Living trust for 92 year old

[jesse1]

Michigan

I am setting up a living trust for my 92 year old father-in-law. The only asset that will be funding the trust is his home. The trust has him as the grantor and trustee. When we register the home in the trust, will he lose the homestead property tax deduction since he technically no longer owns the home? Would the same hold true if he was the grantor and I was the trustee?

 

[seniorjudge]

Michigan

I am setting up a living trust for my 92 year old father-in-law. The only asset that will be funding the trust is his home. The trust has him as the grantor and trustee. When we register the home in the trust, will he lose the homestead property tax deduction since he technically no longer owns the home? Would the same hold true if he was the grantor and I was the trustee?

You really need to check with a Michigan tax professional because I do not know how that law is written.

However, when FIL grants the land to someone else, he is no longer the owner so may not be able to claim this tax deduction.