With the release of Trust Plus® version 19, Cowles offers the ability to generate a Qualified Personal Residence Trust (QPRT). The QPRT module provides information gathering tools and numerous phrase selections enabling the drafter to generate documents that remove the residence from the estate, thereby reducing the taxpayer's liability for estate taxes. The QPRT module utilizes the same streamlined functionality as the other Trust Plus modules (such as the revocable trust or will), and includes extensive substantive legal help to guide the drafter through generating the trust.

Highlights of the QPRT module include:

Checklists: Drafting checklists for the QPRT may be downloaded from the Checklist area of Member's Only on the Cowles web site. These checklists outline the phrase and document selections available within the QPRT, and may be downloaded free of charge.

Trust Information Window: Similar to the other modules, this area allows information to be entered specific to the session including trust name(s), signing and termination dates, beneficiary(ies), trustee(s), and other appointments.

Notary and witness information is carried in from the Preferences area, may also be edited here.

A separate window for residence information includes fields for the following areas:

• Address information and a legal description
• Appraiser, insurer, and mortgage holder information pulled from the central Trust Plus contact database
• Assignors and a titling description
• Specific dollar values for the grantor's share of the residence

If the trust is to be funded with cash, a separate window may be accessed from the Trust Information window where this data may be entered.

Phrase Selection: Numerous phrase options are available to tailor the trust to meet the needs of the client.

Selection is completed with the same ease of functionality as the other Trust Plus modules. Extensive phrase choices include:

• Compensation and accounting phrases
• Phrases allowing for addition of cash for expenses, improvements, or replacement residence
• Phrases allowing for sale of residence and reinvestment
• Options for distribution upon completion of term
• Distribution options for early termination
• Distribution on cessation of qualification as personal residence trust
• Various other phrases including provisions for trustee resignation, minors, survivorship etc

Asset Transfer Documents: The documents needed to transfer the real estate into the trust may be prepared by selecting the deeds and correspondence listed on the Asset Transfer Documents menu.

Supporting Documents and Correspondence: Following the phrase selection portion of the system are lists of available correspondence and supporting documents, allowing the drafter to select a variety of documents. In addition, User-Defined documents are available allowing you to insert documents of the drafter's choice utilizing the functionality of Cowles Customizer.

Substantive Legal Help: Section and phrase help is available throughout the Phrase/Document selection area of the QPRT. Help for each phrase provides a Purpose with an overview followed by specific information on the various options available. Where appropriate, links have been included for citations and other resources.

For more information on the QPRT module included with your Cowles Trust Plus system, see the Online Help Database in the Members Only area of our web page, call us at (800) 366-1730, or email us at west.appsupport@thomson.com.

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