Qualified Personal Residence Trust. an irrevocable trust that transfers a personal residence or vacation home to a trust, ultimately benefitting your chosen beneficiaries. You have the right to live in the home for a certain term of years and afterwards your beneficiaries own the house.
a form of Grantor Retained Income Trust (GRIT) for a residence owned by the grantor
an appealing estate planning device because it combines significant estate and gift tax savings with minimal lifestyle changes, while avoiding fears that too much is being given away