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 Qprt Form 2010-2024

Qprt 2010-2024 Form

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Instructions and help about sample qprt

What is a qualified personnel residence trust it's known by its acronym a Cupid it's a way for the parents to transfer the residents to the children at a reduced gift tax cost however in most cases we use it for protection from a future creditor it doesn't provide complete protection but once a cute bird has been in effect even for a couple of years it strongly motivates a creditor to sell for pennies on the dollar how does it work well assume mom and dad are both 65 years of age according to the table they have a 21-year life expectancy they each create 20 year cupid's they transfer their one-half community property interest to each of their q birds they remain in the home rent-free for 20 years at the end of the 20 years they start paying rent to the children's trust if either parent dies before the end of the 20-year term the house goes back to the surviving spouse house the gift computed well assume the residence is worth a million dollars a 20 year q per for a 65-year-old at $500,

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