| And you get to keep all your benefits…read on:
CLIENT QUESTION:
I receive a Veterans Tax Exemption and I was wondering if I still qualify for this exemption now that the ownership of this property was transferred to a new family trust that you helped us set up. Thanks in advance for your response.
MY RESPONSE:
This is a very common concern. All of our clients have a STAR exemption on their principal residence and many have an enhanced STAR exemption, Veterans exemption, and senior exemptions. NONE of our clients want to lose these valuable and sometimes hard-won benefits.
The good news is that we draft these irrevocable Medicaid trusts in a way that guarantees that you will keep all of your exemptions (and tax write-offs). As long as the trust says that you are retaining the full use and occupancy of the property, that you have the exclusive right to live there and even to receive any income generated by the property, then you keep all of your exemptions. Our trust is drafted with this language and goal in mind.
Thank you for your service. |
