School is out, Memorial Day is over, and summer is here. With that comes lake houses, beach house, and cabins in the woods. Some of these properties are closed down for the winter and not visited for many months. Aside from de-winterizing, deep cleaning, and re-stocking the refrigerator what should you be doing to open your second home?
Homestead is a right to occupy one’s primary residence. Homestead also has a set value of $120,000, which comes into play when creditors circle the waters.
Each person has a homestead in the amount of $120,000; therefore, for married couples, each spouse has a $120,000 homestead.
The homestead right is exempt from attachment by creditors, except in the following cases:… Read the rest
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