Legal Question in Real Estate Law in Illinois
ownership of property
My wife and I have our house in her trust and our county tax auditor is asking me (letter addressed to me) if there was a deed transfer of our property. A change in ownership might affect the homeowner's exemption. Can I sign this document as the property did not transfer?
2 Answers from Attorneys
Re: ownership of property
What has to happen is that you and your wife need to deed the property to the trust which then holds it for you. The most common vehicle would be a QUIT Claim dead. To make it clear, the trust owns the property and you and your wife are the beneficiaries of the trust. I can see how this might affect your homestead exemption.
Re: ownership of property
What has to happen is that you and your wife need to deed the property to the trust which then holds it for you. The most common vehicle would be a QUIT Claim dead. To make it clear, the trust owns the property and you and your wife are the beneficiaries of the trust. I can see how this might affect your homestead exemption.
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