Are there other ways of transferring my property for estate planning that will not disturb my Homestead Exemption or SOH Cap?
Two methods of transferring your property will, in most cases, keep your Homestead Exemption and SOH intact: reserve a Life Estate for yourself or transfer your property to your trust. Please consult your attorney or estate planning professional before attempting either option.
If you transfer your property to a trust, your attorney should know that three criteria are required in order for your Homestead Exemption and SOH cap to remain intact:
* You as the homestead owner must have beneficial or equitable title to real property. In other words you must be the trustee or beneficiary of the trust. If you are the beneficiary but not the trustee, your interest must be in REAL property, not PERSONAL property.
* You must have the present possessory interest in the property. Simply, you must have the right to live there.
* The deed that transfers the property into the trust must be recorded.