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Frank
Investor
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Land Trusts and Homestead Act
Thursday, December 03 2009 09:06 AM
I have a personal residence in PA that is currently in our personal name and also in the Homestead tax exemption (ACT 319). I would like to transfer that property into a land trust. Would that change that status of our exemption as we would have to deed it out of our name and into a VA trustee?
Or are there other potential ramifications if we were to do this?
Frank
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Randy Hughes
Land Trust Expert-40+ years of experience
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Re:Land Trusts and Homestead Act
Wednesday, December 30 2009 02:48 PM
FRANK,
SORRY FOR THE DELAY IN GETTING BACK TO YOU. SEE MY COMMENTS BELOW.
RANDY
I have a personal residence in PA that is currently in our personal name and also in the Homestead tax exemption (ACT 319). I would like to transfer that property into a land trust. Would that change that status of our exemption as we would have to deed it out of our name and into a VA trustee?
Or are there other potential ramifications if we were to do this?YES, THIS COULD BE A PROBLEM FOR RETAINING THE HOMESTEAD EXEMPTION. SOME STATES WILL NOT ALLOW THE EXEMPTION IF IT IS IN A TRUST. CALL YOUR LOCAL ASSESSOR'S OFFICE AND ASK THEM. THERE MAY BE EXEMPTION LANGUAGE THEY CAN GIVE YOU TO PUT ON THE DEED TO TRUSTEE TO ALLOW YOU TO KEEP THE EXEMPTION.
Randy Hughes
866-696-7347
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