Qualified Personal Residence Trust
Trust to transfer a home to heirs at a reduced gift tax value.
Detailed Explanation
A Qualified Personal Residence Trust (QPRT) allows a homeowner to transfer their primary or vacation home into an irrevocable trust while retaining the right to live in it for a specified term. If the grantor outlives the term, the home passes to beneficiaries at a significantly reduced value for gift tax purposes.