Do you know the new guidlines for the Qualified Person Residence trust as of Jan1 2012?Where do I find them?

you will not loose it to inheritance tax !  There is no inheritance between a parent to a child.  You may have to pay estate tax if the total amount of your parents estate is over $675,000.  there is a very easy way to double that, to protect $1,350,000.  You should explore various options, a trust for the house, taking advantage of all tax credits, and possibly gifting.  You can call my office for a free consultation.