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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 :)
I thought the only place left you could homestead was Alaska??? And I thought you actually have to reside on the land??
I think that you do this to protect your home in case of foreclosure or bankruptcy.
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???
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.
Homestead will not cover goverment, Irs and tax's. Just unsecured debt like credit cards, getting sue'd and such.
In Cali it's automatic and $75K/$150K if over 65.
Snake oil here in Cali.
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.