Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

QPRT

Read a random definition: fill a blank

A quick definition of QPRT:

Term: QPRT

Definition: QPRT stands for Qualified Personal-Residence Trust. It is a type of trust that allows someone to transfer ownership of their home to the trust while still being able to live in it for a certain amount of time. This can help reduce estate taxes and protect the value of the home for future generations.

A more thorough explanation:

Definition: QPRT is an abbreviation for Qualified Personal-Residence Trust. It is a type of trust that allows a homeowner to transfer their residence to the trust while still being able to live in it for a certain period of time. This can provide tax benefits and help with estate planning.

Example: Let's say John owns a house worth $500,000 and wants to transfer it to his children after he passes away. He could create a QPRT and transfer the house to the trust, but still live in it for 10 years. After the 10 years are up, the house would be transferred to his children. This can help reduce the value of John's estate for tax purposes and ensure that his children receive the house without having to go through probate.

Explanation: The example illustrates how a QPRT can be used to transfer a residence to a trust while still allowing the homeowner to live in it for a certain period of time. This can provide tax benefits and help with estate planning by reducing the value of the homeowner's estate and avoiding probate.

QEN | qq.v.

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.