Can we take the time to acquire exempt assets?

[debee]

...I was trying to find in the Ohio Code where it limits use of its exemptions to its residents..so far no luck...Bueller? Anyone?

Ohio Revised Code 2329.66 ----> http://codes.ohio.gov/orc/2329.66

[daylate]

Hi debee. I have read that a million times and didn't think that it meant that I had to be domiciled there to use. I assume domiciled means living there? If I'm living in another state then I'm domiciled where I actually reside even though I have a house in Ohio that I'm planning on surrendering?

[debee]

Hi daylate. Yes, you would be domiciled where you live and just own property (rental, former residence, investment, whatever) in another state.

The part of the code that addresses the "domiciled" part is right at the beginning where it says: "Every person who is domiciled in this state may..." Basically, in order for the portion of the document that comes after the word "may" to apply, the first conditions of being a "person" and being "domiciled in this state" have to be met.

[tcreegan]

Hi daylate,

Some states have a "domiciled" or residency restriction that does not allow you to use their exemptions unless you are domiciled in the state. It will be written in the state statutes, some states have this, some don't. I scanned OH statutes, I think this the applicable law:

2329.66 Exempted interests and rights
(A) Every person who is domiciled in this state may hold property exempt

If you can't use the exemptions once you move out-of-state, and can't use the exemptions of your new state b/c of the 2 yr residency BK requirement, you default to using the federal exemptions.

A little clearer than straight mud?

Tom in Colo