Legal Question in Wills and Trusts in Massachusetts
"Exemption Eligibility of Property Held in Trust "
What is the proper wording for a Life Estate Trust for Real Estate Property, so that the original Taxpayer Owner places his domicile in trust and retain both sufficient beneficial interests and record legal interets to be eligible for a personal exemption on that property. The Owner can be listed as a 1. Primary Beneficary Trustee and also appoint another Trustee, to make both parties listed in there City Hall or Town hall. The Property owner must have status BOTH as a Trustee and as a Beneficary of that Trust.
1 Answer from Attorneys
Re: What exemption are you talking about?
What exemption are you talking about? Could it be Massachusetts property tax abatement for senior citizens? Please clarify!!!
If that is what you mean, please send me via e-mail the figure you put down for your total AGI (adjusted gross income) on the income tax return just filed. I should be able then to answer your question. My e-mail address is [email protected] and I'll give you more particulars by e-mail.
Why do you want the house to be in a trust? Who are your co-trustee(s) in relation to you? What other beneficiaries are there? Are the others recorded?
What do YOU mean by "Life Estate Trust"? Do you mean a qualified personal residence trust? If you already have the document and have deeded and recorded it, you may wish to fax it to me at (617)527-1763 or else mail it to me at 21 Walter St., Newton, MA 02459, or have a local real attorney look it over for you.
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