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Your swift guide to a QPRT

The full title is a Qualified Personal Residence Trust. This is an irrevocable process whereby you can use a gift tax exemption to remove a residence from your taxable estate. It removes the current and future value of a primary or secondary residence for just pennies on the dollar. During the term of a QPRT, the homeowner or grantor both lives free and can use the residence for tax deduction purposes. This can make it more beneficial for heirs to hold on to that property; you’ve protected a valuable legacy that it may have taken you a good part of your life to create.

After this brief description, if you’d like a fuller picture, covering both pros and cons, please contact our Denver estate planning law firm by calling
303-991-3544…

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