Today I'm answering the question of what is the homestead law in California. Hi I'm Greg Ashcroft, I'm an estate planning attorney here at the Ashcroft firm, and today I'm going to be talking to you about the California homestead exemption law and some changes that have recently come to pass. I'm going to do it at my white board. What is the homestead law in California? Well first I'm going to go over the old law, and then I'm going to talk to you about the new law, and then I'm going to talk to you about what this means for you. So the old law said that most people get a 7500 exemption and what that means is that you have a 7500 exemption on your primary residence, the home that you live in. So if your home that you live in is worth 40000, and you had a 20000 loan then you have 20000 in equity if you try to protect that property you have 7500 you still have 12500 of equity here unprotected. Now let's say that instead you qualify for this larger exemption if you're over the age of 65, or you're disabled then instead you have 17500 of exemption you still have 25000 hanging out that you couldn't protect. So that's the old law. The new law though the minimum amount that you can protect is 30000. So that other than last example I gave you, everything would be protected under the new law but let's up the states so let's say we have a million dollar home, and we have five hundred thousand dollars home loan on it, so we have five hundred thousand dollars in equity so with this new one at minimum we could protect 30000 unfortunately we still have 20000 hanging out there...
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About Homestead Declaration Form
A Homestead Declaration Form is a legal document that allows homeowners to protect their residential property from certain creditors in the event of a financial crisis or bankruptcy. It is typically filed with the County Recorder or Registrar's Office, where the property is located. The purpose of the Homestead Declaration Form is to establish a homestead exemption, which can vary in amount depending on state laws, enabling individuals or families to shield a portion of their home's value from seizure or forced sale in order to satisfy debts. This protection ensures that homeowners have a safe haven and a place to call home, even during difficult financial circumstances. Individuals or families who own a primary residence and want to secure the homestead exemption typically need to file the Homestead Declaration Form. While the exact eligibility criteria and exemption limits vary from state to state, it is generally available to any homeowner who occupies their property as their primary residence. It is essential to consult local laws or seek professional advice to understand the specific requirements and benefits of filing a Homestead Declaration Form in your particular jurisdiction.
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