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View Full Version : pros and cons with "homesteading"



lucky
01-23-2006, 10:18 AM
Can any one tell me the pros/ and cons in regaurds to finance /liability/ taxes ?
I have recieved some internet articals about it , but they are kind of genaral I recollect Some issues as why you don't want to homestead , but I Can't recollect exsactly what they where :)

Sleek-Jet
01-23-2006, 10:21 AM
I thought the only place left you could homestead was Alaska??? And I thought you actually have to reside on the land??

Mandelon
01-23-2006, 11:06 AM
I think that you do this to protect your home in case of foreclosure or bankruptcy.

Sleek-Jet
01-23-2006, 11:07 AM
I think that you do this to protect your home in case of foreclosure or bankruptcy.
ahhh... so it's not a traditional homestead dealio then???

cdog
01-23-2006, 11:08 AM
Nope in AZ you get a homestead exmp. of 150k.. I believe it's automatic as long as it's you're personal res. Rentals would be best held as an LLC.

cdog
01-23-2006, 11:10 AM
Homestead will not cover goverment, Irs and tax's. Just unsecured debt like credit cards, getting sue'd and such.

C-2
01-23-2006, 11:13 AM
In Cali it's automatic and $75K/$150K if over 65.
Snake oil here in Cali.

BajaMike
01-23-2006, 11:16 AM
In Florida I think they have an unlimited homestead exemption on your home. That's why a lot of entertainers and sports figures have there homes there.....also criminals, like OJ Simpson.