Homestead Exemption Forms With Trust In Oakland
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FAQ
A homestead can protect the $50,000. There are two types of homesteads, automatic and declared.
A dwelling placed in trust by a husband and wife, the husband being the trustee and the wife the trust beneficiary, and occupied on the lien date as their principal residence, is eligible for the exemption.
For example, if Joint Tenant B transfers his share of real property into a trust for the benefit of A, then B becomes Original Transferor: If A dies and property passes to B, the property avoids reassessment since B is Original Transferor.
You must occupy the dwelling as your principal residence as of January 1 of each year to qualify for the Homeowners' Exemption for that year.
A life beneficiary under a trust instrument is eligible for the exemption, if the beneficiary is occupying the dwelling on the lien date as his principal residence.
