Homestead Account Exemption When Moving To Another State

Jon Alper Homestead Exemption

A client is planning to sell her Florida homestead and move to Texas where she would buy a new homestead property. She wants to know if sales proceeds from the Florida homestead is exempt in a segregated bank account while she is looking for a house in Texas. Texas also has unlimited homestead exemption.

Homestead Proceeds Invested In Marketable Securities May Be An Exempt “Homestead Account.”

Jon Alper Homestead Exemption

The concept of a “homestead account” is well established in Florida. Proceeds from the sale of a Florida homestead property remain exempt for a reasonable time while the homeowner searches for a replacement homestead. The homestead account most often refers to a separate bank account where the owner deposits the sale proceeds. Is protection lost if the owner invests the …

Fraudulent Conversion of Money To Homestead in Chapter 7 Bankruptcy

Jon Alper Homestead Exemption

Bankruptcy is very hard on wealthy debtors. In a Florida Chapter 7 bankruptcy case decided last month (March) a bankruptcy court applied the 10 year look-back provided for in Section 522 of the U.S.  Bankruptcy Code to deny a homestead exemption because the court found that the home was purchased with the intent to defraud creditors.

LLC Has Agricultural Business On Owner’s Homestead

Jon Alper Homestead Exemption

An attorney and his non-attorney spouse owned a company that grew a valuable agricultural product through their separate non-legal limited liability company. They asked if they would lose homestead protection if they leased part of their homestead to the LLC to grow their product.

Avoiding Hidden Defect Loss From Sale of Florida Homestead

Jon Alper Homestead Exemption

Selling a homestead property that you have lived in for many years can be emotionally stressful as well as being financially important. The homestead sale may become a nightmare if your purchasers are litigious individuals. One of my clients told me a story I’ve heard many times before.

Homestead Right of Non-Resident Spouse Living Outside Florida

Jon Alper Homestead Exemption

A New York attorney states that he represents a married couple that jointly owns a house in Florida. The wife is subject to a civil judgment entered by a New York court. The spouses maintain separate residences; the wife lives in New York with her children, and the husband resides full time in the Florida property. The husband’s job is …

Homestead Protection of Fire Insurance Proceeds

Jon Alper Homestead Exemption

A reader asks in an email whether a creditor can go after fire insurance proceeds owed to the debtor by the fire insurance company for a fire loss suffered to the debtor’s Florida homestead? The debtor was forced to move to another residential address because of the fire.