Should I homestead my property?
The first question should be, can you place a homestead on your property? This depends upon whether you reside on the property. In other words, is the home your primary residence? If it is, then great, you should homestead it. If the property is a rental home or a vacant lot, then it cannot be homesteaded.
Nevada’s homestead statute is found in Chapter 115 of the N.R.S. The homestead currently protects up to $550,000 of equity in the residence. So if the equity in your home is less than that amount, placing a homestead on the property is a no-brainer. The homestead prevents a judgement creditor from forcing a sale of the residence to satisfy a judgement.
I have a trust, can I still homestead my residence?
Yes. N.R.S. 115.020 specifically allows you to convey your residence to a without losing the protection of the homestead, as long as you still reside in the home.
If the equity in your home exceeds $550,000, or is close to it, you may also want to consider placing the property into a Nevada asset protection trust.
Your home is one of your most important assets. Protecting it from creditors makes sense. To record a homestead on your home, contact your attorney, or call us at (702) 894-4110.