Legal Question in Real Estate Law in Kentucky
Homestead act
I would like to know how the homestead act works in Kentucky, what protection you have if you are sued, what can you do to protect your home from being taken if you are sued and do not have the capital to cover the lawsuit. Thank you..
1 Answer from Attorneys
Re: Homestead act
I am not sure what you are referring to. Kentucky has a "Homestead Exemption" which allows a property tax exemption up to a certain amount for those over 65. I do not know of any provision that would limit liabiltiy or acess to assets in a court action. Between a husband and wife there is a way to hold property where it is difficult for a creditor of one of the couple to get to the property as long as they are married ("by the entirities"). You need to ask this question to local counsel so that he/she can flesh out the facts.