What is a Qualified Personal Residence Trust? A Qualified Personal Residence Trust (“QPRT”) is an irrevocable trust that holds either a Grantor’s personal residence or occasional residence for a certain term, then distributes the property to named beneficiaries at the end of the term. How does a QPRT work? Each person is entitled under the tax code and regulations to create a QPRT for a primary residence and an occasional residence. The Grantor makes a gift of his or her personal or occasional
