The Homestead Exemption – Part 2 - 11/11/21
A few months ago, I wrote a column concerning the homestead exemption and the importance of using it to protect the family home from creditors. In that article I stated: “The amount of the exemption may be $50,000, $75,000 or $150,000 according to which statutorily defined class of persons the homeowner falls into.” NEWSFLASH: I recently learned that as of the first of the year the exemption amount was increased so that it now ranges from $300,000 to $600,000 depending on the countywide median sale price for a single-family home. According to the Los Angeles Times, in Los Angeles County the median sale price for a single-family home is now $800,000. This means that a homeowner in Los Angeles County can protect $600,000 in home equity from creditors! Every homeowner should declare a homestead by completing a Declaration of Homestead form and having it recorded with the County Recorder’s office. The form can be purchased at office supply or legal stationery stores. For those who are internet savvy, the form can also be downloaded from the Registrar-Recorder’s website in the real estate section (www.lavote.net). The fee to have the Declaration notarized is $15.00 and the recording fee is approximately $30.00. There is certainly nothing to lose but much to gain by taking the simple step of filling out and recording the declaration. © 2021 by Marlene S. Cooper. All rights reserved. (You may obtain further information at the website www.marlenecooperlaw.com, by email at MarleneCooperLaw@gmail.com, by phone at (626) 791-7530 or toll free at (866) 702-7600. The information in this article is of a general nature and not intended as legal advice. Seek the advice of an attorney before acting or relying upon any information in this article). |
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