Q: In the state of Nevada, will filing a Homestead Exemption do anything if our home is in our Living Trust?
We are married and living in our primary residence which is paid off and valued ~$570K. Our house and other assets are all owned by our revocable Living Trust. We have never filed a Homestead Exemption in Nevada, but recently friends have told us we should do this to protect the equity in our home. Is it possible to file this exemption if the house is in the trust and if so, does it give us any additional protection not already provided by the trust?
A: Nevada homestead exemption protects the equity in your primary residence (w/ proper homestead filing) up to $550K- cheap & easy protection! A revocable living trust typically does not provide ANY asset protection to the creators of the trust, so it's probably wise to file your homestead. It can be done when a home is owned by a revocable trust.
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