Categories: Firm News

Wisconsin Increases the Homestead Exemption Available to All Residents

Under Wisconsin law, a person’s “homestead” is the dwelling and so much of the land surrounding it necessary for use as a home, not exceeding 40 acres. An individual resident is generally entitled to exempt his or her homestead from execution of a judgment, from the lien of a judgment, and from liability for his or her personal debts up to the amount designated by the Wisconsin Statutes.

Formerly, this amount equaled $40,000.00 per resident. On December 1, 2009, however, the Wisconsin Legislature increased the exemption to which each resident is entitled to $75,000.00. Additionally, the Legislature lifted its limitation of a $40,000.00 homestead exemption per household (the “Marriage Penalty”), now allowing spouses to pool their exemptions and collectively claim a $150,000.00 exemption. Unchanged are certain exceptions unaffected by the homestead exemption such as mortgages, laborers’, mechanics’, and purchase money liens and taxes recorded against the homestead property.

Published by
ONeil Cannon

Recent Posts

The WiLaw Quarterly Newsletter

Newsletter Article Highlights: A Beginner’s Guide to Trademarks: Part Two—USPTO Trademark Application Requirements What is…

3 days ago

Steve Slawinski and John Gehringer Recognized in Wisconsin Law Journal’s Power List

Recently, attorneys Steve Slawinski and John Gehringer were named in the Wisconsin Law Journal’s Power…

4 days ago

National Estate Planning Awareness Week

October 21-27, 2024, is National Estate Planning Awareness Week—a timely reminder to think about your…

2 weeks ago

Attorney Maura Falk Has Joined O’Neil Cannon

Attorney Maura Falk, a graduate of the University of Wisconsin Law School, has joined O’Neil Cannon’s…

2 weeks ago

What is the Difference Between a Private Foundation and a Donor-Advised Fund?

When high-net-worth individuals and families incorporate charitable giving into their estate planning, they often consider…

3 weeks ago

Greg Lyons Honored for Saving Life

Attorney Greg Lyons was recently honored, along with others,  for his heroic actions in saving…

4 weeks ago