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Re: Hello to all !!
Old 07-22-2006, 07:59 AM   #61
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Re: Hello to all !!

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Originally Posted by spideyrdpd
Thanks Gumby
I was curious so I checked Oregons homestead laws. If I read it right it only protects the first 33k ? Doesnt seem like much protection . It may have been an older number ?
Here is a link to Oregon's exemptions: http://www.totalbankruptcy.com/state...ons_oregon.htm

It looks like Oregon has increased its homestead exemption for marrieds to $39,600. Not very generous.


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Interestingly the idea of an annuity came up since they have asset protection. Ken lay had put some of his bucks in one and they say it will not be accesible to the civil suits.
How much protection an annuity has is dependent on state law. For example, if you look at the Oregon exemptions, it looks like you can protect a maximum distribution from an annuity of $500 per month. Other states like Wisconsin treat annuities like retirement plans and give broad protection. Other states have no protection for annuities.

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Re: Hello to all !!
Old 07-22-2006, 09:18 AM   #62
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Re: Hello to all !!

Martha,

Thanks for keeping this thread alive. Good stuff! After reading the links supplied it looks like only 30k is safe in your "homestead".

So I started thinking about another method. Maybe still payoff "homestead" which will reduce the amount of monthly expenses you have.

Now, that "payoff" money would have otherwise went to buy more investment properties. I now need less monthly cash flow so I dont need as many properties. Would you say I am slightly reducing my risk by having less properties? Keeping in mind that I would also still personally be on my best behavior for personal actions and have the proper amount of insurance in place.
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Re: Hello to all !!
Old 07-22-2006, 09:20 AM   #63
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Re: Hello to all !!

Topic: Paying off your primary residense with 1031 money.

How do you do it??
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Re: Hello to all !!
Old 07-22-2006, 01:34 PM   #64
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Re: Hello to all !!

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Originally Posted by Enigma
Topic: Paying off your primary residense with 1031 money.

How do you do it??
You can't. You can only do a 1031 exchange into like kind property held for business or investment. You could do a 1031 of real property held for investment into a single family home held for investment. Rent it out "for a while" and later turn it into your home.

You will have to pay taxes when the home is sold on the depreciation you used over the years.
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