The first step in making a plan for your estate is to protect it from property tax and creditors. In Florida, homestead laws allow residents to exempt an unlimited amount of property value from creditor claims.
In the event that creditors come knocking or the death of a spouse, homestead tax exemptions could protect your estate. Here’s how to take advantage of it.
Homestead status can reduce real property taxes
Your primary residence may be eligible for homestead status and that could reduce your real property taxes. Florida residents enjoy the benefits of homestead laws to not only reduce their property taxes, but also to protect property from certain creditors and to pass real property transfers outside of probate, if possible. If you are widowed, legally blind, totally/permanently disabled, age 65 or older with limited income, a disabled veteran, or first responder with a total/ permanent disability, you may be eligible for even further reductions on your real property taxes.
Other benefits to homestead status
When experienced attorneys draft your estate planning documents, it ensures that you and your heirs obtain all benefits through your homesteaded primary residence that are allowed by law – both during your lifetime, and beyond. Contact our estate planning attorneys today to optimize your real property tax reductions, and to protect your primary residence from certain creditors. Time passes quickly, so don’t delay. Your heirs will be thankful you did! Call us today to review your estate planning documents and discuss how homestead property status will benefit you and your heirs.