Homestead in Florida

If you own a home in Florida, you’re probably familiar with the homestead tax exemption that can reduce its assessed value by up to $50,000.  You may not realize, however, that Florida’s Constitution provides additional protections for homestead property, and it’s important to understand how these protections affect your estate planning.  First, if the owner of the homestead property dies leaving a spouse or a minor child, the owner cannot give the property as a gift in his or her will.  An exception allows the homestead to be gifted to the spouse, but only if the owner is not survived by a minor child.  Second, the homestead property cannot be forcibly sold to pay the debts of the owner, and the protection from such debts descends to the heirs of the owner.  This protection does not apply to mortgages or other liens attached to the homestead property itself.  Contact McDannold Law for a free consultation to learn how these important laws may impact your estate plan.