A recent front page article in the Cleveland Plain Dealer reminded me of what most of us already know – housing prices are finally rising across the country. Your home is often one of your most valuable (or certainly one of your most important) assets. And you should take whatever steps you reasonably can
Ohio House Bill 479, signed by Governor John Kasich on December 20, 2012, will raise Ohio’s homestead exemption from its current $21,625 to $125,000. The new law amends Section 2329.66 (A)(1)(b) of the Ohio Revised Code to provide for the higher amount.
The original version of the legislation had provided for an unlimited homestead exemption.
Ohio House Bill 479 – – commonly known as the Ohio Asset Management Modernization Act (OAMMA) will affect a variety of asset protection strategies in Ohio. The new law was signed by Ohio’s Governor on December 20, 2012 and will become effective in March of 2013.
House Bill 479 authorizes legacy trusts in Ohio.
In my post of May 1, 2012, I reported that there was pending legislation in Ohio (House Bill 479) that would essentially provide an unlimited homestead exemption, similar to that in Florida, Texas and several other states.
On May 22, 2012 the Ohio House of Representatives passed House Bill 479, but it had significant
An article by Kate Murphy in the September 2, 2010 New York Times provides a good discussion of homestead exemptions.
"Homestead exemption" can have two completely different applications. Some states and localities use that term to refer to real estate tax breaks for senior citizens and others. The term can also refer to the extent
Holding property as joint tenants has numerous advantages. It can be convenient, and it can generally avoid probate of the jointly held assets. It is a big misconception, however, that joint tenancy provides very much asset protection.
A recent Ohio Court of Appeals Decision, White v. Parks is a perfect illustration of the drawbacks of
A debtor’s personal residence is a natural target of his or her creditors. Some states (Florida, in particular) provide special protection for your home against claims of creditors. Currently, Florida’s protection is so strong that some debtors have re-located to Florida solely to take advantage of this protection. Texas also provides a very strong homestead exemption. Ohio, however, currently provides
