Hi Mark Kohler Here with another tax and Legal Tip Let’s talk about the homestead Exemption Now this Is an important strategy for Every American in the country That owns a Personal residence You’ve Got to know what the strategy is about to better protect your personal residence from a lawsuit Now in my new book the tax and Legal Playbook i have an entire Section where i talk about asset Protection and specifically The Homestead Exemption This has nothing to do with Bankruptcy It Actually has to do with a creditor coming After You and a lawsuit and It is basically the point that There’s a Certain Amount Set-Aside Statutorily By The state in which you live as to how much is Protected in the Equity of Your home that if anybody were to sue you That Equity is carved Out and Given to you so you’re not left homeless this is a Governmental Provision to basically Protect People from Being Thrown on the street So you want to know what the Exemption amount is in your state to protect you from that potential lawsuit Now as you can imagine the Rules Vary dramatically From state to state in some States you have to file for this? at The county and other States it’s automatic in other States that May be 10 grand and another state it’s unlimited Think of Oj Simpson down in florida so what You want to do is look At Your state and find out What the homestead Exemption Is and how to apply for it or how to take Advantage of It well in My Book of Course i wanted to make sure there Was a table in the back the homestead Exemption Table Where you can look at Your state and look at What the provisions are and How’d you get It and what the amount is Now of course this is one of Many different asset Protection strategies i talked about in My book and Talk about Regularly in Fact You’ll see Other videos Here on my YouTube Channel all these sorts of Topics and i Just love this because i want to protect the harbor and assets of My Clients from a Potential Lawsuit or even Heaven Forbid texting and Driving or something That could so really dramatically wrong in your life and this Doesn’t Mean you Avoid insurance You Still want to get the proper amount of insurance in your life and maybe even set Up Llc’S and Corporations for Your Business and Other Things Such as this but The homestead Exemption is specifically Designed for your home Finally Make sure you have an asset Protection strategy or reviewing Your asset Protection Plan on a Regular Basis we Have five lawyers at Our office Helping Clients Nationwide taylor Asset Protection Plans That fits them Best Don’t overspend Watch Out for the scams i write about that a lot as Well so Always get a Second opinion of see if something Seems a Little Too Crazy or if Expensive Bottom Line Keep Living The dream and Protect Those Hard-Earned assets You’ve Been Building thanks Thanks for Listening and i hope That Information is Helpful And Let Me speak from the heart Here i’ve Been talking about topics like This for 10 15 Years i’m a cpa Attorney Best-selling Author Radio Show host and i am passionate about Helping small Business Owners Save Taxes Build Wealth and Protect It please Check out the link right Here download My free ebook on 10 Common Mistakes Small Business Owners Make into tax and Legal arena also Check out my social media Links Here i’ve got Daily tiPs a Weekly Blog Radio Show Every Week this information is free and i’d love to help You click Below Find out more about me and thanks for Listening