Thanks to this New York Times article, a lot of trust clients and prospects should be asking about Qualified Personal Residence Trusts.
Does anyone care to comment on how QPRTs work out in practice?
If a house passes to several children, for instance, do they easily agree on what to do with the real estate?
If the parents stay on as renters after the end of the QPRT term, are the kids willing to spend some of the rent on maintaining the place in the manner to which the parents have been accustomed? Or do the parents simply keep paying for upkeep, looking at the payments as added "wealth transfers"?