Qualified Personal Residence Trusts (QPRT)

When transferring wealth from one family member to another, individuals often face substantial tax consequences. At Buchanan & Stouffer, we know the legal complications of preserving and transferring your estate. We can help you determine how a Qualified Personal Residence Trust (QPRT) can serve as an effective vehicle to shift your home or vacation home to younger family members with minimal financial and legal penalties.

A QPRT is an irrevocable living trust used to transfer an individual’s residence (home or vacation home) out of his or her estate and to another person, such as a child or other family member. An irrevocable trust cannot be changed or terminated by its creator. The trust terminates at a specific point in time as stipulated in the document.  This type of trust is utilized to minimize gift taxation and protect the value of the property. Learn more about QPRTs.

Transferring your home to another family member is a life-changing transition. We develop innovative solutions to address your unique property objectives and goals. We work closely with clients to explore the economic and tax benefits of this type of estate planning strategy while helping them deal with issues of control and other interfamily matters.

With our extensive knowledge of tax law, our attorneys will help you set up an effective QPRT. We will explain how current state and federal laws, including capital gains taxes, will affect your situation and counsel you on the most beneficial estate planning tools to preserve and pass on your property.

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Advanced Estate Planning