Legal Question in Real Estate Law in Florida
I owned a house with my husband, in FLorida, for 27 years now. No mortgage anymore.
We do not carry medical insurance at this time. Can we put the house in other people's names (like our children, 31 and 26) and what is the procedure to do, and would that protect the house in case of big medical bills. (I guess our concerne is to keep the house free of debts)
Marie
2 Answers from Attorneys
Generally speaking, if the house you are talking about is your primary residence and you have declared it as your 'Homestead'; then it is probably protected against the claims of most creditors - including medical bills. This is not necessarily true of ALL, creditors. But it does protect you against most. Putting the house into your children names is risky because they will own the property. I would not recommend doing so. But, to answer your specific question, you would execute a new deed, naming the children as the new owners.
Hi Marie,
Your homestead is protected under Florida law against the claims of most creditors, as noted above. I agree that it is not wise to put the property in the names of your children for a variety of reasons, including the loss of homestead protections which means that the sale of the home could be forced to pay for the debts of your children. I recommend that you speak with an estate planning attorney or a real estate attorney about the best way to proceed in your case. Regards,