floridaestate
Junior Member
What is the name of your state? Florida
Grantor deeded a condo to a living trust of which he was trustee, reserving a deeded life estate. Grantor died. The trust provisions, declared before grantor died, gave his long-time companion a lifetime right of occupancy of the condo in return for paying all expenses. Successor trustee would like to help the companion arrange a Florida Homestead Exemption, to mitigate real estate taxes which the companion is required to pay under the terms of the trust.
1. What needs to be done so that the companion of the late grantor can get a Florida Homestead Exemption (Volusia County)? E.g., changes to the deed.
2. Assuming that the companion would qualify for the Homestead Exemption, is there any way to keep the previous Save Our Homes basis in the condo (avoid reassessment upwards to a new basis for Homestead value), since the companion had the lifetime right of occupancy prior to grantor's death, and since the condo deed was recorded in the name of the trust? Previous Homestead Exemption was in name of grantor alone.
3. Are there any changes to the condo deed that should be made now to show successor trustee's takeover of the trust, or should changes be deferred until just prior to eventual sale?
Grantor deeded a condo to a living trust of which he was trustee, reserving a deeded life estate. Grantor died. The trust provisions, declared before grantor died, gave his long-time companion a lifetime right of occupancy of the condo in return for paying all expenses. Successor trustee would like to help the companion arrange a Florida Homestead Exemption, to mitigate real estate taxes which the companion is required to pay under the terms of the trust.
1. What needs to be done so that the companion of the late grantor can get a Florida Homestead Exemption (Volusia County)? E.g., changes to the deed.
2. Assuming that the companion would qualify for the Homestead Exemption, is there any way to keep the previous Save Our Homes basis in the condo (avoid reassessment upwards to a new basis for Homestead value), since the companion had the lifetime right of occupancy prior to grantor's death, and since the condo deed was recorded in the name of the trust? Previous Homestead Exemption was in name of grantor alone.
3. Are there any changes to the condo deed that should be made now to show successor trustee's takeover of the trust, or should changes be deferred until just prior to eventual sale?