Effective January 1, 2011, married couples may hold their primary residence as tenants by the entirety within one or more trusts. 765 ILCS 1005/1c states, in part:
Where the homestead is held in the name or names of a trustee or trustees of a revocable inter vivos trust or of revocable inter vivos trusts made by the settlors of such trust or trusts who are husband and wife, and the husband and wife are the primary beneficiaries of one or both of the trusts so created, and the deed or deeds conveying title to the homestead to the trustee or trustees of the trust or trusts specifically state that the interests of the husband and wife to the homestead property are to be held as tenants by the entirety, the estate created shall be deemed to be a tenancy by the entirety.
Tenancy by the entirety affords married couple with extra creditor protection in Illinois. If you have your principal residence in your living trust(s), give me a call to discuss taking advantage of this new law.
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