Homesteads are debtor protections built into the Texas constitution as well as our property laws. The main thing to remember is that homesteads are typically exempt from creditors' claims except for your mortgage lender on the homestead, government taxes, certain mechanic's liens acquired from home improvement contracts, and other detailed lending arrangements.
The relevant constitution section is found in Article 16 Section 50. You can read it here. The Tex. Prop. Code Section 41.002 defines the homestead and it's size limitations. You can find it here. Give them a read; the protections are quite fantastic for the Texas homeowner. Because of these protections, homesteads fall more under estate planning than asset protection. A good will or living trust plan can take care of the homestead. If you are very high net worth and worried about estate and/or GST taxes, you may want to consider a qualified personal residence trust or other vehicle to transfer wealth to your children.
Contacting the law firm does not create an attorney-client relationship; only a written contract signed by both lawyer and client can form an attorney-client relationship. All use of this website is subject to the site's Disclaimer and by visiting this site you agree to the Disclaimer without modification. All prices listed on the website are subject to change without notice and are subject to the Disclaimer and the Prices page.
© 2015–2020 Law Office of James Ryland Miller, PLLC. All rights reserved. No portion of this website may be used, published, modified, reprinted, or aggregated without the express written permission of Law Office of James Ryland Miller, PLLC.
Law Office of James Ryland Miller, PLLC
1098 Ann Arbor Rd W #377
Plymouth, MI 48170
Mr. Miller is physically located in Plymouth MI and meets with clients in Arlington TX by appointment only.