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Trusts and Homestead Exemptions

Crain & Wooley TRUST clients who have received a letter from their county’s Central Appraisal District asking for them to reapply for homestead exemptions do not need to panic.

Many Crain & Wooley TRUST clients have recently received a notice from their County’s Central Appraisal District (CADs) asking them to refile their Residence Homestead Exemption Application. On 5/5/2022, Crain & Wooley again confirmed with Collin County Central Appraisal District that all exemptions continue to carry through when a person utilizes a TRUST as their estate planning tool.

So, what is going on? Normal, cyclical deed audits.

The Collin County Representative stated that area CADs are increasing deed audits when ownership of a home changes. When a person utilizes a TRUST as an estate planning tool, ownership changes from “person X’ as an individual to “person X” as a trustee or co-trustee of a trust.

What do you need to do?
Complete the application and list/sign your names as trustee or co-trustee of the living trust.

Owner 1: Jane Doe, Co-Trustee of the Doe Living Trust, 50% owner
Owner 2: Joe Doe, Co-Trustee of the Doe Living Trust, 50% owner

Justin Crain, managing partner, detailed this topic in Crain & Wooley’s 1st quarter client webinar held on March 29, 2022. You can hear Justin explain this topic starting at minute 12. Crain & Wooley conducts quarterly client education webinars discussing all sorts of topics. Even if you can’t attend the live event, still register, and you will receive a record of the webinar.
As a reminder, CAD file audits are normal and have always taken place – just complete the application and submit to your local CAD.