Florida homestead is a curious beast. Many estate lawyers Palm Beach just don’t understand Florida homestead. Here are some considerations if you sell the Florida house.
Is my folk’s house protected?
- If you inherit a house, and it’s Florida Homestead what does that mean?
- Ask any probate lawyer Palm Beach and they will tell you that it matters for 3 reasons:
- 1) real estate taxes in Florida for your residence
- 2) creditor protection: can I really keep my house free and clear ?
- 3) descent and distribution: terms that a Florida estate lawyer uses, but it really means, who does the Palm Beach house pass to and who has a right ot the Boca Raton mansion?
What if you sell the Florida house: is the money protected from creditors?
- A better question may be, if you are a beneficiary of a house in Palm Beach Gardens that was HOMESTEAD:
- Are the sale proceeds free from creditors if you have Florida homestead?
- A couple of points on that Florida homestead issue for Palm Beach and beyond.
- 1) maybe consider filing a petition to determine homestead in the Palm Beach probate
- 2) consider whether the will or trust directed or ordered that the residence be sold, or whether the Boca Raton personal representative, or executor of the will is choosing to sell it
- 3) are the sale proceeds, the money from the sale of the Palm Beach, Florida homestead, free to the beneficiaries?…. or, is the sale money reduced by probate expenses, Palm Beach probate lawyers and so called expenses of administration?
- Consider reading a few cases on Florida homestead including
- McKean v. Warburton, a Florida Supreme Court case from 2006: 919 So.2d 341; a more recent Florida Homestead case:
- Friscia v. Friscia, 2014 WL 4212689, Florida, 2nd DCA, Aug. 27, 2014, No. 2d13-412.