You've taken the important step of protecting a valuable asset - your house - by transferring title to an irrevocable trust. As you may need to complete the STAR Exemption application, here are some useful tips:
What You Need to Know
- You will still be entitled to the STAR exemption (as well as enhanced STAR and Veterans exemptions) even after the property is transferred to an Irrevocable Trust provided you have kept the right to live there for your lifetime (a life estate).
- On the STAR application, you are still the "owner." Anywhere the application asks for information regarding the owner, such as name, age and income, it pertains to you as an individual.
- If the tax assessor's office asks for a copy of your Irrevocable Trust, you do not have to provide the entire trust document. You need only provide the pages evidencing that you are a life tenant or have the equivalent of a life estate. Contact our office and we will advise you as to which sections of the trust you should provide.
- Do not forget to add the Irrevocable Trust as an additional insured on your homeowner's insurance policy.
- Beware of any solicitations offering to obtain a copy of your deed. This is an unnecessary way for a vendor to charge you fees. You may get a copy of your deed yourself from the county clerk's office or feel free to contact our office for assistance.
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Cona Elder Law is recognized as a leading elder law and estate planning firm on Long Island. The firm provides creative advocacy and cutting edge planning strategies and has been featured in many publications including: The New York Times, The Wall Street Journal, Newsday, L.I. Business News, Kiplinger's, Reader's Digest and many others. Cona Elder Law attorneys are frequent contributors to Newsday's Act II "Ask the Expert" column and have appeared as guests on WNBC-TV, CNN-fn, News 12, News 55, Channel 21 "Act II With Newsday" and many radio stations including WOR, WCBS AM and WFAN.