The Spring 2004 edition of the American Bar Associations’s Real Property Journal included an interesting comparison of homestead laws of different states. It is well known that Florida and Texas have the most protective homestead provisions in their state constitutions.
Planning to build a home? Many people have asked me whether or not money used to buy a lot where they intend to build a residence is protected. Or, is money paid in advance to a contractor to build a homestead protected under Florida’s homestead provisions exempting homestead property from creditors. The short answer is “no.
People throughout the country are learning about the Florida Supreme Court case of Havoco v. Hill and its importance for Florida asset protection planning.
Generally speaking, the Florida consitution protects homestead property owned by a natural person. But, what happens if a person deeded their homestead to their living trust, and as a result the legal title is held in the name of the trustee for the trust.
Many lawyers and attorneys do not tell their clients about the exceptions in Florida law to homestead protection.
A prospective client called and asked whether the Florida homestead protection extends to IRS debts where the IRS debt pertains to one of the two spouses who own the homestead.
In Florida, our home is truly our castle, a castle that is impenetrable by creditors. The Florida Constitution exempts homestead property from levy and execution by judgment creditors. Florida courts have liberally expanded definitions of homestead property which includes more than just a single family house. Condominiums, manufactured homes, and mobile homes are also afforded homestead protection. The Constitution defines …