Legal Question in Real Estate Law in Florida
Homestead exemption
My father and mother purchased a condo in 1985 in Florida. In 2000, my name was added on Quit Claim Deed and afterwards I applied to Refinance property. When loan was closed, both of their names were dropped off, because my father wanted me to have the condo in my name although they have lived in the condo apt. and continue to live in the condo apt. to this day. I would like to know if a homestead exemption can be claimed under my father's name if I were to add his name back on the deed. Not my mother's name due to her Alzheimers illness. I reside in New York but the property is listed as a second home to me and I do frequently visit and stay at said property throughout the year. I am just leary of the fact that if something should happen to my father in case of illness, nursing home or death, will said property be used as a collateral, and if so, is there a way I can prevent it from being used for that purpose, or is there another way I can get homestead exemption if I reside in NY, but stay at property frequently througout the year every year?
2 Answers from Attorneys
Re: Homestead exemption
Because you are not a resident of the stae, you cannot qualify the property as your homestead. Since you are conserned about the property being subject to claim of your father's potential creditors there seems to be no benefit to changing the title. If you wish your father to enjoy the homestead exemption and yet keep the property essentially free of creditor's claims against your father a life estate to his benefit may do the job. If you are interested in discussing the matter at length, call me at 305.940.8080.
Re: Homestead exemption
In order to qualify for a homestead, the property must be your primary residence as defined under law. The interpretation does vary from county to county.
In Miami-Dade County, if the property is not in your father's name, it can not qualify for the exemption. Many of my clients will give their parent a life estate with a remainder to themselves to skirt this issue. This DOES qualify under the law. Alternatively, the property can be under both names as joint tenants and will qualify for 1/2 of the homestead exemption.
I strongly suggest that you meet with a qualified attorney to discuss this issue. If distance is a factor, you can probably call an attorney who can prepare the necessary paperwork.
Scott R. Jay, Esq. 305-249-8000
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
