Great video. I heard that the biggest benefit of putting you home in a trust, specifically a land trust, was the privacy and protection from any creditors or lawsuits. With having your name listed as Trustee wouldn’t this expose you and your property? I also live in Georgia and looking at doing this with my home and just wanted to know
There are many different types of trusts with different goals. Asset protection for the grantor is particularly difficult in Georgia, so you would definitely want to discuss your particular situation with an attorney.
If i put my home into a living trust and I am a disabled veteran receiving the homestead benefit will I still receive that benefit with the house being in the living trust or will it revert to not receiving the Homestead discount benefit?
This may be state specific, so check with an attorney in your state, but in Georgia you can still get your homestead exemption. You update the records with a trust affidavit, but you continue to receive it.
Yes, you can for sure. As a practical matter you will in most circumstances want to be the lifetime beneficiary of the trust and the trustee, but there aren't any restrictions if you don't have a mortgage.
Great video. I heard that the biggest benefit of putting you home in a trust, specifically a land trust, was the privacy and protection from any creditors or lawsuits. With having your name listed as Trustee wouldn’t this expose you and your property? I also live in Georgia and looking at doing this with my home and just wanted to know
There are many different types of trusts with different goals. Asset protection for the grantor is particularly difficult in Georgia, so you would definitely want to discuss your particular situation with an attorney.
If i put my home into a living trust and I am a disabled veteran receiving the homestead benefit will I still receive that benefit with the house being in the living trust or will it revert to not receiving the Homestead discount benefit?
This may be state specific, so check with an attorney in your state, but in Georgia you can still get your homestead exemption. You update the records with a trust affidavit, but you continue to receive it.
What if you own your home ? Can you just add it to the trust without listing yourself as the trustee and initial beneficiary?
Yes, you can for sure. As a practical matter you will in most circumstances want to be the lifetime beneficiary of the trust and the trustee, but there aren't any restrictions if you don't have a mortgage.