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Partial Homestead
X-eGroups-Edited-By: easky1
I know this sounds like an exam question.
A 70 year old single man owns 50% of a principal residence with another single man (no relationship). The FMV of the house is 280K.
The law states that the homestead exemption for a personover the age of 65 is 175K. The law also states that a homestead exemptionalso applies to a partially owned home. I assume the 175K homestead exempts the man's 140kshare and the trustee will not try to sell the home. Does anyone have experience with this fact pattern?
Thank You
Sina
I know this sounds like an exam question.
A 70 year old single man owns 50% of a principal residence with another single man (no relationship). The FMV of the house is 280K.
The law states that the homestead exemption for a person over the age of 65 is 175K. The law also states that a homestead exemption also applies to a partially owned home. I assume the 175K homestead exempts the man's 140k share and the trustee will not try to sell the home. Does anyone have experience with this fact pattern?
Thank You
Sina
The post was migrated from Yahoo.
I know this sounds like an exam question.
A 70 year old single man owns 50% of a principal residence with another single man (no relationship). The FMV of the house is 280K.
The law states that the homestead exemption for a personover the age of 65 is 175K. The law also states that a homestead exemptionalso applies to a partially owned home. I assume the 175K homestead exempts the man's 140kshare and the trustee will not try to sell the home. Does anyone have experience with this fact pattern?
Thank You
Sina
I know this sounds like an exam question.
A 70 year old single man owns 50% of a principal residence with another single man (no relationship). The FMV of the house is 280K.
The law states that the homestead exemption for a person over the age of 65 is 175K. The law also states that a homestead exemption also applies to a partially owned home. I assume the 175K homestead exempts the man's 140k share and the trustee will not try to sell the home. Does anyone have experience with this fact pattern?
Thank You
Sina
The post was migrated from Yahoo.