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John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4631
Experience:  Over 14 years experience in Medicaid, Estates, Trust.
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Hi, I am helping my elderly parents set up a Living Trust and

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Hi, I am helping my elderly parents set up a Living Trust and want to record a quitclaim deed in Cook County, IL to transfer their home, which is owned free and clear, to the Joint Living Trust. The grantor's of the trust are also the grantee's of the trust. Should I release the homestead exemption?
Welcome! Thank you for your question.

No you should not. Since the trust is a revocable living trust, it is still considered their assets for most government and creditor purposes. They would still be able to claim the homestead exemption even if the revocable living trust owns the property.

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