Homestead Exemption

News & Analysis as of

Homestead Status Without Current Use Or Possession; Interaction Of Homestead Successor Rights With Terms Of Marital Settlement...

Under Florida law, a decedent will be restricted in devising his or her homestead property at death. If those restrictions apply, surviving spouses and heirs received the interests they would receive under intestacy law. For...more

Real Property, Financial Services & Title Insurance Update: August 2014 #2

former marital home entitled to homestead exemption under article X, section 4 of Florida Constitution because (1) decedent and former wife still owned home as tenants in common at time of his death; (2) decedent’s sons, whom...more

August 2014 Estate Planning Update: Protecting Investment Properties

Investment properties can be subject to lawsuits by other creditors because they are not protected by Nevada’s homestead law. Under Nevada homestead law, many classes of assets are automatically protected from creditors. ...more

Protecting your real estate assets

When preparing an estate plan, asset protection for real estate is particularly challenging, because it’s the only asset that can’t be moved. Gifting it is one option, but this leaves the property exposed to creditors. This...more

Insight on Estate Planning - August/September 2014

In This Issue: - Unintended consequences: After divorce, review your estate plan to avoid surprises - Protecting your real estate assets - How will the GST tax affect your estate plan? - Estate...more

Bankruptcy Court Sheds Light on MA Homestead Protection of Downstream Trust Beneficiaries

Suppose the following: Title to a home is held by Trust A. The beneficiaries of Trust A are three natural persons and Trust B. Trust B holds a 25% beneficial interest in Trust A. The sole beneficiaries of Trust B are Mom...more

The “Law’s” Limits On The Bankruptcy Court’s Ability To Impose Sanctions For Debtor Misconduct

In the first six months of 2014 the Supreme Court has already issued two opinions concerning the authority of the bankruptcy courts. The first opinion, Law v. Siegel, 134 S. Ct. 1188 (2014), was issued in March. In Law,...more

Mi Casa es Su Casa! - Planning Considerations Non-Resident Aliens Purchasing a Home in America

Overview - In spite of our many problems as a nation, the quality of life and level of economic opportunity as well as the overall respect for the rule of law, places the United States in a very unique position when...more

U.S. Supreme Court Reins in Bankruptcy Court Authority Under § 105(a)

On March 4, 2014, the United States Supreme Court issued its decision in Law v. Siegel, 571 U.S. __ (Mar. 4, 2014) and held that the bankruptcy court exceeded its authority under section 105(a) of the Bankruptcy Code and its...more

What The U.S. Supreme Court’s Unamimous Decision In A Homestead Exemption Case Says About The Power Of Bankruptcy Courts In...

It seems that most bankruptcy decisions by the U.S. Supreme Court involve individual debtors, and the Supreme Court’s latest opinion is no exception. Even though the decision is not in a business bankruptcy case, it examines...more

Florida Homestead Exemption: What You Need To Apply

If you elect to purchase a residence in Florida, as opposed to renting, the positive result of changing your residence to Florida is that you may claim the Florida homestead exemption. In Florida, the homestead exemption...more

Bankruptcy Punishment

On June 6, 2011 the United States Court of Appeals, Ninth Circuit issued a fairly innocuous, unpublished opinion, rendered without oral argument, against an appellant appearing pro se in a bankruptcy matter. The Order...more

Nevada Supreme Court Limits Homestead Exemption in In re Nilsson

In In re Nilsson, 129 Nev. Adv. 101 (December 26, 2013), the United States Bankruptcy Court for the District of Nevada certified the following question to the Nevada Supreme Court: Can a debtor properly claim a...more

Thinking Of Establishing Florida Residency? What To Consider Before Changing Your Legal Residence

Many clients whose family circumstances and employment situation permit them to spend in excess of six months every year in Florida may elect to become Florida residents. The biggest advantage, compared to being Michigan...more

Texas Reverse Mortgage Constitutional Amendment Takes Effect

On November 22, an amendment to the Texas constitution took effect to permit the use of a reverse mortgage for the purchase of a homestead property. The amendment was approved by Texas voters on November 5. ...more

Florida Homestead Planning and Irrevocable Trusts

Florida law prohibits the devise of a homestead if the owner is survived by a minor child or children. For purposes of this prohibition, the term “devise” extends to both gifts under a will and transfers by way of a revocable...more

Two Hurdles to Chapter 7 Bankruptcy

Most people I meet with to discuss bankruptcy want to file a chapter 7 bankruptcy. They may not know exactly what a chapter 7 is, but they want their debt to go away and go away and quickly as possible. Chapter 7 bankruptcy...more

Texas Supreme Court: Discount Points are Subject to Fee Cap for Home Equity Loans and Lines of Credit

In a decision that likely will have a dampening effect on the home equity lending market in Texas, the Texas Supreme Court ruled on June 21, 2013, that lenders are prohibited from treating discount points and lender fees as...more

Noncitizen Property Owners May be Entitled to Florida Homestead Exemption

Under the Florida Constitution, certain owners of real property in Florida are entitled to a reduction in the assessed value of the property for ad valorem tax purposes. This reduction, called the “homestead exemption,” is...more

Texas Adds Reverse Mortgage Constitutional Amendment To November Ballots

On May 22, the Texas legislature adopted a joint resolution, SJR 18, to propose an amendment to the Texas Constitution to allow a reverse mortgage for the purchase of a homestead property....more

Rogers Towers: Lack of Permanent Visa May Preclude Invocation of Florida Homestead Exemption

Creditors often find themselves at the crossroads of multiple disciplines of law, such as the intersection of bankruptcy and tort law. Less commonly, however, creditors may find themselves at the intersection of bankruptcy...more

Asset Protection Expanded in Ohio

Individuals with concerns about preserving their assets from claims of possible future creditors no longer need to move their assets to Delaware, Alaska or offshore in order to protect them. With the enactment of the Ohio...more

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