Does a trust agreement affect my application for exemption?

When property is held in trust, legal title is separated from the beneficial or equitable interest. The person in whom legal title is vested, and to whom the property is ordinarily assessed, is the trustee. The holder of the right to enjoy the property is the beneficiary. Furthermore, the Supreme Judicial Court has ruled that the taxpayer, by placing their property in trust, voluntarily chooses to separate legal title and beneficial ownership. If you have retained full ownership, naming yourself as trustee and beneficiary, or by retaining a life estate,  you may be eligible for an exemption.

Show All Answers

1. Who can apply for exemption?
2. When can I file for exemption?
3. Can I apply for more than 1 exemption?
4. Can a husband and wife each receive the same exemption?
5. I missed the exemption filing deadline. Can I still apply?
6. I received an exemption last year. Must I reapply each year?
7. Do I need special documents to qualify for exemption?
8. I was denied an exemption. Why?
9. Must I pay my taxes if I'm expecting to get an exemption?
10. Which assets must I declare?
11. I transferred my property to my children but retained a life estate. Am I still eligible for the elderly exemption?
12. Does a trust agreement affect my application for exemption?
13. I received a surviving spouse exemption for many years. I am now remarried. Do I still qualify for the exemption?
14. My spouse died eight years ago. I did not qualify for an exemption because my assets were too high. My financial picture is much different now. Can I apply for Exemption during the next application