16 Aug What happens with ANCHOR and an irrevocable trust?

Q. My home is in an irrevocable trust. Last year I had to submit the trust with the ANCHOR application. Do I have to send the trust papers again?
— Unsure

A. This is the season when homeowners are realizing they need to get their ANCHOR applications in order.

So we are glad you’re asking.

Alana F. Lightenberg, an attorney in the Tax, Trusts and Estate Planning practice at Wells, Jaworski & Liebman, LLP, in Paramus, said you are considered an eligible owner of property held by a trust if:

• You are a beneficiary of the trust;
• The deed and/or trust agreement expressly provides that you hold a life estate in the property;
• You occupy the residence as your principal residence as of the applicable date requirement for the filing year; and
• You satisfy the applicable income requirements.

“Consistent with N.J.S.A. 54:4-8.75b, a homestead is deemed to be `owned’ by a person who is a tenant for life,” Lightenberg said. “In addition, the right to claim the benefit extends to a homestead if the title is held by a guardian, trustee, committee, conservator, or other fiduciary for a person who would otherwise be an eligible claimant, but not to a homestead the title to which is held by a corporation, subject to an exception for residential shareholders in a cooperative or mutual housing corporation.”

If the trust agreement is not already on file, it must be submitted for review and approval as proof of eligibility together with the application, Lightenberg said.

You may be required to resubmit the Trust Agreement together with the application unless the State has previously archived and retained the document on file from your prior submission, and the terms of the trust have not been altered by amendment or modification since the date of the initial submission, she said.

You didn’t say how old you are. Note that people who are 65 or older must complete the PAS-1 application, not the ANCHOR-only ANC-1 application.

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This story was originally published in August 2026. 

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.