Is Life Estate Protected Homestead Interest?
What type of legal interest in a house qualifies for homestead protection? For example, a caller asked about a situation where a parent was living with a child and paying some of the household expenses as a form of rent. The parent was being chased by their creditors. The caller was concerned that if a creditor claimed the parent was renting the house the creditor could levy upon the parent's leasehold interest and cause the parent to be evicted. He suggested that he give the parent a life estate interest in the house by quit claim deed.
I think that the parent's right to stay in the house would be protected from the parent's creditors if the parent had a recorded life estate and continued to reside in the house. Homestead protection is broadly construed to protect Florida residents, and a partial ownership interest should qualify as a legal interest protected by homestead. On the other hand, it is unlikely, though possible, that the parent's right to reside in the house with the child's permission would be taken by a creditor because the leasehold would also probably be protected under homestead law. I haven't researched the protection of either type of legal interest so my opinion is an educated guess.
Would a LIFE ESTATE DEED protect my homestead exemption while it would go directly to my 3 children upon my death without probate?
my wife and i have owned a condo apt since 1992. my mother is the only resident and pays part of the expenses, wife and i pay the rest.
we take florida homestead on our nearby home.
can we grant my mom a life estate on the apartment while still retaining ownership?
if so, can we or my mom then file for homestead exemption on the unit?
are there any tax implications?
ty
The Deed on my mother's home which my parents bought 16 years ago includes my name, it is a Life Estate and she lives in it, she is a widow and I am the only son. In order to avoid paying capital gains when I sell the house after inheriting it, is the Capital Gains base on this sale figured on the purchase price my parents paid OR the fair market value of the house at the time I take title? Is it better if we put the house under her name alone or can we leave it as a Life Estate? Are there any tax consequences of removing my name by quit claim deed? When my father died a lawyer suggested a Life Estate 9 years ago, but after doing some reading I believe it would be better removing my name from the deed to avoid future capital gains with the original purchase price as base instead of fair market value?
Thank you very much
I am trying to lease a place, the husband died, the deed was in his name only, it was his homestead. Therefore the Wife by operation of law gets a life estate and the 4 children will get the property when she is gone. Does the Wife, who holds the life estate, have the right to lease out the property during her lifetime, if she goes to live with relatives or a nursing home and no longer lives in the house?
My dad died and mom has moved out and now my brother who is also on the deed with my sister and i, says that mom is intitled to 1/4 the house value even tho she has moved out and no electric or phome on property???
any advise???
kathy
Hi. I was wondering if Homestead Exemption could be claimed 100% by my parents if we include them on the warranty deed in a second home that we (wife and I) own if we title it as Joint Tenants with Right Survivorship? My parents will be fulltime residents at this second home that we own. I am in the state of Florida and we are already claiming Homestead Exemption on our primary residence.
Thank you!
Vicente
Do Grantees (adult family members) to a Life Estate that are listed as joint tenants with right of survivorship by Grantors (parents), WHO ARE ALSO PERMANENT RESIDENTS in the same homestead, lose homestead status upon death of the Grantors??
My dad has a Life Estate Deed with us three kids as remaindermen. I have two simple questions: Since he is still alive, what liability do we children have regarding the home? What if he were to get sued and a judgment placed on the home, are the children liable in any way personally or just the home could be attached? The other question is, if we as children have personal knowledge that he is not residing in the home and the home is being rented out to tenants, when it comes time for the homestead exemption paperwork to be filed and my dad doesn't cancel the homestead exemption, since we children have personal knowledge that he doesn't live there should we tell the Tax Appraiser's Office? In other words, if he gets caught for the fraud, so what. But our names on the deed as remaindermen and we don't want any fraud charges brought against us. What should we do?
As I read through each of these comments, I think the only good answer to each is "meet with an attorney who is familiar with real and probate law". Each question involves a potential loss of more than the $250.00 or so it would take to spend an hour with a laywer. You won't find a quick, easy answer on the internet. Some of the questions suggest the person making the post is already heading in the wrong direction. Homestead issues and life estate issues require careful attention to the facts of a particular case. One little detail can change the outcome completely. Please, schedule the time to meet with a qualified Florida lawyer.
My mother desires to add me to her deed on a house she recently purchased in Florida so that the house will be turned over to me in the event of her death. Is a Quit Claim deed the instrument to do this? Is there a specific One? thanks
I prepared a Warranty Deed for my grandfather putting his property into a life estate with both his daughter's as the remainderman (grantees). He wants to remove on of the daughter's. Can I simply prepare another Warranty Deed without her or does she have to sign off. From what I understand they (his daughters) have no interest in the propetry until his death. Please advise.
I posted a questions earlier in regards to my Grandfather, a Warranty Deed, and removing one of his daughters from the deed of which he holds a Life Estate.
I inadvertently left the wrong email address for the response. This has been corrected.
my mother just died..4 yrs ago made a living estate quit claim deed to me.
I now live in it and plan to homestead it.
Can her crediters put a lien on it for her debts?
Thank you
don't use a life estate deeds in florida, instead use an Enhanced life estate deed,. much more better it avoids heirs and creditors of heirs from coming back on you.. deed example listed below,.
Enhanced Life Estate - Quit Claim Deed
THIS INDENTURE , Made
This ______________
Day of ___________________, 20 _________, " The Grantor Reserves during the Grantor’s lifetime a Enhanced Life Estate, Grantors Real Property and Interest only Transfers on Death, " Between: Your Name here,. a Single Person, "Grantor ", Whose Postal Address is: 8800 Your Ave North Port, FL 34287 ,
To: Your Name here ., a Single Person., " " Whose Postal Address is: 8800 Your Ave North Port , FL 34287 , For a Life Estate as described here,. It is the Intention of the Grantor is to create an Enhanced Life Estate, Saving and Reserving into the Grantor a life estate for the remainder of his Life without any Liability for Waste, and with Full Power and Authority in said Life Tenant to Sell, Convey, Mortgage, Lease, The Grantor Reserves the right to Cancel This Conveyance and Reconvey the Property described , or otherwise Manage and Dispose of the Property described during the Grantor’s lifetime herein, in whole or in part, in fee simple, With or Without consideration, Without Joinder of any Remainderman , and with full power and authority to retain exclusively any and all Proceeds Generated thereby without liability for claims or debts of the Remaindermen, and upon the death of the Life Tenant, the Remainder if any will then be Granted to the Following Remainderman is To: Heirs Name Here, collectively called the " Grantee "
Note: if you wish to give in unequil shares then
it should look something like this for the remainders,
Granted to the Following Remainderman in UnEquil Shares is To: Benif # 1 ,
(70 % [ 70 /100 ])., and Benif # 2,
( 15 % [ 15 /100 ] )., and Benif # 3,
( 15 % [ 15 /100 ] )
hereafter collectively called the " Grantees "
WITNESS, That said Grantor for and in Consideration of the Sum of ONE HUNDERED And
NO 00 / 100 ( $ 100. 00 ) DOLLARS, and other good and valuable Considerations to said Grantor in hand paid by said Grantee, the receipt whereof is hereby acknowleged, has granted, bargained for and sold to the said Grantee, and Grantee's assings forever, the Following land, Situate, Lying and being in Sarasota County, Florida, To - Wit:
Legal Description:
whats listed by the County property appraiser / Tax Collector and on your current deed
Plus your Parcel Identifcation Number xxxx-xx-xxxx
Grantor and Grantee are used for singular or plural, as context so admits or requires.
Notary area below
IN WITNESS WHEREOF, THE SAID FIRST PARTY HAS SIGNED AND SEALED THESE PRESENTS THE DAY AND YEAR FIRST ABOVE WRITTEN.
SIGNED SEALED AND DELIVERED IN THE PRESENCE OF:
_____________________ ____________________
1 WITNESS SIGNATURE GRANTOR SIGNATURE
_____________________ ____________________
PRINTED NAME PRINTED NAME
_______________________
2 WITNESS SIGNATURE
________________________
PRINTED NAME
STATE OF FLORIDA COUNTY OF __YOUR COUNTY_ SWORN TO AND SUBSCRIBED BEFORE ME
THIS ___________________ DAY OF ______, 20_______
BY: __Your Name Here___ . , WHO IS PERSONALLY KNOWN TO ME OR WHO HAS PRODUCED
___ Your FLDL, Etc,__ AS IDENTIFICATION AND WHO DID TAKE AN OATH."
____________________________
NOTARY PUBLIC STATE OF FLORIDA
MY COMMISSION EXPIRES ON: ______________________
_____________________________
NOTARY STAMP / SEAL