Florida Homestead Services -- Florida Homestead Exemption Act MiniBB
Visit our main website at Florida Homestead Services.com
 - Forums - Sign Up - Reply - Search - Statistics -
Asset Protection and Estate Planning Florida Homestead Services -- Florida Homestead Exemption Act MiniBB / Asset Protection and Estate Planning /  

What If My Property Is In A Trust?

Author johnbsims3
Admin 

#1 - Posted: 10 Aug 2007 13:21 - Edited by: johnbsims3 
What If My Property Is In A Trust?

Following is an example of the verbiage required by Florida law which will convey the necessary interest from the Trust to you in order to be eligible for a Homestead Exemption and any other applicable exemptions which you may have applied for.

The verbiage must be on the original deed placing the property in Trust and recorded in Public Records in the county where the Homestead property is located.

"Grantor (s) reserves the rights to reside upon any real property placed in this trust as their permanent residence during their lives. It is the intent of this provision to retain for the grantor (s) the requisite beneficial interest and possessory right in and to such real property to comply with Florida Statutes 196.041(2), such interest being hereby declared to be "equitable title to real estate" as that term is employed in section 6, Article VII of the State Constitution."


196.041 Extent of homestead exemptions.--

(1) Vendees in possession of real estate under bona fide contracts to purchase when such instruments, under which they claim title, are recorded in the office of the clerk of the circuit court where said properties lie, and who reside thereon in good faith and make the same their permanent residence; persons residing on real estate by virtue of dower or other estates therein limited in time by deed, will, jointure, or settlement; and lessees owning the leasehold interest in a bona fide lease having an original term of 98 years or more in a residential parcel or in a condominium parcel as defined in chapter 718, or persons holding leases of 50 years or more, existing prior to June 19, 1973, for the purpose of homestead exemptions from ad valorem taxes and no other purpose, shall be deemed to have legal or beneficial and equitable title to said property.

In addition, a tenant-stockholder or member of a cooperative apartment corporation who is entitled solely by reason of ownership of stock or membership in the corporation to occupy for dwelling purposes an apartment in a building owned by the corporation, for the purpose of homestead exemption from ad valorem taxes and for no other purpose, is deemed to have beneficial title in equity to said apartment and a proportionate share of the land on which the building is situated.

(2) A person who otherwise qualifies by the required residence for the homestead tax exemption provided in s. 196.031 shall be entitled to such exemption where the person's possessory right in such real property is based upon an instrument granting to him or her a beneficial interest for life, such interest being hereby declared to be "equitable title to real estate," as that term is employed in s. 6, Art. VII of the State Constitution; and such person shall be entitled to the homestead tax exemption irrespective of whether such interest was created prior or subsequent to the effective date of this act.

History.--s. 2, ch. 17060, 1935; CGL 1936 Supp. 897(3); s. 1, ch. 65-281; s. 2, ch. 67-339; ss. 1, 2, ch. 69-55; s. 1, ch. 69-68; s. 1, ch. 73-201; s. 1, ch. 78-324; s. 35, ch. 79-164; s. 4, ch. 81-219; s. 35, ch. 94-353; s. 1474, ch. 95-147.
Note.--Former s. 192.13.

Asset Protection and Estate Planning Florida Homestead Services -- Florida Homestead Exemption Act MiniBB / Asset Protection and Estate Planning /
What If My Property Is In A Trust?
Top
Your Reply Click this icon to move up to the quoted message
 

 ?
Only registered users are allowed to post here. Please, enter your username/password details upon posting a message, or register first.
 
  Powered by Open Source Forum Script miniBB®