Video: Trusts & The Property Tax Exemption
If you are considering putting your home into a trust, you may be wondering whether that trust will affect your property tax exemption (also known as the homestead exemption). In today’s video, estate planning and probate attorney Sarah Siedentopf answers that question for you.
TRANSCRIPT: Hi, I’m attorney Sarah Siedentopf. I’m an estate planning and probate attorney in Atlanta, Georgia. If you’re considering putting your home, the house that you primarily live in, into a trust you may be wondering will you still get the property tax exemption once you’ve transferred ownership of that house from your direct name into the name of your trust. The answer is, in most cases, yes. You’re still going to get that exemption if you move it into a trust that you are a beneficiary of and you continue to live in the property, which of course was one of the rules for the homestead exemption anyway. There is an affidavit that you will need to file explaining the situation and you will still be able to get your homestead exemption. So, transferring your property into a trust should not lose the homestead exemption, as long as you continue living in the property and you are a beneficiary of the trust. If you have more questions about this, I’d love to talk to you. Thanks.
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