Natalie Choate’s second book, The QPRT Manual, is the definitive guide to qualified personal residence trusts. QPRTs are a popular estate planning strategy that anyone who owns a home can use. Unlike family limited partnerships, QPRTs do not attract hostile IRS attention— in fact the IRS wrote the rules for QPRTs and has even published a sample trust form!
If you already use QPRTs in your practice, you will appreciate the “QPRT drafting checklist” (so you don’t overlook anything), the summaries of every IRS PLR ever issued on QPRTs, and detailed discussions of how to solve problems like QPRTs of mortgaged property, business use of the residence, what happens when the donor goes into a nursing home, generation-skipping tax issues, and selling or improving the residence during the QPRT term.
If you haven’t yet added QPRTs to your practice, you can’t miss with this step-by-step guide to the “safe” estate tax shelter. Natalie Choate covers everything, from what clients QPRTs are suitable for, how QPRTs work and why they save taxes, how they compare with various other planning strategies, exactly which properties may (and may not) be used to fund a QPRT, additional issues for married donors, how long the term should be, how the donor can retain possession after the QPRT term expires, and even to how to fill out the gift tax return. Of course it has a trust form and detailed instructions about your drafting choices for trust provisions during and after the QPRT term.
Many other estate planning books sketch QPRTs. The QPRT Manual, at over 400 pages, is a detailed blueprint. There is NOTHING else like it.
The QPRT Manual was written in 2004 and is no longer in print. There is a 2008 update (posted free at www.ataxplan.com). Thus, it is useful as a unique reference about all aspects of QPRTs, but the reader must find other sources for later changes. You can purchase the complete book (450+ pages) as a pdf for $59.95.