QPRT


Also found in: Financial.
AcronymDefinition
QPRTQualified Personal Residence Trust
QPRTQuinolinate Phosphoribosyltransferase
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References in periodicals archive ?
These cases essentially overrule a prior attorney general opinion that denied the homestead exemption to property held in a QPRT: AGO 1994-50 (June 2, 1994).
The transferor transfers his or her home to a QPRT for a fixed period, with the trustee holding the title to the house.
Qualified personal residence trusts (QPRTs) and personal residence trusts (PRTs) are other special forms of a GRIT.
A QPRT would allow the individual to save estate and gift taxes without directly parting with cash or giving up either of the two homes.
Members of QPRT are hoping to complete the initial section as soon as the weather improves and are already closing in on their fund-raising target for the next stage of a project likely to last several years.
4th DCA 2014), considered a situation where Lyons owned the Florida homestead residence and signed a deed conveying the homestead residence to a QPRT (you may be sensing a theme in the caselaw).
The following is an example illustrating why a QPRT might have been created years ago, and how the TCJA undermines such a plan.
A QPRT is established when the grantor irrevocably transfers a personal residence to the trust for a fixed period of time, for instance 10 or 20 years, during which the grantor retains the unrestricted right to occupy the property as a personal residence.
Treasury regulations set forth several requirements for a trust to qualify as a QPRT. Among those requirements, the trust is generally prohibited from holding any asset other than the principal or one other residence to be used or held for use by the grantor, or an undivided fractional interest in either (Regs.
A QPRT is a special kind of grantor trust created for a certain number of years.
On the other hand, QPRT has been identified in rat and human CNS [38].
Section 2702 includes an exception that states the zero-value rule will not apply to a transfer "if such transfer involves the transfer of an interest in trust all the property in which consists of a residence to be used as a personal residence by persons holding term interests in such trust." (182) While section 2702 generally destroyed the effectiveness of the GRIT, this exception gave rise to two variations, the PRT and QPRT, known also as "house GRITs." (183) The PRT, closely following the statutory language, is fairly restrictive in that the only asset it allows to be transferred into the trust is the personal residence of the grantor.