Establishing a Qualified Personal Residence Trust (QPRT) involves transferring the residence to a trust that names the persons who are to receive the residence at the end of the stated term, usually a child or children of the donor. The donor is the tr Oregon Qualified Personnel Residence Trust (PRT) is a legal and strategic estate planning tool that allows individuals to transfer their primary residences or vacation homes to a trust while enjoying certain tax advantages. A PRT provides an efficient way for Oregon residents to reduce potential estate tax liability and protect their real estate assets. The main objective of an Oregon PRT is to remove the primary residence or vacation home from the property owner's estate, thus reducing its value for estate tax purposes. By establishing a PRT, homeowners can transfer ownership of their property to the trust while retaining the right to live in the home for a predetermined period, usually between 10 and 15 years. When setting up an Oregon PRT, the property owner must appoint a trustee to manage the trust and handle its administration. The trustee can be a trusted family member, an attorney, or a professional trustee. It is crucial to choose a reliable trustee who will uphold the terms of the trust and perform their fiduciary duties diligently. During the specified term, the homeowner continues to enjoy the benefits of living in the home, paying all relevant expenses, including property taxes and maintenance. However, once the term ends, the property is transferred to the designated beneficiaries outside the homeowner's estate. This transfer results in potential estate tax savings, as the value of the property is frozen at the time of transfer, shielding any future appreciation from estate tax. There are two primary types of Oregon Parts that individuals can consider: 1. Traditional PRT: This is the most common type of PRT, where the property owner transfers ownership of the residence or vacation home to the trust for a specified period. At the end of the term, the property passes to the beneficiaries, typically family members or loved ones. 2. Granter Retained Annuity Oregon PRT (GRAT-QPRT): This type of PRT combines the features of a standard PRT with a Granter Retained Annuity Trust (GREAT). With a GRAT-QPRT, the property owner receives an annuity payment from the trust throughout the specified term instead of continuing to live in the property. At the end of the term, the property passes to the beneficiaries, and if the homeowner wishes to continue living there, they must pay rent to the trust. Both types of Oregon Part offer estate tax planning advantages and can be tailored to the specific needs and goals of the property owner. Consulting with an experienced estate planning attorney is crucial to ensure compliance with Oregon laws and to develop a personalized PRT strategy that best suits individual circumstances.
Oregon Qualified Personnel Residence Trust (PRT) is a legal and strategic estate planning tool that allows individuals to transfer their primary residences or vacation homes to a trust while enjoying certain tax advantages. A PRT provides an efficient way for Oregon residents to reduce potential estate tax liability and protect their real estate assets. The main objective of an Oregon PRT is to remove the primary residence or vacation home from the property owner's estate, thus reducing its value for estate tax purposes. By establishing a PRT, homeowners can transfer ownership of their property to the trust while retaining the right to live in the home for a predetermined period, usually between 10 and 15 years. When setting up an Oregon PRT, the property owner must appoint a trustee to manage the trust and handle its administration. The trustee can be a trusted family member, an attorney, or a professional trustee. It is crucial to choose a reliable trustee who will uphold the terms of the trust and perform their fiduciary duties diligently. During the specified term, the homeowner continues to enjoy the benefits of living in the home, paying all relevant expenses, including property taxes and maintenance. However, once the term ends, the property is transferred to the designated beneficiaries outside the homeowner's estate. This transfer results in potential estate tax savings, as the value of the property is frozen at the time of transfer, shielding any future appreciation from estate tax. There are two primary types of Oregon Parts that individuals can consider: 1. Traditional PRT: This is the most common type of PRT, where the property owner transfers ownership of the residence or vacation home to the trust for a specified period. At the end of the term, the property passes to the beneficiaries, typically family members or loved ones. 2. Granter Retained Annuity Oregon PRT (GRAT-QPRT): This type of PRT combines the features of a standard PRT with a Granter Retained Annuity Trust (GREAT). With a GRAT-QPRT, the property owner receives an annuity payment from the trust throughout the specified term instead of continuing to live in the property. At the end of the term, the property passes to the beneficiaries, and if the homeowner wishes to continue living there, they must pay rent to the trust. Both types of Oregon Part offer estate tax planning advantages and can be tailored to the specific needs and goals of the property owner. Consulting with an experienced estate planning attorney is crucial to ensure compliance with Oregon laws and to develop a personalized PRT strategy that best suits individual circumstances.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
