Grantor retained annuity trusts (GRATs) and qualified personal residence trusts (QPRTs) are both techniques used to reduce gift tax, but these powerful strategies have different applications. Course Objectives: (1) Understand the fundamentals of GRATs and QPRTs, including their legal structures, benefits, and limitations; (2) Explore the tax implications associated with GRATs and QPRTs, including gift tax, estate tax, and income tax considerations; (3) Learn how to maximize the effectiveness of GRATs and QPRTs in different estate planning scenarios.