Loune-Djenia Askew, Esq.
Mar 18, 2024
Owning a home is often considered a cornerstone of the American dream. In Florida, purchasing a home holds additional benefits thanks to the state's strong homestead laws. These laws offer significant protections for homeowners and can significantly impact how you plan your estate, especially when you have minor children.
Understanding Florida's Homestead Exemption:
The Florida Constitution grants a homestead exemption, which shields a portion of a home's value from creditors and certain taxes. This exemption applies to a primary residence and offers substantial financial protection to homeowners and their families.
Key Points of Florida's Homestead Law and its Impact on Estate Planning:
Impact on Inheritance:Â Florida law, unlike most states, prioritizes the homestead property when it comes to inheritance for surviving spouses and minor children.Â
Surviving Spouse:Â If you pass away with a surviving spouse, the homestead automatically passes to them, regardless of what your will states.Â
Minor Children:Â If you pass away with minor children and no surviving spouse, the homestead property is held in trust for the benefit of the children until the youngest child reaches adulthood.Â
Limited Planning Options:Â While these protections for spouses and children are crucial, they can also limit your planning options.
Living Trust: Consider creating a living trust to manage your assets while following the parameters of Florida’s homestead laws.Â
For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.
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Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.