Does a revocable trust make a homeowner expempt from protection fo creditors?
Full Question:
If a buyer takes title to a property in a revocable living trust, does that invalidate the homeowner's exemption protection from creditors in California?
04/14/2009 |
Category: Real Property ยป Homestead |
State: California |
#15986
Answer:
The homestead exemptions provided by California statutes apply only to property of a natural person. "Dwelling", as used in the homestead exemption laws, means any interest in real property (whether present or future, vested or contingent, legal or equitable) that is a "dwelling" as defined in Section 704.710, but does not include a leasehold estate with an unexpired term of less than two years or the interest of the beneficiary of a trust. I suggest you contact a local attorney who can review the facts and documents involved.
