A homestead is a dwelling owned and used as the principal place of residence by the person claiming the homestead. Under RSA 480:1 every person is “entitled to $120,000 worth of his or her homestead, or of his or her interest therein, as a homestead.” $240,000 for a married couple. The homestead right also exists in manufactured housing which is owned and occupied as a dwelling by the same person, however does not also extend to the land if the land is not owned by the same person. For the purposes of this section manufactured housing is defined as “any structure, transportable in one or more sections, which, in the traveling mode, is 8 body feet or more in width and 40 body feet or more in length, or when erected on site, is 320 square feet or more, and which is built on a permanent chassis and designed to be used as a dwelling with or without a permanent foundation when connected to required utilities, which include plumbing, heating and electrical heating systems contained therein.”
The homestead right is exempt from attachment from levy or sale on execution, and from liability to be encumbered or taken for the payment of debts, except as outlined in RSA 480:4:
If you’re interested in talking with the attorneys at Welts, White & Fontaine PC about estate planning, including wills and trusts, and asset protection, including irrevocable trusts, LLCs, corporations or other entities, business matters, including, ownership transfers and buy sell agreements, please contact us by clicking here or by calling (603) 883-0797. Welts, White & Fontaine is one of Nashua’s largest, multi-practice law firms and serves the legal needs of both individuals and businesses in towns such as Amherst, Milford, Hudson, Brookline, Windham, Hollis, Merrimack, Litchfield, Bedford, Londonderry, Pelham, and, of course, Nashua.
Author: John Polgrean
This blog is intended for informational use only. The information contained herein should not be construed as offering legal advice or a legal opinion.