Petition To Determine Homestead
Florida’s unique homestead law can be complex and result in unintended consequences, especially when a person is not familiar with all the requirements that conveyances and devises of the homestead involve. It is important to have an attorney familiar with homestead evaluate your estate planning in order to ensure the outcome you are looking for.
What is Homestead in Florida?
Homestead is a term that is used to describe real property that is owned by a person whom resides there as their permanent residence. In Florida, homestead rights are written into the state constitution and must be strictly adhered to. Failure to do so can result in voided conveyances, with the property going to someone unintended. It is important to consider homestead when planning your estate. Homestead is generally exempt from creditor claims when a person dies without a will, or when the person has left the homestead to an heir at law (i.e. a spouse, child, or other blood relative, and in limited cases, a step child.)
At The King Firm, PA, our lawyers are in a great position to help our clients in Tampa Bay and St. Petersburg understand and make moves to capitalize on homesteading in Florida. Our lead attorney, Bobby King, is a licensed real estate agent and has the capability to offer unique insight into the homesteading options ahead.
Quick Facts About Homesteading In Florida
While many states have homesteading laws, Florida’s are stronger than most and offer many significant benefits, including:
- A property tax exemption for $50,000 of your home’s value
- A cap on the annual increase in property tax rate at 3%
- Total protection from forced sales to resolve debts, other than those secured by the property.
However, a homestead in Florida is not as easily transferrable as other types of property. The law places restrictions, especially if you’re married and or if you have minor children. You may not leave your home to anyone aside from your spouse, and furthermore.
Our Team Can Help. Give Us A Call.
Our lawyers are ready to talk to you about how homesteading will work with your estate plan. Call us today at 888-712-4771 or send an email to get started.