What does QPRT mean? Read on to discover the definition & meaning of the term QPRT - to help you better understand the language used in insurance policies.
Qualified personal residence trust refers to a specific type of trust that allows the creator to remove their personal home from their estate for the purpose of reducing the amount of gift tax incurred when transferring the assets to a beneficiary. It allows the owner of the residence to remain within the property for a certain period of time with a retained interest in the house. Once the period is over, the interest remaining in the premises is transferred to the beneficiaries as a remainder interest.
We hope the you have a better understanding of the meaning of QPRT.