This question typically comes up at the very end of the estate planning process. Once we have covered the whats, whos, and hows of an estate plan, clients start envisioning what life will be like with their trust (Hint: nothing really changes while you are alive). So, at the end, I am asked if property taxes will increase or be affected by the existence of their living trust (part of the package includes transferring ownership of your personal residence into trust).
If you are dealing with Jeppesen Law, or hopefully at least another attorney, the answer is no. Your trust package should include an Affidavit Regarding Residence of Trust. This is a legal promise you make to your County Assessor that even though your home is in trust, you are continuing to live there. With this, and a few other documents that I file for you, you are ensured to continue receiving your homeowner’s exemption on property taxes. In some unfortunate cases, I have stumbled across clients that did not have an exemption filed, so through meeting with Jeppesen Law, they will actually save a few thousand dollars each year going forward.
Now that you know your property taxes will not be affected, let’s get started on your family trust or living trust. Call Jeppesen Law today! 208-477-1785