Legal Question in Wills and Trusts in Florida

My home passed to me in a trust from my husband and I have just been told that if I do note establish a trusth and I decided to rent that the full value of my homestead become taxable....is this true? I wanted to rent for a while before making a purchase on another home....but told I would pay taxes on this home even though I will be selling it for less than my husband paid for it.. If I rent then will the proceeds left after my death become taxable although my home is to pass to my daughter per my will....I do not have a clue...76 and going on 77 - my health is not the best, but hope to hang in for a few yrs...I live in FL but will be purchasing or rented in Ga or Al.


Asked on 4/06/16, 5:32 am

2 Answers from Attorneys
Barry Stein De Cardenas, Freixas, Stein & Zachary

If you don't live in the house and it is not your homestead, it loses all the protections that homestead property affords in this State including the reduction in real estate taxes. Meet with and discuss your goals with a real estate/life planning attorney. It will be well worth the cost of that visit to get this done correctly.

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Answered on 4/06/16, 6:31 am
Lucreita Becude Lucreita D. Becude, P.A.

My colleague is correct. Once a home is put in a trust it loses its homestead status tax wise. I suggest you contact an attorney who does estate planning to correct this for you. Sorry for your loss.

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Answered on 4/06/16, 7:10 am


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