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If No Homestead Exemption Exists

April 13, 2006

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When developing an effective asset exemption plan, if a state provides for no homestead exemption, or an extremely small exemption, the form in which you own the home may determine the extent to which your home will be protected from creditors. Your best options are:

• tenancy by the entirety
• transferring ownership to the spouse with less legal exposure

In addition, there are other forms of ownership, but they do not offer enough protection. They are presented here for illustrative purposes:

• joint tenancy
• tenancy in common
• community property

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