homestead

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Related to homesteads: Homesteads Act

homestead

The dwelling house and adjoining land forming the permanent residence of the head of household.Under modern law,a person's homestead is given a very specific definition within each state's statutes and is then granted protections from creditors and against excessive real estate taxes. The term homestead may also apply to the rights granted to a widow or widower to use real property for their remaining lives if they elect to take advantage of homestead laws rather than provisions made in a will.The protections may be unlimited, only up to a certain dollar value of equity, or limited in area. Each state's laws are different, and homestead may be defined differently in the various statutes within a state.

References in periodicals archive ?
The parties' new homesteads would each have an assessed value of $450,000.
In these books, Micheaux brings to the Great Plains the ideals of homesteading as cemented in the Homestead Act of 1862 (1) and the Frontier Thesis of Frederick Jackson Turner.
Homestead and Voila Offer New 'Drag-and-Drop' Entertainment, Sports, and
Ndebele homesteads also function as part of the ritual process of the rites of passage.
While the dicta in the Rasmussen decision regarding the conversion of exempt assets into homestead may have potential drawbacks for debtors, the court's protection of appreciation is critical for homeowners wishing to fully exempt their homesteads.
Consumers have already built over three million Homesteads, with an average of more than 10,000 new sites built every day.
Users have already built over two million Homesteads, with an average of more than 10,000 new sites going up each day.
Consequently, for those who are particularly motivated by asset protection planning, the guiding light may be to ensure that their homesteads satisfy all of the homestead requirements described in this article, and that they maintain as much equity as possible in the homestead.
Similarly, a bankruptcy court held that, after a separation by two spouses, each would be able to claim a homestead in a home even though the net effect would be to exempt two homesteads where both had filed separate bankruptcies.
Several Florida bankruptcy court decisions have followed Bank Leumi and have held that homesteads acquired in Florida to defeat creditors are exempt.
Unlike other services, Homestead users have the flexibility to completely customize and personalize their Homesteads using the Homestead Editor, whether a page was created with the Editor or with Homestead Express.
I manage three youth baseball teams and I have created Homesteads for each of them.