Florida Homestead Property – The Basics
Florida’s Homestead protections are actually three distinct protections under Florida law, every with a totally different purpose and impact: asset protection, reduced property taxes, and protection of surviving spouses and minor children. Every is explained below.
The Florida Constitution exempts homestead property from levy and execution by most creditors. Therefore long as the property qualifies as homestead, the quantity that can be protected isn’t limited, that makes the Florida Homestead an excellent asset protection vehicle. Even if the acquisition of the homestead was designed to defeat creditors, the protection still applies.
Underneath the Bankruptcy Reform Act of 2005, but, debtors in bankruptcy might lose all or some of the homestead protection. In bankruptcy, homestead protection is capped at $125,000, unless the debtor occupied the Florida homestead property and previous Florida homestead properties for 1215 days previous to the bankruptcy filing. Additionally, transfers into Florida Homestead within ten years intended to defraud creditors might be challenged by the bankruptcy trustee.
Federal creditors, like the Internal Revenue Service, mortgage holders, and persons holding mechanics liens on Florida homestead property are not restricted by the Florida homestead provisions.
Beneath Florida’s Save Our Homes Act, the assessed value of a Florida Homestead is restricted to an increase of no more than 3% per year.
If a Florida resident passes away owning a Florida Homestead in their own name, if the resident had minor children, the minor kids are entitled to the complete property, or, if the resident was married, to no less than a remainder interest within the property. A surviving spouse is entitled to a minimum of a life estate in Florida Homestead property. The homestead provisions will be a lure for the unwary, especially for those with estate plans written whereas a resident of another state. For instance, an individual owning a house in New York and a condominium in Florida might have set, while a New York resident, to depart the house to his spouse and his condominium to a daughter from a initial marriage. If the person retires to Florida as a resident and then passes away, his spouse will inherit the house beneath the terms of the can and then be given a life estate in the Florida condominium.
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