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Partial Homestead
SM
This may work but I would also contemplate the effect of bk on the otherman,
who may be a co-debtor. The lien survives bk so will they be able to
manage
the debt and any arrears after bk. Will this force the other man into bk?
Also, in contemplating bk, is the other man part of the household income or
contributing to expenses?
Good Luck starts with a strategy and a plan. Form a strategic alliance
with
Robert J. Suhajda, MS,CPA
17721 Norwalk Blvd. #43
Artesia, CA 90701
562-924-8922
Income Tax for Attorneys, Bankruptcy, IRS representation,
Fiduciary income tax returns, Estate and Gift tax returns,
Trust Protector, Independent Trustee, Court Accountings
In a message dated 2/16/2010 1:39:04 P.M. Pacific Standard Time,
king@kingobk.com writes:
Based on those facts you should have no problem. All else being ok.
Of Sina Maghsoudi
Sent: Tuesday, February 16, 2010 12:08 PM
To: cdcbaa@yahoogroups.
Subject: [cdcbaa] Partial Homestead
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)A 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
SM
This may work but I would also contemplate the effect of bk on the
other man,
who may be a co-debtor. The lien survives bk so will they be able to
manage
the debt and any arrears after bk. Will this force the other man into
bk?
Also, in contemplating bk, is the other man part of the household income
or
contributing to expenses?
Good Luck starts with a strategy and a plan. Form a strategic alliance with
Robert J. Suhajda,
MS,CPA
17721 Norwalk Blvd.
#43
Artesia, CA 90701
562-924-8922
Income Tax for Attorneys, Bankruptcy, IRS representation,
Fiduciary income tax returns, Estate and Gift tax
returns,
Trust Protector, Independent Trustee, Court
Accountings
In a message dated 2/16/2010 1:39:04 P.M. Pacific Standard Time,
king@kingobk.com writes:
Based on
those facts you should have no problem. All else being
ok.
From: cdcbaa@yahoogroups.com
[mailto:cdcbaa@yahoogroups.com] On Behalf Of Sina
MaghsoudiSent: Tuesday, February 16, 2010 12:08 PMTo:
cdcbaa@yahoogroups.comSubject: [cdcbaa] Partial
Homestead
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
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