Florida’s Labyrinth: the Homestead Exemption

Under Florida law, there are multiple types of Homestead exemptions, including, but not limited to:

1) exemptions from forced sale Art. X, Section 4(a) of the Florida Constitution

2) restrictions of devise and alienation Art. X, Section 4(b) of the Florida Constitution

3) exemptions from taxation Article VII Section 6(a) of the Florida Constitution

Florida’s homestead exemption is extremely complex.  It is important to seek the advice of an estate planning attorney in order to preserve your rights in the homestead exemption to make sure it is passed according to the constitutional requirements.

Important Questions to Remember:

1) Do I qualify for Homestead exemptions no matter where I live in Florida?

Not only are there different Homestead exemptions based on where your property is located in the state of Florida, but there are also restrictions based on the size of your Homestead.  An Estate Planning and Wills & Trusts attorney can advise you on whether you qualify for certain Homestead exemptions and how to protect your Homestead.

2) Is there a way to protect your Homestead from creditors?

Yes, the Homestead exemption offers significant protection from forced sales by creditors, but there are some very important exceptions.  We can help you take advantage of Constitutional provisions to protect your Homestead with our Estate Planning and Wills & Trusts attorney services.

3) Does the Homestead Act provide any protection for my spouse and children?

There are several ways that the Homestead Act can protect your spouse and children.  This may include actions taken during or after your lifetime.  An Estate Planning and Wills & Trusts attorney can help you protect your family.

4) Can a transfer of a Homestead property be voided?

Yes, this is one of the most frequent mistakes made by families attempting to transfer the property without knowing the ramifications of what they are doing.  Certain constitutional provisions restrict how the homestead can be transferred.  If the property is transferred without meeting those requirements it can be voided and require a probate to transfer the property.

 

These are just a few examples of Homestead exceptions available.  Feel from to come back and visit our website as we continue the Homestead Series.  If you have any further questions, contact Shane K. Warner, Esq.

 

Shane K. Warner, Esq. is an Elder Law Attorney who assists clients in the Tampa, Clearwater, St. Petersburg area with Medicaid Planning, Wills & Trusts, Estate Planning and Probate.