Changes in the Homestead Exemption as of 1/1/2010
San Diego real estate attorney, Harold Small, Esq., informed me recently that the CA legislature has increased the homestead exemption amounts as of the 1st of the year. Here is his posting:
The law is constantly in a state of flux with changes happening either because of changes in statutes or case law. An area that has been relatively unchanged for some years had a change that became effective January 1, 2010. California homeowner’s now have an increased equity that is protected from creditors with the amounts having been increased (by Assembly Bill 1046) as to the following amounts:
Individual $ 75,000
Married couples $100,000
Seniors (over 65), disabled or over 55 with limited income $175,000
While these changes are not important to all homeowners, given the current financial condition of our society and people facing financial challenges, daily, this information may be of assistance to them. For creditors, it is important to be aware of these limitations as they may impact decisions to be made relating to settlement of claims/issues with borrowers.
THE FOREGOING CONCEPTS AND IDEAS ARE GENERAL STATEMENTS AND ARE INTENDED TO PROVIDE CONCEPTS FOR CONSIDERATION IN BUSINESS AND TAX PLANNING. CAREFUL CONSIDERATION NEEDS TO BE GIVEN BY THE READER REGARDING THE USE AND APPLICATION OF THE CONCEPTS. YOUR LEGAL AND TAX COUNSEL SHOULD BE CONSULTED BEFORE THE IMPLEMENTATION OF ANY OF THE IDEAS INDICATED HEREIN OR USE OF THE INFORMATION CONTAINED ABOVE. SHOULD YOU HAVE QUESTIONS REGARDING THIS MATTER, HAROLD S. SMALL, ESQ., CAN BE REACHED AT 12526 HIGH BLUFF DRIVE, SUITE 300, SAN DIEGO, CALIFORNIA 92130 OR AT 858.759.4600.
© 2010 by Harold S. Small, J.D., CPA (inactive), AEP
Call Harold directly for any questions. Harold is my “go-to” attorney for all real estate matters. Call me with any questions that you may have.
Kevin P. Cummins, J.D.
Broker Sales Associate | Realtor
Coldwell Banker Residential Brokerage
3810 Valley Centre Drive #906
San Diego, CA 92130
cell: 858-750-9577
fax: 858-793-9944
web: kevincumminshomes.com
mail: kevinpcummins@gmail.com
blog: kevincumminshomes.tumblr.com
CA DRE Lic. # 01812762
