Wealthy New York City Elites Prepare to Leave the City Under de Blasio’s Tax Burden

Western Journalism ^ | 12/17/17 | Robert Donachie

[BBB333]

A Homestead exemption prohibits anyone/anything from attaching an enforceable writ to sell your home.

For instance, you are in a partnership, your partner flees and you owe $10 million.

A bankruptcy court can attach everything you own with the exception of your - important point here - declared homestead.

In Montana, where I live, it’s $250,000...

[Comment Not Approved]

How do I file for one of those? Is 250K the max value of the declared homestead?

[BBB333]

Where do you live?

In Montana you download a forum, have it notarized and then file it with the address on the forum.

Other states I cannot say.

[Comment Not Approved]

Montana, the Bitterroot. Thought you knew that as we have posted back and forth before.

I’ll check it out, thanks.

Merry Christmas, FRiend.

[Wally_Kalbacken]

In bankruptcy, if you have a residence in FL that is your homestead and you have owned it for more than 1215 days - your equity in it is exempt from your creditors no matter what its value. Until the 1216th day you can only exempt an amount (presently ~$160K, established under federal law), after that it is defined in Florida statutory law - which is without limit. I'm seen a few cases where people have sheltered a ton of $. Bowie Kuhn is probably the most famous historic example. I think NY is capped at $50K/debtor. This probably had something to do with the severity of the housing price declines from 2006-2011 in Florida generally, and south Florida in particular. People have an incentive to over-invest in their homestead property, because, should things go south, it's a protected form of wealth. People in Florida who tend to get sued a lot - doctors, lawyers, etc. - often pour more of their assets into their home as an asset protection mechanism, than you would typically see in other states. Might seem like a remote contingency for most people, but definitely a factor in the thinking of the folks the article was focusing on.

[BBB333]

Sorry I did not recognize you.

I also left out that it $250,000 per spouse so a married couple can have $500,000 of protection.

http://www.montana.edu/extensionecon/pdf/homsteaddeclaration.pdf

Hope the links helps!

Merry Christmas, FRiend.

[Ban Draoi Marbh Draoi]

Looks like these morons will learn the first maxim of capitalism the hard way: money stays where it is well treated and leaves when it is not.