Q:

Can I transfer my home and the entire large parcel of land to the QPRT?

A:

The QPERT allows us to transfer the residents and the land on which it sits into the QPERT for transfer to the beneficiaries. It also allows us to put in sufficient funds, to provide for six months worth of expenses on that property, so there isn’t really a dollar limitation. The limitation is gonna be based upon the value of the gift that we’re making, and whether or not it fits within our gifting scheme, given our $5.4 million worth of gift tax exemption.

Note: The Tax Cut and Jobs Act of 2017 signed into law in December 2017 increased the exemption amounts mentioned in these videos. The personal estate, gift, and generation-skipping tax lifetime exemption was increased to $11.18 million per person. The annual gift tax exclusion was increased to $15,000 per donee per year.

Both amounts are indexed for inflation and may increase year over year until December 31, 2025, when the law sunsets and reverts to 2017 values