Your Homestead Exemption After a Trust Transfer to Protect Your Estate: Don’t Forget to Refile!
Life gets busy, and important tasks can sometimes slip through the cracks. If you’ve recently transferred your home into a Revocable Living Trust as part of your estate planning, here’s your friendly reminder: Refile for your Homestead Exemption to keep your property tax savings intact!
Why You Need to Refile
Transferring your home into a trust changes the property’s legal ownership, which might trigger the need to reapply for your Homestead Exemption. While this transfer is a smart move for your estate, tax offices need updated records to confirm that your primary residence still qualifies. Forgetting to refile could disrupt your property tax savings—an unnecessary complication in your overall estate and trust management.
Key Dates to Remember
Georgia Homestead Exemption Deadline: April 1. Mark this date on your calendar and aim to file well before it to avoid last-minute hassles that could impact your estate’s financial benefits.
What You Need to Do
Check with your county tax office. A quick phone call or visit to your local tax assessor can confirm whether transferring your property into the trust requires reapplication for the exemption.
Gather your documents. Have your trust agreement, deed, and proof of primary residence (like your ID and utility bills) ready. These documents not only support your application but also ensure your estate planning goals align with local tax requirements.
Complete the application. Submit the necessary paperwork to ensure the property held in your trust still qualifies for the Homestead Exemption. Forms are typically available online or at the tax office.
File early. Filing ahead of time avoids delays that could disrupt your exemption and keeps your estate’s financial strategy on track.
You can usually do this online. For Fulton County, for example, here is the link: https://fultonassessor.org/online-services/
Why It Matters
Your Homestead Exemption is a key part of your financial planning, reducing property taxes for your primary residence. Missing the filing deadline could mean paying hundreds or even thousands of dollars more in taxes—a preventable expense that could affect your overall estate. By refiling, you also ensure that both your trust and property records are updated, streamlining future estate management tasks.
Set a Reminder
Add a notification to your phone or email for mid-March to ensure you file in time. Think of this as part of your annual estate and trust maintenance to confirm all tax benefits are in place.
Taking a few minutes today to refile your Homestead Exemption can save you money and protect your estate planning goals. Keeping your trust and tax records aligned ensures your estate remains on solid footing while maximizing the benefits available to you.
This is also a great time to take a look at your homeowner’s policy on your home to ensure you have added your trust as a named insured.
If you have additional real estate to add to your trust, give us a call. If you realize you need to update your trust give us a call. We help you protect what you love the most!!