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This site states a QPRT to be a REVOCABLE TRUST. My understanding is that they are all IRREVOCABLE. Who is correct? If Irrevocable how expensive to nullify it?
1 ANSWER
I have never heard of a revocable QPRT. If it were revocable it wouldn't qualify as a QPRT under IRS rules. There are other trusts, that can retain personal residences, which are revocable. However, they would not qualify as a QPRT. A QPRT can be nullified in some cases. A lot depends on the facts. Typically Court approval would be required and this would likely cost several thousand in attorney fees assuming nobody objects. Good luck.
Answered on Dec 24th, 2013 at 10:58 AM