Estate planning is an area of wealth management that focuses on the accumulation, management, preservation, and eventual transfer of an individual’s assets in a manner that minimizes transfer taxes and transaction costs while simultaneously adhering to the individual’s personal wishes. It can be a complex minefield replete with confusing subjects and difficult conversations. Many individuals avoid planning for their inevitable death because they find the subject matter of their own mortality too morbid. However, if they can overcome the emotional and practical challenges of estate planning, there are various tools that can be employed to facilitate an effective and efficient transfer of wealth to future generations. One such tool, the Qualified Personal Residence Trust (“QPRT”), allows an individual to remove a large portion of his assets, a personal home, from his gross estate prior to his death. This article discusses the fundamentals of a QPRT: what it is, how it works, its benefits and limitations, and how it can be used to lower your estate and gift tax liability.