Justin H. Brown, left, and George M. Riter Jr., right, of Ballard Spahr. Courtesy photos Qualified Personal Residence Trusts: An Estate Planner's Tool in a High Interest Rate Environment
QPRTs are most appealing for individuals who have, or will have, a taxable estate for estate tax purposes at the time of their death.
May 02, 2024 at 12:02 PM
8 minute read
With interest rates continuing to rise, qualified personal residence trusts (QPRTs) have become a useful estate planning tool that is especially effective in a high interest rate environment. A QPRT is an irrevocable trust that is designed to exclusively hold a primary or secondary residence for a set term. During the term, the creator of the trust (the settlor) retains the right to live in the residence, and after the expiration of the term, the residence automatically passes to a beneficiary (known as the remainder beneficiary). The remainder beneficiary may be an individual or individuals or a trust or trusts.
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