A caller asked me to explain the Florida homestead law limitation on the size of lots protected from creditors.
A reader described a situation where a debtor owned and resided in ½ of a duplex and where the other owner did not reside in the other half unit. The reader asked whether the debtor could protect the entire building under Florida’s homestead laws because the entire building was located on a lot less than…
The Florida homestead exemption defeats almost all creditors, but there are narrow exceptions (IRS debt being the most common). Occasionally, people asks whether an ex-spouse can force the sale of or impose a lien on a homestead to enforce the collection of past-due alimony.
A speaker at a legal seminar on Florida asset protection law, when discussing homestead protection in Florida described homestead as a state of mind.
A caller asked me if he could qualify for homestead protection if he bought a four unit building, lived in one unit, and rented out the other three. One principal under Florida case law is that the rental of a room in a homestead property will not disqualify the homestead protection.
The Spring 2004 edition of the American Bar Associations’s Real Property Journal included an interesting comparison of homestead laws of different states. It is well known that Florida and Texas have the most protective homestead provisions in their state constitutions.
Planning to build a home? Many people have asked me whether or not money used to buy a lot where they intend to build a residence is protected. Or, is money paid in advance to a contractor to build a homestead protected under Florida’s homestead provisions exempting homestead property from creditors. The short answer is…
People throughout the country are learning about the Florida Supreme Court case of Havoco v. Hill and its importance for Florida asset protection planning. Havoco says that if you take non-exempt money otherwise subject to creditor attack and use the money to purchase, expand, or repair a house or to pay a mortgage on the…
Many lawyers and attorneys do not tell their clients about the exceptions in Florida law to homestead protection.
A prospective client called and asked whether the Florida homestead protection extends to IRS debts where the IRS debt pertains to one of the two spouses who own the homestead.