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Get And Sign Qprt Form 2010-2021

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Instructions and help about Qprt Form

what is a qualified personal 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 $500,0

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