Will my Trust affect my ability to receive Idaho’s Homeowner’s Exemption on my property taxes?
If this question is presented to me, it is usually at the very end of the estate planning process. Once the clients and I have covered the whats, whos, and hows of their new Living Trust, clients start envisioning what life will be like with their Trust and how it all works together (Hint: nothing really changes while you are alive). So, will property taxes will increase or will you lose the ability to receive your Homeowner’s Exemption due to the existence of your Family Trust (part of the package includes transferring ownership of your personal residence into trust)?
If you are dealing with Jeppesen Law the answer is no (I hope this is true for other estate planning attorneys as well). Your trust package includes 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 able to continue receiving this exemption on property taxes. In some unfortunate cases, I have stumbled across clients that did not have an exemption filed, so through their meeting with Jeppesen Law, they actually saved a few thousand dollars each year going forward.
Now that you know your trust will not affect your property taxes on your personal residence, let’s get started! Call Jeppesen Law today! 208-477-1785