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Florida's Homestead protections are in fact three distinct protections under Florida law, each with an alternative purpose and effect: property protection, paid down house taxes, and protection of surviving spouses and minor kids. Each is discussed below.

The Florida Constitution exempts homestead house from levy and execution by most creditors. So long as the home qualifies as homestead, the total amount that can be protected is not limited, making the Florida Homestead a great advantage defense car. Even if the purchase of the homestead was designed to defeat creditors, the security still applies.

Under the Bankruptcy Reform Act of 2005, however, debtors in bankruptcy may lose all or perhaps a portion of the protection. In bankruptcy, homestead safety is assigned at $125,000, until the debtor occupied the Florida homestead house and previous Florida homestead properties for 1215 days prior to the bankruptcy filing. Also, moves in to Florida Homestead within a decade designed to defraud creditors might be questioned by the bankruptcy trustee.

National lenders, such as the Internal Revenue Service, mortgage holders, and persons holding mechanics liens on Florida homestead house aren't restricted by the Florida homestead provisions.

Under Florida's Save Our Domiciles Act, the assessed value of a Florida Homestead is restricted to a growth of no more than 3% annually.

If a Florida resident passes away possessing a Homestead in his or her own title, if the resident had minor children, the minor children have entitlement to the entire property, or, if the resident was married, to at least a remainder curiosity about the property. A surviving spouse is entitled to a minimum of a estate in Florida Homestead property. The homestead provisions could be a lure for the unwary, particularly for those with estate ideas written while a person of another state. As an example, a person owning a in New York and a condominium in Florida could have determined, while a New York resident, to leave the house to his spouse and his condominium to a girl from a first marriage. If the person retires to Florida as a resident and then passes away, his spouse will get the house under the conditions of the will and then be provided with a estate in the Florida condo. click here for