Homestead Exemption

|

Converting Florida Homestead To Income Producing Rental Property

One of my clients owned a Florida homestead which he wants to convert to a rental property. He plans to himself rent a smaller home and live on net rental income from the former homestead. He suggested to me transferring the homestead to an LLC that he would own with…

Protection of Cash With Homestead Investment and Reverse Mortgage

Many senior citizens use reverse mortgages on their homestead to fund their retirement living expenses. One caller asked whether money received as periodic payments under a reverse mortgage is protected from judgment creditors after the money is deposited in to the debtor’s bank account.

Homestead Exemption and Specific Performance For Breach of Sales Contract

A caller stated that he defaulted on a contract to sell his homestead. The contract buyer sued him for specific performance seeking a court order against the seller to complete the sale. The seller asked me if the Florida homestead protection applies to the specific performance suit. The seller tells…

Fraudulent Conversion of Money To Homestead in Chapter 7 Bankruptcy

Bankruptcy is very hard on wealthy debtors. In a Florida Chapter 7 bankruptcy case decided last month (March) a bankruptcy court applied the 10 year look-back provided for in Section 522 of the U.S.  Bankruptcy Code to deny a homestead exemption because the court found that the home was purchased…

How To Organize a Business Conducted on Florida Homestead Property

A client wants to operate a software business on his Florida homestead property located outside a municipality. He is concerned about asset protection. He wants to build a separate building on the property, near his house, to use as an office. He wants to know whether he should create an…