Pompano Beach Lawyers Experienced In The Homestead Exemption
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 probate administration 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.
Devise Of Homestead
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.
Exceptions To Homestead Exemption From Creditors
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 trust planning, or the preparation of a Ladybird life estate deed.
Schedule A Complimentary Consultation.
Contact our lawyers to schedule your free consultation. Contact us online or call 954-781-8230. We are open from 9 a.m. to 5 p.m. Monday through Friday, and our office is located just before the intercoastal bridge in Pompano Beach. Off-site visits can be arranged.