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This course addresses the tax planning technique known as the 'personal residence trust,” in particular the Qualified Personal Residence Trust (QPRT). With the increased opportunity for tax-free lifetime gifting and the decline in residential home values, using the QPRT has become an excellent planning vehicle, allowing a homeowner to reduce their future estate without giving up complete use and control of a residential property.
Specific topics covered include:
- What is a Personal Residence Trust?
- How QPRTs are treated by the Internal Revenue Code and Regulations
- What constitutes a personal residence
- What happens when there is a mortgage on the property
- What to do if the residence is sold during the QPRT term
- QPRTs and income tax, gift tax, estate tax, and generation-skipping tax issues
- Planning with QPRTs (multiple trusts, grantor rental at the end of the term, coordination with life insurance trusts, etc.)
- QPRTs and IRS required interest rates
Upon successful completion, participants will be able to:
- Understand the composition of a QPRT and how it is created
- Address the various QPRT issues and complications that may arise
- Determine the gift and estate tax advantages of QPRTs, noting generation-skipping tax issues
- Recognize the possible risks of using QPRTs
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