Join estate planning expert Alan Gassman, Esq. for an in-depth webinar designed to equip you with the knowledge needed to guide clients in utilizing Qualified Personal Residence Trusts (QPRTs) as part of their estate planning strategy. QPRTs are a powerful tool that allows clients to transfer their personal residence out of their estate, potentially reducing the taxable value of their estate while retaining the right to live in the home for a set period. This webinar will demystify how QPRTs work, the specific scenarios in which they are most beneficial, and the key considerations advisors must keep in mind when recommending this strategy to clients.
Alan will explain how clients can use QPRTs to manage estate tax liability, particularly for those with significant real estate holdings, by leveraging the current gift tax exemption limits. Attendees will gain a comprehensive understanding of the pros of QPRTs, such as the potential for significant estate tax savings and the ability to freeze the value of the residence for estate tax purposes. However, Alan will also address the potential drawbacks, including the risk of outliving the trust term, the loss of step-up in basis, and the irrevocable nature of the trust. By the end of this session, you will be well-equipped to assess whether a QPRT is the right strategy for their clients and how to implement it effectively within a broader estate planning framework.
Attendees Comments:
More understanding of the QPRT, especially the variations on the strategy.
- Nola K.
QPRTs can be an effective way to freeze the value of a personal residence and gift it with a discount. Alan is no "dummy" to be sure! He is a very good communicator, explaining complex topics in simple terms.
- David R.
The breadth of knowledge and ability to apply this knowledge that estate tax planners need to address specific client situations. This was a fine presentation that made me uncomfortable in a good way. I have some deficiencies in my skill set. have some work to do to.
- Mark Z.
Though I was aware of many of my clients' parents in Brooklyn putting their residence into a trust, I did not fully understand the mechanics of the QPRT. I now understand why my clients in California and Florida do not use this mechanism.
- Alan S.
More understanding of the QPRT, especially the variations on the strategy.
- Nola K.
QPRTs can be an effective way to freeze the value of a personal residence and gift it with a discount. Alan is no "dummy" to be sure! He is a very good communicator, explaining complex topics in simple terms.
- David R.
The breadth of knowledge and ability to apply this knowledge that estate tax planners need to address specific client situations. This was a fine presentation that made me uncomfortable in a good way. I have some deficiencies in my skill set. have some work to do to.
- Mark Z.
Though I was aware of many of my clients' parents in Brooklyn putting their residence into a trust, I did not fully understand the mechanics of the QPRT. I now understand why my clients in California and Florida do not use this mechanism.
- Alan S.