Statutory Exemptions for Asset Protection?
Bob Massi explains
- Duration 3:12
- Date Dec 8, 2011
Bob Massi explains
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This transcript is automatically generated
-- last week we told you about the basics of passive protection remember that this week we're getting specific especially when it comes to your wages in your home.
All of these fall under a term called statutory exemptions Fox News legal analyst Bob -- knows he's worth but the back of his hand the boy right here.
Welcome Bob some questions that there -- -- right away.
What August after it statutory exemptions for asset protection.
Almost every state in the union Brian has specific laws were passed in involving wage what we call wage -- -- What we call home stats.
And different types of retirement pensions will talk about the real quick this morning it's our viewers have a better hold on them.
All right can wages be an exempt form of asset protection.
Yes yes most states have they a certain limit Bryant hit a a creditor -- take out of your paycheck for example.
In the state and of that he could only take 25% of whatever your earnings are monthly basis.
So it's important that our viewers understand that -- -- -- wages is after somebody is shoot you after somebody's -- -- judgment against you and then they can take a percentage.
-- your wages and that varies from state to state all right our retirement plans like whirlwind -- IRAs in -- kilos exempt from asset protection yet.
This is very important I want our viewers understand her for a one case generally on a national level -- zap the -- best example Brian.
OJ Simpson has that big judgment against -- California.
Lives in Florida has retirement plan for NFL they can't touch -- so I want our viewers understand that the retirement plans that they have.
The for a one case basically have an unlimited the level as to what you cannot touch it.
Four iris and kilos from state to state have different values that you can't get -- have you ever retirement plan make sure you check -- your state.
How much they can't get soon if at all and most of the time it's a pretty high limit I what is the homes that you mention this were before what is -- homestead and you have to protect homes.
Homestead basically means your house -- your castle.
It's your dwelling place it's the house for you live you get a four -- an office supply store bride to be actually download it.
You take it any record that would recorders office you know the -- signs that.
And it protects you up to a certain value in every state.
For example in Nevada there's a 550000.
Dollar homestead which means if -- -- -- you own your own free and clear.
And I have a judgment against for 200000 dollars.
Your house is protected up the 550000.
Which means he can't get to the house every state has a different value.
May I think I think New York Brian is 50000 dollars.
Everybody should check and see what the homestead laws in their state and most people get equity in your home homestead your house.
All right you can email Bob -- how -- your questions right now -- -- FOX & Friends star com.
-- log on to our show shot show.
Site because after the show show will feature Bob -- answering your questions yes that in about forty minutes right Bob.
Thank you Brian assert I've just locked in if you try to get out of the -- -- really make you look at half I think there's thanks talk to little.