPRT questions to present to your CPA and your estate planning attorney\" class=\"wp-image-1208\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/qualified-personal-residence-trust-checklist.jpg 365w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/qualified-personal-residence-trust-checklist-200x300.jpg 200w\" sizes=\"auto, (max-width: 365px) 100vw, 365px\" \/><\/figure><\/div>\n\n\n\n<p>Forming and tending a QPRT is complicated. It involves\nworking with professionals in your state who have estate planning knowledge.\nThe first task is to determine whether the QPRT is a better fit for you than other\nkinds of trusts or estate planning tools. <\/p>\n\n\n\n<p><strong>&nbsp;<\/strong><strong>\u261b<\/strong><strong>\nLearn more about <a href=\"https:\/\/www.deeds.com\/articles\/estate-planning-for-your-real-estate-holdings\/\">Estate Planning for Your Real Estate Holdings<\/a>\nfrom <em>Deeds.com.<\/em><\/strong><\/p>\n\n\n\n<p>Here is a checklist of QPRT questions to present to your CPA\nand your estate planning attorney:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Does my state allow meaningful homestead exemptions\nand protections that will end when the beneficiaries receive the home? <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Will the beneficiaries need to live in the home\nto keep my current homestead benefits?<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>How long should the term of the QRPT be? Recall\nthat the person who creates the trust must maintain the home for a certain\nperiod to keep the trust qualified for tax exclusions. <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>To hedge against the QPRT outliving me, should I\nconsider transferring fractional interests in the home? Should I create a\nseries of qualified trusts that expire at different times, each holding various\npercentages of the home\u2019s value?<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>What if I\u2019ll need access to mortgages and other\nhome loans? <\/li><\/ul>\n\n\n\n<p>As the trust owns the home, the grantor may lose certain\nbenefits, and cannot tap the house for loans or refinance it. If you are able\nto put a mortgaged home into the trust, you can deduct the interest until the\nend of the QPRT term. But, as with most irrevocable trusts, a mortgage\ncomplicates title transfers. And mortgage payments are, in part, taxable gifts\nto the beneficiary. Have a professional walk through these topics with you\nbefore creating any type of irrevocable trust.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Knowledge for Your Estate Planning Journey<\/h2>\n\n\n\n<p>In the right circumstances, and with a little luck, the qualified\npersonal residence trust can offer asset protection and tax savings to help\nsupport selected beneficiaries. Perfect planning is tricky because we only have\na rough idea of our life expectancies. Moreover, new administrations mean new\nlawmaking. It\u2019s impossible to know what the tax code will look like at some\nfuture time.<\/p>\n\n\n\n<p>The information we offer here is not legal or tax advice. A\nQPRT fits only certain sets of financial circumstances. It\u2019s vital to consult\nwith professionals and to look at your array of options with case-specific\nadvice in mind. <\/p>\n\n\n\n<p>That said, every homeowner should know the basics of the various\ntypes of trusts that hold houses. The QPRT is just one example of many possible\ntools for your estate planning journey.<\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">Internal Revenue Code \u00a7 25.2702-5: Personal residence\ntrusts.<\/p>\n\n\n\n<p class=\"has-small-font-size\"><em>Pergament v.&nbsp;Joseph Yerushalmi<\/em>, 487 B.R. 98 (Bankr.\nE.D.N.Y. 2012).<\/p>\n\n\n\n<p class=\"has-small-font-size\">James P. King, <a href=\"https:\/\/www.journalofaccountancy.com\/issues\/2006\/oct\/theabcsofqprts.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">The ABCs of QPRTs<\/a>, <em>Journal of Accountancy<\/em> (Oct. 2006).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Fidelity Viewpoints: <a href=\"https:\/\/www.fidelity.com\/learning-center\/personal-finance\/estate-planning\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Leaving Your House to Your Loved Ones<\/a> (Sep. 2020).\u00a0 <\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credits: <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/unsplash.com\/photos\/s-xtKXf9ESg\" target=\"_blank\">Grant Durr<\/a> and <a href=\"https:\/\/unsplash.com\/photos\/9i5eqBarv-k\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Leon Seibert<\/a>, via Unsplash. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Among the leading legal tools for passing wealth down through generations is the QPRT. A qualified personal residence trust, or QPRT (\u201cQ-pert\u201d) is a form of&nbsp;irrevocable trust to pass a home to beneficiaries. The QPRT effects an immediate conveyance of the house to the trust. Nevertheless, the homeowner who establishes the trust (called the grantor) [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81,71],"tags":[],"class_list":["post-1206","post","type-post","status-publish","format-standard","hentry","category-estate-planning","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>QPRT: Pertinent to Your Estate Planning Goals? - Deeds.com<\/title>\n<meta name=\"description\" content=\"Among the leading legal tools for passing wealth down through generations is the QPRT. 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