In such cases, a Florida deed is required to effectuate the transfer. Some may desire to gift their interest in real property to a family member (i.e., with the addition of a new spouse to a deed, a transfer of an interest to a child or sibling, etc.), or you may require a transfer of property after dissolution of marriage. You can rest assured that your home will be preserved as well as your Florida Homestead Exemption! Intra-Family Transfers When real property is transferred into an irrevocable trust, trust the attorneys at Elder Law to handle this all-important asset protection planning strategy. The language must satisfy Florida statutes and the Florida Constitution in order to fully protect homestead rights. You may be surprised that the homestead exemption may also be preserved in an irrevocable trust as long as the proper language is included in the trust. All of the same issues described above apply to irrevocable trusts as well. Many people seek asset protection through the use of an irrevocable trust. Elder Law is here to assist you with all of these issues. For these reasons, it is critically important that careful analysis be performed before a deed is signed transferring the property into a revocable trust. In addition, existing mortgages on the property have an impact on how the Florida deed is prepared and the existence of a mortgage is likely to result in the payment of document stamp taxes in Florida. If you seek homestead protection in Florida, then proper homestead language must be in the deed. Florida has specific rules for property being transferred into a revocable trust and you must be especially cautious when dealing with real property in Florida. One way a person can avoid probate is through the use of a revocable trust. Elder Law is here to help assist with New York/Florida planning issues, and to prepare Florida deeds whether it involves transferring property into a revocable trust, an irrevocable trust, intra-family transfers, or the use of Florida-specific lady bird (also known as enhanced life estate) deeds. Krooks, CELA, CAP, admitted to and actively practicing in both New York and Florida. Nobody understands that more than Elder Law, with Howard S. When it comes to preparing Florida deeds, you want to make sure you are, considering everything and avoid exposing yourself to potential liability. With so many New York residents owning second homes/vacation homes in Florida, it’s likely they will also need estate planning, elder law, and special needs planning solutions involving these properties. Preparing Florida DeedsĪs you know, the New York-Florida connection is alive and well, and stronger than ever. Under Florida law, certain transfers are subject to “document stamp taxes.” Further, certain transfers may cause the owner to lose the coveted “homestead status” afforded certain Florida homes.Įlder Law assists our clients in navigating the above issues to assure that real property is conveyed effectively with the best possible tax and homestead treatment available. Into or from revocable and/or irrevocable trustsĭetermining which deed is appropriate requires careful analysis of the purpose for which the transfer is being made, the planning goals and objectives, and tax and homestead considerations.With a retained enhanced life estate (aka “lady bird deed”).In the elder law and estate planning context, Elder Law assists our clients with the conveyance of real property: These transactions are called “tax deed sales” and are usually held at auctions.There are a variety of deeds used to convey real property. Once sold, the property is then transferred to the purchaser. A tax deed gives the government agency the authority to sell the property to collect delinquent taxes. Tax Deeds: This is a legal document granting ownership of a property to a government body when the owner fails to pay any associated property taxes.It provides the grantee with the least protection of any deed and is often used to fix title errors and transfer property between family members. Quitclaim Deeds: Also called a non-warranty deed, a quitclaim deed does not warrant clear title, or guarantee that the grantor has a legal right to transfer the property.This type of deed is used in most real estate deed transfers. The grantor of a general warranty deed fully warrants good clear title to the property.
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