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We are selling a house in new jersey. we are both over 65.

Customer Question
We are selling a...

We are selling a house in new jersey. we are both over 65. the house is owned by us through a revocable living trust. are we netitled to a senir partial exemption on the real estae transfer tax?

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

New jersey

Lawyer's Assistant: Has any paperwork been filed?

It is being held pending resolution

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Can it be disputed after recording?

Submitted: 2 months ago.Category: Real Estate Law
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Answered in 3 hours by:
12/16/2017
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 months ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 121,670
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only. Please feel free to ignore any phone service request, the expert does not send those unless asked by customer and they are sent by the site automatically.

Because a revocable trust is just an extension of your personal assets, you are treated as though you sold the property and as such the partial tax exemption would be available on the transfer. Anything could be challenged of course, but unlike an IRREVOCABLE trust, the revocable trust is one where the grantor still owns and controls the property and still has ownership.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Category: Real Estate Law
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Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.

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