Can a coupel who own a home in Florida held in a trust still claim an exemption if one person resides in another state and does not seek a exemptinn in that state Thank you, Frank
Thank you for your question.If you are asking about a homestead exemption, that is available ONLY if the person is actually using the house and land as a primary residence. Cumulative vacations of even a full half-year do not change that.Homestead exemptions usually cannot be claimed for two separate properties, even if in two separate states, without telling some sort of lie. And since land records are public and anyone can find them, that type of lie almost aways gets found out. It is far safer to just choose one as the protected home.Now if a married couple wants to split their exemptions (enough presence there and intent to remain indefinitely to satisfy a type of "dual domicile" or "dual residency" status, then each person would have a homestead exemption to only that portion which they own. If in joint tenancy or community property, then that is presumed to be only half of the value of the home.We attorneys do not recommend setting up situations where the other person's half of a home could be executed on--that can leave the non-obligated spouse with the choice of allowing judgment execution and getting paid his or her half of the cash value after a forced sale, or paying off the judgment by "buying out" the other person's half, the money going to the creditor. But there are probably some circumstances where a pair of joint owners of a home would be willing to live with that.Thank you.BAB.
THE REASON ONE WANTS TO CHANge HER DOMICLE SO AS GET HEALH INSURANCE. sHE HAS BEEN REJECTED IN florida but cannot be rejected in Massachusetts where live for 5.5 months a year
With this new information, there is no change in the Answer given.I forgot to mention that the law of both states allows exemptions to be claimed on homes owned by trusts to which the declarant(s) is/are lifetime beneficiaries.Your question implies that you have already checked with Massachusetts law AND the relevant proposed insurance contract and found that 5.5 months per year is enough. I am still told by Canadian residents that their version of the National Health Service (sorry, I don't recall the exact name) requires a specific number of days per year actually located within Canadian territory to retain eligibility.Thank you.BAB.
It appears from information JustAnswer has given me that you have changed your mind and asked for a refund instead of continuing the conversation and getting more clarification.From what you have given, I still do not see any answer to whether you are asking about a homestead exemption or something else. However, any one spending 5.5 months per year in one state can have his or her trust own real estate in another state where he or she lives the other 6.5 months per year--those two facts by themselves do not affect questions of residency and domicile. A person's trust could own "vacation homes" in all 50 states and whatever number of territories, but would still be required for many legal purposes to choose only one of those states or territories for the domicile.With domicile comes the right to claim a homestead exemption. Claiming a homestead does not require that the person stay on that land any fixed number of days per year--it is mainly a matter of protecting that one "primary residence" from creditors other than purchase money lenders for that land, and from certain other creditors, within that specific state's dollar limits.I hope that this helps you understand. Thank you.BAB.
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