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Can Renters Allow for A Property to qualify of the Homestead Exemption?

Author T Northrup
Participant 

#1 | Posted: 11 Dec 2008 12:07 
If the LLC owns the property and creates a trust for the benefit (useage of the property) of the parents of the members of the LLC, and one of the parents otherwise qualifies for Homestead Exemption, can the property qualify? In other words, the kids have the economic interest of the property. They own it. One of the parents is the Managing Member of the LLC. If the LLC creates a trust and the property is transferred to the trust so the economic interest is still owned by the LLC, is this a way to qualify of exemption if the beneficiary of the trust otherwise qualifies?

Author johnbsims3
Admin Male

#2 | Posted: 11 Dec 2008 13:05 
Yes, a trust can claim a homestead status. It must be a Revocable Trust, not an Irrevocable Trust. Do a search here and you'll be able to find more. Thanks!
http://www.floridahomesteadservices.com

General Postings Florida Homestead Services - Florida Homestead Exemption Act Forum / General Postings /
Can Renters Allow for A Property to qualify of the Homestead Exemption?
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