United States:
Nevada Supreme Court: Homestead Exemptions Only Apply To Place Of Residence
13 January 2014
Fox Rothschild LLP
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In In Re: David Orrin Nilsson (Van Meter v.
Nilsson), the Nevada Supreme Court was asked by the United
States Bankruptcy Court for the District of Nevada to clarify
whether someone can properly claim a homestead exemption for his or
her interest in real property when he/she does not reside at the
property but his/her minor children do. The homestead
exemption, a creation by statute that days back to Nevada's
founding, is a means of protecting a family home from creditors
even during times of financial distress. Reasoning that the
homestead exemption is conceptually tied to one's place of
residence, the Court concluded that a the person claiming the
homestead exemption must actually reside on the real property to
claim the homestead exemption.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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