California Exemptions - System 2 - Total Available?

[ApresMoi]

I am not a homeowner, so would use System 2, and it shows allowable exemptions for various pieces of property -- car, jewelry, etc. Then it also lists a wildcard or grubstake exemption ($20K+), and another $1,100 wildcard, for (if I read this right) a total of $21,725 in wildcard exemptions in CA.

Question, within system 2, do I get the individual exemption amounts for each category of property AS WELL AS the $21,725 wildcard? Or do I have to choose between using the category exemption amounts OR the wildcard amount? I hope this is clear.

[albacore44]

i'll be using system 2. Yes you get it all, as you listed. but you can not double for a husband-wife

[ApresMoi]

i'll be using system 2. Yes you get it all, as you listed. but you can not double for a husband-wife

I thought in CA you had to choose between using the $21K wildcard exemption OR using the amounts allotted for each particular category (car, jewelry, etc.)!!

Are you saying I get the individual exemption amounts for each cateogry as well as the $21K+ wildcard exemptions to apply where ever needed?

If so, that is great news. Can you please verify? I want to make sure I have this right.

[jribe]

Yes- you get the individual exemptions for tools of trade, jewlery, household items, etc., and the unused homestead exemption of $20k and the $1100 wild card.

I am not a homeowner, so would use System 2, and it shows allowable exemptions for various pieces of property -- car, jewelry, etc. Then it also lists a wildcard or grubstake exemption ($20K+), and another $1,100 wildcard, for (if I read this right) a total of $21,725 in wildcard exemptions in CA.

Question, within system 2, do I get the individual exemption amounts for each category of property AS WELL AS the $21,725 wildcard? Or do I have to choose between using the category exemption amounts OR the wildcard amount? I hope this is clear.

[albacore44]

yes, you get both. The Wildcard replaces the Homestead from the system 1

[ApresMoi]

Thank you both. I completely misunderstood. I thought I might be cutting it close on the 21K, but with the other exemptions added in, that gives me plenty of breathing room. Great!

yes, you get both. The Wildcard replaces the Homestead from the system 1