Unlike many other states, Florida offers significant financial benefits to individuals who choose to live in the state permanently through its homestead exemption. At the Law Office of Cheryl Bucker, P.A., our skilled attorneys understand this complex area of law. We can help you protect your homestead from judgment creditors. We serve clients throughout the Pompano Beach area, including those in Lauderdale-by-the-Sea and Lighthouse Point.
What Is The Florida Homestead Exemption?
To qualify for the homestead exemption, one must be a permanent Florida resident, and the property must be his or primary place of residence. A second home or investment property cannot receive the homestead exemption; however, property owned by a living trust can receive the exemption.
Co-ownership of a homestead property can jeopardize the exemption if one of the co-owners does not reside on the property. For example, assume a married couple puts their child on the title to their homestead property for “estate planning” purposes. If the child does not reside on the property, and resides elsewhere in his or her own residence, he or she is not entitled to homestead protection of the parents’ residence, leaving the property open to judgment creditors that force the house.
Exceptions To Homestead Exemption From Creditors
The Florida Constitution does not protect homestead property against tax liens, mechanic’s liens associated with labor or materials to repair or improve the homestead property, and voluntary liens such as mortgages and homeowner association liens.
Devise Of Homestead
Florida law prohibits the devise of homestead property if the owner is survived by a surviving spouse or minor child. Therefore, an improper devise of your homestead could result in complicated, unanticipated issues regarding the property, and result in the state providing your surviving spouse with a life estate, and a vested remainder in your children. To avoid these restrictions, two of the most useful options involve irrevocable trust planning, or the preparation of a Ladybird life estate deed.
Call Us Today
Our lawyers have years of experience helping individuals understand their homestead rights while protecting their future legacy. Call our law firm today at 954-773-8983 or toll-free at 888-392-5781 to schedule a complimentary consultation with one of our lawyers. You may also arrange an appointment online.