Tag Archives: victories

TVA Recovers QPRT Home for Bankruptcy Estate: “QPRTs are not creditor-protection devices”

A Qualified Personal Residence Trust (commonly referred to as a QPRT) has long been a method by which an individual can gift their home to someone else (typically children) at a reduced tax cost, while retaining the ability to live in the home for a set number of years. QPRTs can be an effective way to minimize tax costs in transferring property. But they might not be effective as asset-protection devices any longer, now that the Ninth Circuit Bankruptcy Appellate Panel has upheld a groundbreaking January 2014 order obtained in favor of TAV on behalf of the Chapter 7 bankruptcy Read More