03 Apr Can I get Senior Freeze if my house is in a trust?

Q. I am currently disabled and participate in the New Jersey Senior Freeze program. That said, I would like to make a trust to have my daughter inherit the home once I pass, however, I do not want to lose the Senior Freeze. Can I do the trust without losing the program?

— Homeowner

A. It will really depend on the specifics.

The New Jersey Treasury Department, which administers the Senior Freeze benefit, addresses trusts in it’s Frequently Asked Questions section.
It says: “You must be a beneficiary of the trust and meet all other eligibility requirements for the program. You must submit a copy of the trust agreement along with your application.”

Before you sign on the dotted line, speak with the attorney who prepares the trust to make sure you understand the consequences of the document.

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This story was originally published in March 2024.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.