In In Re: David Orrin Nilsson (Van Meter v. Nilsson), the Nevada Supreme Court was asked by the United States Bankruptcy Court for the District of Nevada to clarify whether someone can properly claim a homestead exemption for his or her interest in real property when he/she does not reside at the property but his/her minor children do. The homestead exemption, a creation by statute that days back to Nevada's founding, is a means of protecting a family home from creditors even during times of financial distress. Reasoning that the homestead exemption is conceptually tied to one's place of residence, the Court concluded that a the person claiming the homestead exemption must actually reside on the real property to claim the homestead exemption.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.