Legal Question in Real Estate Law in Florida
Irrevocable Trust and Homestead Prop.
Client wants to transfer homestead property to Irrevocable Trust, which names client as the trust and the trustee. Client wants to maintain homestead status as well. Is this a good idea?
2 Answers from Attorneys
Re: Irrevocable Trust and Homestead Prop.
Client should be able to keep homestead exemption if correct language is included in the trust. Why irrevocable? That means client cannot change it later if circumstances change. Whether it is a good idea depends on a number of factors, including what the client intends to accomplish, and whether client can live with the irrevocability.
Re: Irrevocable Trust and Homestead Prop.
If this person is your client why are you asking for advice here? Isn't that what you are supposed to be providing?
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