Typical Homestead Concerns and Questions
I received a call from an out-of-state businessman who anticipated a large judgment. He had already listed for sale his current home and anticipated moving to Florida. He already had a vacation home in the Caribbean. He fired off several quick questions, each of which are common questions about Florida homestead and warrant repeating. His question were: 1. Does it make any difference if I title my Florida homestead just in my name because my wife and I separate our assets? 2. Does it matter if I spend several months a year in my Caribbean home. 3. Is there anything I have to file with the State of Florida to get residency and homestead protection, and 4. Does it matter if I return to the state of my previous residence for weeks at a time for business reasons?
The answer to all questions is "no". Florida homestead protection is more simple than most people imagine. If you make your Florida residence your "primary residence" that is, the place where you get your mail, keep your stuff, send your kids to school etc., then your Florida residence is protected from judgment creditors. Generally speaking, it makes no difference how much time you are away from your home for business reasons or how often you visit a vacation home, and it does not matter how your homestead is titled so long as it is your house. Homestead is not about waiting periods, filing documents, or logging time; its about your intent to call Florida your home.
posted by Jonathan Alper, asset protection and bankruptcy attorney, Orlando, Florida
Doesn't title matter? If I recall correctly, Florida circuits are split on whether a home titled in a living trust qualifies for homestead protection.
My question lies in whether or not absolute protection is actually afford via Florida Homestead Protection Article X. Numerous Florida attorneys claiming to be "Asset" attorneys swear that the filing of a written notice with the responsible county is required to obtain "Homestead" protection from judgement creditors. They further claim that the ad valium exemtion of homestead is separate and not related to judgement creditor protection.
Whats the real legal situation????
Does Federal asset seizure trump Homestead asset protection?