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Home » Homestead Exemption » Homestead Account Exemption When Moving To Another State

Homestead Account Exemption When Moving To Another State

ByGideon Alper August 3, 2015May 22, 2020

A client is planning to sell her Florida homestead and move to Texas where she would buy a new homestead property. She wants to know if sales proceeds from the Florida homestead is exempt in a segregated bank account while she is looking for a house in Texas. Texas also has unlimited homestead exemption.

The proceeds from the Florida homestead sale is protected in a segregated bank account for a reasonable time while the debtor/owner searches for a new homestead. However, as far as I know, all the cases dealing with exempt homestead accounts involved the debtor’s replacement of one Florida homestead with another Florida homestead. I’m not sure the debtor’s intent to buy a house in another state qualifies as the continuation of Florida’s homestead exemption. Most states have a cap on the homestead exemption. Until the debtor actually chooses his new homestead state a court could not determine who much money in the homestead account warrants exemption. What if this client changes her mind and moves to a state other than Texas?

In my opinion, a court will only exempt money in a homestead account that is intended to be reinvested in a new Florida home. The intent to leave Florida expresses an abandonment of Florida’s homestead exemption including sales proceeds.

Last updated on May 22, 2020

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Gideon Alper

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      • Deficiency Judgments
      • Fact Information Sheet
      • Head of Household
      • IRS Tax Debt
      • Not Paying Judgments
      • Statute of Limitations
      • Wage Garnishment
      • Writ of Garnishment
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      • Avoiding Probate
      • Estate Planning
      • Gun Trusts
      • Inheritance Tax
      • Irrevocable Trusts
      • Last Will and Testament
      • Living Trusts
      • Living Will
      • LGBT Estate Planning
      • Power of Attorney
      • Probate
      • Special Needs Trust
      • Trust Administration
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      • Attorney Fees
      • Chapter 7 Bankruptcy
      • Chapter 13 Bankruptcy
      • Dealing With Creditors
      • Involuntary Bankruptcy
      • Moral Issues
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