Homestead Exemption

How to Protect Proceeds of Homestead Sale in Florida

Florida’s homestead exemption has been interpreted to provide protection not only for the physical homestead property, but also for both the cash and non-cash proceeds from a voluntary sale of the homestead as well. A financial account comprised of homestead sale proceed has often been described as a “homestead account.” Many clients have heard of…

Bankruptcy | Homestead Exemption

Florida Homestead Exemption Not Affected By Commercial Operation on Land

Technology has made it easier for people to operate a business at or next to their primary residence. Operating a commercial venture on the property where you reside raises issues about Florida’s homestead exemption from creditors. The issue is whether a Florida resident can operate a commercial business on his homestead property without forfeiting homestead…

Florida Residency | Homestead Exemption

Is a Green Card Required For Florida Domicile and Exemptions?

Debtors can claim Florida’s asset exemptions only if they are domiciled in Florida. People sometimes confuse the term “domicile” with the term “residence.” A person is a resident of any place where he resides and keeps property. A person may be a resident of more than one state; some people have second and third homes…

Homestead Exemption

Can Illegal Immigrants Possible Get Homestead Protection?

Illegal immigration is in the news in 2018, including legal status of adults and their minor children. Florida courts have considered immigration status in the context of Florida homestead protection. The Supreme Court said in 1963 that only legal Florida residents can own a protected Florida homestead property. The reasoning is that homestead protection requires…

Homestead Exemption

Florida Homestead Protection After Death

The Florida homestead protection works even after a judgment debtor’s death. A Florida homestead property is exempt from judgment creditors during the owner’s lifetime by virtue of the homestead provision of the Florida Constitution. A judgment lien does not attach to one’s homestead residence. Many debtors fear that their judgment creditor’s lien will automatically attach…

Homestead Exemption | Asset Protection

Medicaid and the Florida Homestead Exemption

The Florida homestead exemption is Florida’s best known asset protection law. The exemption becomes more complicated, and more limiting, when it interacts with certain provisions of federal law. One example is federal tax law pursuant to which the IRS may place a lien on a taxpayer’s homestead to collect taxes. Another lesser-known change to Florida…

Homestead Exemption

Exemption of Homestead Proceeds Invested In A Brokerage Account

The concept of an exempt “homestead account” is a well-settled legal concept in Florida. It holds that proceeds from the sale of a homestead remain exempt after deposit in a bank account for a reasonable time while the owner is searching for a new homestead. Most people concerned with protecting homestead sales proceeds keep the…

Homestead Exemption

Non-Debtor Spouse’s Independent Right To Assert Homestead Exemption Against Debtor’s Spouse’s Creditors

One of my married clients purchased a Florida homestead in his own name, and then he transferred the house to his LLC. A creditor obtained a judgment against the client, but the creditor did not seek a judgment against the wife. He asked me for my opinion about whether the creditor could levy on his…