Incorporation Session 4 - Homestead Exemption
Here we discuss some asset protection tactics. Using the homestead exemption and the changing tax laws. Kevin ends the previous session talking about some Bankruptcy law changes that we need to understand when planning a financial protection strategy. The homestead exemption laws vary from state-to-state, however FEDERAL bankruptcy laws override some of the favorable state's laws. You will see the states that allowed 100% exemption and what that means when the option is exercised. With the constantly changing legal landscape, these are some of the things you should know when putting together your financial protection plan.
We'll cover how the homestead exemption works and how that was exploited as a loophole, and then, the changes that came down from the Federal level. This session essentially drives home the importance of understanding the scope of protecting your personal assets. It is absolutely critical that everyone who has something to lose, at least, have the knowledge of what you really have that protects what has taken you a lifetime to accumulate. Here we explore the old "backdoor", bankruptcy, and tell you about the changes that have come about, right up to the morning of this video being produced.
Inside This Session
- Bankruptcy laws and what you really need to know
- Homestead exemptions and how things have changed
- Without an asset protection plan in place, what you do have that protects you
