Property Taxes & Living Trusts
One common concern that I hear about Living Trusts and Family Trusts is the question of whether moving one’s home into a trust will increase the property taxes on the home?
The answer is: No.
A Living Trust is taxed in exactly the same manner as an individual is taxed.
But it is important to apply for the homeowner’s exemption for the trust.
In all counties except Ada County, that involves submitting a short Affidavit Regarding Residence of Trust. In Ada County, an additional “application” form is submitted along with that Affidavit.
For those who have a Living Trust or Family Trust prepared by this office, we not only take care of recording the deed to transfer your home into the trust, but we also take care of preparing and filing those additional documents to make sure that the trust enjoys the normal homeowners exemption to keep property taxes to a minimum.
Author: Barry Peters. For additional easy-to-understand information on Wills, Trusts, and Probate, call attorney Barry Peters’ offices at (208) 939-2600 for your expedited appointment for a FREE OFFICE CONSULTATION or visit his Q & A pages at BarryPeters-Law.com/answers-to-questions. As always, your total satisfaction is guaranteed by Barry Peters, Attorney at Law, where all clients receive individual attention to the details of their unique circumstances.