Homestead

Question 1

Elements to Establish a Homestead

Answer 1

1. The real property must be owned by a natural person
2. The persona claiming the exemption must be a Florida resident who establishes that he or she made, or intended to make, the real property his or her permanent residence
3. The person claiming the exemption must establish that he or she is the owner of the property
4. The property claimed as the homestead must satisfy the size and contiguity requirements of the constitution

Question 2

Judgment Creditors Must

Answer 2

levy a claim before homestead has been established in order to have any claim

Question 3

Exceptions From Protection

Answer 3

1. Taxes and assessments against the property
2. Mortgages on the property and
3. Mechanics liens for labor performed on the property

Question 4

Abandonment

Answer 4

If one leaves without the intent to return, then homestead protection is forfeited. In order for abandonment to occur, both the owner and the owner’s family must have abandoned the homestead

Question 5

Proceeds

Answer 5

If you sell homestead and intend to reinvest the proceeds within a reasonable time in a new homestead, the proceeds are protected and retain their homestead status

Question 6

Devise if Minor Child or Spouse

Answer 6

Will fail. Spouse will get a life estate and remainder to children

Question 7

Devise if No Minor Children

Answer 7

Can devise to spouse in fee simple but you cannot devise homestead property away from spouse unless she waived it in a prenupt.

Question 8

Policy of Homestead

Answer 8

Protecting the family