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LA state inheritance, estate law and probate law, procedures
Metairie, LA
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Posted about 1 year ago in Probate
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inheritance of real property:
My mother died almost a year ago. She had a trust and I am the successor trustee. A friend advised me to get the house put in my name because if I don't, my homeowners insurance might not be valid. My boyfriend said, be careful; if I get the house in my name, it could open a can or worms concerning re-evaluation of the house and possible higher taxes. Right now I have the homestead exemption and my taxes run around $350/yr. Not bad. I live in the New Orleans area. I depend on rent from the other half of my house and my part time business to get by. What should I do? NH
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Answers (1)
James P. Frederick
This attorney is licensed in Michigan.
Posted about 1 month ago.
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I would suggest that you have the home re-titled in your name. The effect on the property taxes is likely to be moderate, given the recent decline in values, nationwide. If the home is owned by the Trust, I question whether you qualify for the homestead exemption.
If you do not make the change, and the assessor's office decides to challenge things, then you could be in store for penalties, fines and back-taxes. It is not worth the risk. James Frederick |
