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A BILL TO BE ENTITLED
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AN ACT
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relating to property designated as homestead property transferred |
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into an inter vivos trust. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 41, Property Code, is |
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amended by adding Section 41.0021 to read as follows: |
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Sec. 41.0021. TRANSFER OF PROPERTY INTO INTER VIVOS TRUST; |
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EFFECT ON HOMESTEAD DESIGNATION. A trustee may transfer by |
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warranty deed real property designated as a homestead into an inter |
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vivos trust without affecting the homestead designation of the |
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property if the trust settlor is a beneficiary of the trust. |
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SECTION 2. This Act applies only to a transfer that is |
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effective on or after the effective date of this Act. A transfer |
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that is effective before the effective date of this Act is governed |
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by the law as it existed immediately before the effective date of |
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this Act, and that law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2009. |