By Tricia Applegate
Do I still qualify for the Homestead Exemption if my home is in a Trust? The short answer is yes, with a few provisions. The State of Ohio states:
You are eligible for the homestead exemption if all of the following are true:
You created the trust to be effective during your lifetime (an inter vivos trust)
You provided the assets for the trust (you are the settlor).
The trust agreement contains a provision that says you have complete possession of the property.
Revocable and irrevocable trusts may qualify. Most of the other common forms of property ownership (such as survivorship deeds) also qualify for the exemption. Properties owned by corporations, partnerships, limited liability companies and trusts, other than the trust described above, are not eligible for the homestead exemption because such properties are not owned by an individual.
If you have questions regarding your trust and the homestead exemption, please contact your estate or elder law attorney.