Qualified Personal Residence Trust (QPRT)

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A QPRT (pronounced "Q-Pert," and sometimes referred to as a house GRIT) lets you give away your house, but still keep possession for a while. More specifically, a QPRT is an irrevocable trust into which you transfer your home while retaining the right to live there rent free for a specified number (term) of years. At the end of the term of years, the property passes outright to your children or whomever you've named as the remainder beneficiaries.

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